R8glstered number: 01067862 Charlty number: 309911 THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) CONTENTS Pag8 Reference and admlnlstratlva detsils of tha company. Its Governors and advlsers Governors. report Governors, rasponsibilities statement Independent audltorfs report on the flnanclal statements Statement of financlal aetlvlties 10-13 14 Balance sheet 15 statement of cash flows 16 Notes to the financlal statements 17-38
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors D C L Mi118r, Chair FEM Mayhew, Vice Chair (resigned 31 August 2024)3 M Thompson, Vice Chair4 G L Bailey (resign8d 31 August 2024)3,5 M Entrican (resigned 31 August 2024)2 V Fawkes (resigned 9 February 2024)2 R Herbert1 S Horrocks2,4 P McGlone1 J E Rampin7,3 B Shah1 A Wansbrough4 D Thaker1 J Aviss2 D Atkinson (appointed 26 February 2024)2 T Handcroft (appointed 26 June 2024)2 W Land (appointed 26 February 2024)2 Member of the Finance and General Purposes Committ88 Memb8r of the Education Committee 3 Mombar of the Admissions and Marketing Committee 4 Member ofthe Human R8sources Committee Member of the Health and Safety Committee Company reglstered number 01067862 Charity registered number 309911 Registered offiGe Amersham Road Chesham Bois Amersham Buckinghamshire HP6 SPF Company secretary F Muzlka Offlcers N R Baker BA (Hons) PGCE, The Headmaster F Muzika ACA. Director of Finance & Oporations H J Farrelly, Clerk to the Governors Independent audltor Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG11AZ Page 1
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) REFERENCEAND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Bankers National Westminster Bank plc 08kfield Corner Hill Avenue Amarsham Buckinghamshir8 HP6 5BU Page 2
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The members of The Beacon Educational Trust Limited Goveming Body present their annual r8POrt for the year ended 31 August 2024 under the Charitles Act 2011 and the Companies Act 2006, thus induding the Directors, Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year. The members are Directors, Trustees and Govemors and these temis are all used within this report. DIRECTORS. REPORT Con8titutlon and Objects Th8 88acon Educational Trust Limited is a charitable company limited by guarantee. Its Charity registration number is 309911 and the company registratlon number is 01067862. The registered Offi and principal address of the company is Amersham Road. Chesham Bois, Amersham, Buckinghamshire. HP6 SPF. The company is governed by its Memorandum and Articles of Association, which state that its object is to advance the educaÉion of the public. In furtherance thereof, the company operates The Beacon School, preparatory school. Aims, Objectives and ActItIeS Aims The Beacon aims to inspire boys to achieve their best vrithin a happy, safe and stimulating environment, providing education of the highest quality delÉvered by caring and dedicated teachers. To achieve this. the School continues with the support of paronts to: Promote high stsndards of academic achievement through consistent expectation and encouragem8nt. Nurture talent and provide opportunity for all in the areas of art, drama. music, sport and technology. Enable pupils to develop the social and emotional skills needed to believe in themselves, to show consideration for others and to value diversity. Foster lifelong thinking. leaming and communication skills to enable pupils to work independently and as part of a team. Primary Objedives Key 818ments of the School's strategy are to,. 1. Maintain a broad GurriGulum that is directed towards independent and lrfelong learning. 2. Uphold the traditional values associated with preparatory education, through its pastoral system, whilst ensuring that pupils are taught the skills and knowledge they will need to meet the challenges of the changing world. Embed infr•rmetion technology Into the GurriGulum •• th• principal means of onhancing ttsachlng and learning. 4. Provide new and improved exISng buildings and other facilities to support the educational, cultural and pastoral aims of the School. Page 3
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Gov8rnanc• and Management Governing Body The directors serve as trustees of th8 Charity and under the terms of the abov8 Articles are also members of the company. Each director is elected by the Board of directors on the basis of nominations received from serving directors. the headmaster and others. Directors are selected on the basis of their skills and suitability. The chaimian of the Board is responsible for the induction of new directors, which includes making them aware of their responsibilities, th8 goveming documents, administrative procedures, the history and philosophical approach of the company and previous annual reports and accounts. Every director is vetted for safeguarding purposes prior to appointment. The first term of Offi for a director shall be: (a) for an ex officio director - whilé he or she holds office. and (b) for other Directors - three y6ars' provided that the Directors may determine that the Director shall in fact retire at the end of a meeling of the Board of Directors held wlthln e1ve months of the end of the Directorfs term of office, A Director who has seNed two conseGUtive tems of three years may be reappointed for a further temi not exceeding two years rf the Board considers that the Director's reappointment would be in the best interests of the Charity. At the end of that term. th8 Diréctor may be reappointed by the Board for a further term not exceeding 2 years, subject to the same considerations, and may be appointed for further terms (each term not exceeding 2 years) thereafter on the same basis. A retir8d Director may be reappointed to hold office, provided that a year has elapsed since he or she last held Offi as a Director and provided that the Board considers that it would be in the best interests of the Charity for him or her to be eligible for reappointm8nt. The directors usually meet as a Board three or more times per year to determine policy and to monitor the operations of the company. Their role is assisted by the work of the Board Committees which usually meet a few weeks before each regular meeting of the Board. The day-to-day running of the School is delegated to the headmaster who, with the Director of Finance and Operations ('DFO"), is assisted by other members of the School leadership team. Employmont Policy The School supports the attainment of the highest standards of eduGation through rigorous and contlnuous evaluation of quality and performance, th8 application of best practice and a widespread desire to improve standards. The School co-operates with local organisations to widen public access to its facilities. The School is an equal opportunities employer. Full and fair consideration is given to job applications from persons with protected characteristics and due consideration is given to their training and employment needs. Consultation with employees conts.nues on an ongoing basis with the aim of taking employees into account when decisions are made that are likely to affect their interests. Remuneratlon Pollcy for Key Management Remuneration of the headmaster and the DFO is set by the Ramuneration Committee after appropriate consultation and benchmarking in order to ensure recruitment and retention of quality staff. Pagé 4
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 PROVISION OF INFORMATION TO AUDITORS Each of the persons who are directors at the time when this Report is approved has confirmed that: so far as that director is aware, there is no relevant audit information of which the School's auditors are unaware. and that director has taken all steps that ought to have been taken as a director in order to be aware of any re18vant audit information needed by the School's auditors in connection with preparing their report and to estsblish that the School's auditors are aware of that information. AUDITORS A resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting. STRATEGIC REPORT Mlsslon Statement The School's mission is to inspire boys to achieve their best within a happy. secure and stimulating environment. providing education of thè highest quality, dalivered by an enthusiastic and committed team of teachers and staff. Strategles to Achleve the Primary ObJactlv88 To achieve this aim the School will. with the support of parents: Promote high standards of academic achievement through consistent expectation and encouragement. Nurture talent, and provlde opportunities for all, in the areas of art, drama, music, sport and technology. Enable pupils to develop the social and emotional skills needed to believe in thamselves, show consideration for others and value diversity. Foster lifelong thinking, leaming and communication skills to enable pupils to work indépendently and as part of a team. Achievements and Performance The school's strong and stable roll confims the degree of satisfaction and reputation of The Beacon in the IoGal and regional market. Senior School exit continues to reflect the academic achievements of the boys with the school maintsining its position as a f88d8r to local state grammar (25 boys) and the local independent day schools: Berkhamsted (19), Mgrchant TaorS, (5}, Reading Blue Coat (4) amongst others at 11 + Despite some local prep schools closin9 their Years T and 6 ¢Jue to lack of numtsers, The 68acon, as a 5cnool ana as a parent community remains committed to a 13+ exit with half of Year 6 staying on for Year 7 to attend boarding schools (i.e. Harrow, Wellington, Bradfield) and other day alt@matives at 13. A total of 13 scholarships were awarded lo boys across a range of areas: Academic, Sport, Drama. Music and Art. Across the school, boys in all year groups have been successful in external competitions. The U11 football team were runners up in the national IAPS competition, U13 skiers won nab'onal IAPS medals and the U11 hockey team reached the national finals. Individual boys achieved medals in national athletics competition and one boy won the U12 freestyle in swimming. The U11 Chess Team came second in the natlonal finals. Over 20 boys partlclpated in the Townsend Warner History prize with six boys plaGed in the top 50. Page 5
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Over 300 boys recelve p6ripatets"c music and LAMDA lessons and have been awarded numerous ABRSM and LAMDA certification. including many 'Distinctions'. Hundreds of boys have sung and perfonmed as part of the annual choral and dramatic performance programme and continues to be a significant strength of the school. Capltal projects The School has invested substantial capital expenditure on maintaining and updating its site and facilities over the year. A refurbished and equipped Cooking and Nutrition Room (part funded by the Parents, Society) new playground for Early Years, new solar panelled roof for the Sports Hall, improving pathways and general access around the site amongst many oth8r 8ssential updates and maintenanc8. The school is curréntly considering its options with regard to its propertylsite at 21 Amersham Road. Public Beneflt Bursarles and Scholarshlps The Govemors continue to be committed to broadening access to the School by offering means-tested bursaries of up to 100 /0 to enable more boys whose parents would not otherolise be able to afford the fees to benefit from the School's education and facilities. In 2023124. eight boys in the School benefited from 100/0 fee bursarfes, one from 50Q/o and one from 250/9 bursary, to a total value of £181.023 (2023.. £181,116). These bursaries also covered all reasonable educational extras. such as unrfomi, equipment, School trips and other extra-curricular activities. Beacon Bursary Fund The Bea(x)n Bursary Fund is a Charity set up And run ind8P8nd8ntly of the School, by six trusteas. Its purpose is to assist with funding for the education of pupils of The Beacon School, whose parents encounter temporary financial difficultles, and who might otheNise have to withdraw their son(s) from the School at a time detrimental to their educational progress. The fund derives its income from parental donations, gift aid and investment income. In 2023124 financial assistance to the value of £7,275 (2023.. £Nil) was given by the fund. Community Links The School co-operates with Ioc81 charities and community based organisations in order to widen public access and to share its cultural and sporting faciliti8s. Efforts conllnue to develop and expand in this respect. In particular. the School's facilit19s are offered for modost rgnts to locally based dubs. and tha School hosts sporting and academic competitions in which local Schools participate. Free use of the school's swimming pool has continued to be provided for Horizon Sports Club, a local disabled children's sports charity. There is a continu8d focus on giving support via free use of the school's facilities to The Theatre Shed whose vision is to build a sustainable theatre that brings together many more children and adults from a range of backgrounds to create wond8rfully innovative. inspiring, inclusive theatre. The School is afways keen to maintain a good working r81ationship with the neighbouring and the local community. In addltion. the school has hosted tea parties for local veterans. Charftabl8 Fund Raising The School's on-going commitment to charitable fundraising has continued as demonstratad by events to support a number of national charities inGluding NSPCC. Chiltern Toy Bank. Chiltem Foodbank. Macmillan Cancer SuDDOrt. Buckinghamshire Mind . Rotary Shoe Box Colléction. Poppy AppÈg1. Comic RoliafPACE Horizon Sports Club . and the Lh@zie Foundation . We also rais8 money towards thg Beacon Bursary Fund. Page 6
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Volunteers The School benefits from the fund-raising activities of parents through The Beacon Parents, Society, whose hard work and support is greatly appreciated by the Govemors. Flnancial Review Results for the Year Total income amounted to £10,017.317 (2023.. £9,205.580). Net incoming resources for the year were £875.905 compared with £248,084 in 2023124. During the year a total of £1.240,395 (2023.. £418, 788) was spent on capital projects to enhance the appaarance. security and functionality of the School. Reserves Level and Pollcy The Govemors, policy is to build the companvs free reseNes over the coming five years to £2m, to cover the immediate needs for ess8ntlal operating expenditure for one term. The Govemors plans to achieve this will however inevitably be affected by periodic opportunities to equip the School with the up-to-date facilities needed to maintain the standard of educational services provided for the benefit of future pupils. The School's unrestricted funds stood at £18.006,833 (2023.. £17.080,293) at the end of the period. After adjusting for unr8Stricted functional fixed assets for the Charivs own use and the loans connected there to. free reseNes stood at £2,389,896 (2023.. £2,063,455). FUTURE PLANS The companvs future plans include: Continuing to provide education of the highest quality. Implementation of "The Beacon Vision" Maintaining sound financial management, Risk Management The Board keeps the School's activities under review and monitors the risks that arise from time to time. together with the systems and procedures established to manage them. The Board monitors the effectiveness of the system of internal controls and other means, including insurance cover, by which those identified risks can be mitigated. The key controls used include: Formal agendas for all Board and Gommittee meetings. Detailed temis of reference for all committees. Comprehensive strategic planning, budgeting and management accounting. Established organisational structure and lines of reporting. Fonnal written policies. Clear authorisation and approval levels. Vetting procedures for the proteth'on of the children. Tho major risks arg maintenance of academic Standards (mitigated via reGruitment proGedures as well as appraisal process), child protection (mitigated via strict adherence to safeguarding rules) and quality of the School facilities (mitigated by th8 latest School vision). Page 7
THE BEACON EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Through these procedures, the Board is satisfied that major risks should be identified and mitigated against so far as practicable whilst recognising that systems provide only reasonable but not absolute assurance that all risks are identified.
The School purchases indemnity insurance for the Governors.
Risks and Threats to the Independent Schools' Sector
Through the School's links to and membership of the Independent Association of Prep Schools (IAPS) and the Independent Schools' Bursars Association (ISBA) the School keeps itself abreast of issues facing the sector as a whole.
The School monitors all threats, such as the risk of pandemics, cyber attack , the general economic and political climate, including the impact of the introduction of VAT on school fees and the removal of business rates relief for independent schools, and will take appropriate action to adjust budgets and plans should it become necessary.
The Governors are confident in the School's ability to manage these risks.
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governors of the Beacon Educational Trust Limited in March 2023 including in their capacity as company directors approving the Strategic Report contained therein.
Approved by order of the members of the board of Governors and signed on their behalf by:
D C L Miller (Chairman)
Date: 27 March 2025
Page 8
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantaé) STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Governors (who are also the dirèctors of the company for the purposes of company law) are responsibl8 for preparing the Governors, report including the Strategic r8POrt and tha financial statements in accordance with applicable law and United Kingdom Accounting gtandard8 (United Kingdom Generally AGGepted Accounting Practlce). Company law requires the Governors to prepare financial statements for each financial year. Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing th888 financial statements, th8 Govemors are required to: select suitsble accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that aré reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any rnaterial departures disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unlass it 18 inappropriate to presuma that the company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the companvs transactlons and disclose wilh reasonable accuracy at any time Ihe financlal position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for saf8guardin9 the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BEACON EDUCATIONAL TRUST LIMITED Opinion Wa have audited the financial statemonts of The Beacon Educational Trust Limited (the 'charitable MPany) for the year ended 31 August 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financlal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stat8 of th8 charitable companvs affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then have been properly prepared in aco)rdance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requireménts of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wlth International Standards on Auditlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the fin8nci81 statements section of our report. We are indapandant of tha charitable company in accordance with the ethic81 requirements that are relevant to our audit of the financial stat8m8nt$ in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit 8vidence we have obtained is sufficiént and appropriat8 to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financlal statements, we have concluded that the Governors, use of the going concem basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, w8 have not Identlfled any matertal uncertainties relatlng to events or conditions that, individually or collectively. may cast significant doubt on the charitable companls sbility to continue as a going concern for a period of at least e1v8 months from when the financial statements are authorised for issue. Our responsibilities and the re8pon8ibilities of the Governors with respect to 9olng concern are described in the relevant sections of this report. Page 10
THE BEACON EDUCATIONAL TRUST LIMITED (A Gompany Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BEACON EDUCATIONAL TRUST LIMITED (CONTINUED) Other inforniatlon 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 r8sponsibla for the other information contained within the Annual report. Our opinion on the financial ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion th8r8on. Our responsibility is to read the other information and, in doing so, consider whether the other information is mat8rially inconsistent with the financial ststements or our knowl8dge 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 requir8d to determine whether this gives rise to a material misstatement in the financial ststements 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. Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Governors, report including th8 Strategic report for th8 financial year for which the financial statements are prepared is consistent with the financial statements. the Governors, report and the Strategic report have been prepared in accordan with applicable legal requirements. Matters on which we are requlred to report by exceptlon In tha light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, We have not Identified material misstatements In the Govemors. report including the Strategic report. We have nothing to report in respect of the following matt8rs in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not baen received from branches not visited by us. or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of Governors, remuneration specnled by law are not made., or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustèés As explained more fully in the Governors, responsibilities statement. the Governors (who are also the directors of the charitabl8 company for the purpos8s of company law) are responsiblo for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Governors d8t8nnine is necessary to enable the preparation of financial statements that ar8 free from material misstatement, whether due to fraud or error. In prepartng the financial statements, the Govemors are responsible for assessing the charitabl8 companys ability to Continue as a going concem, di$¢losing, as applicable, matters related to going GonGem and using the going concern basis of accounting unless the Govemors oithar intend to liquidate the Charitable company or to cease operations. or have no realistic alternatlve but to do so. Page11
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BEACON EDUCATIONAL TRUST LIMITED (CONTINUED) Auditor's responslbllltles for the audlt of the financlal ststements Our objectives are to obtain reasonable assuran about wh6th8r the financi81 st8tem8nts as a whole are free from material misstat8ment, whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Reasonable assuranc8 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 mat8rial if, individually or in th8 aggregate. they could rgasonably ba 8xpected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was consldered capable of detectlng Irregularities, Includlng fraud Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities. whether due to fraud or error, and discussed these beeen our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and approprfate to prowde a basis for our opinion. We obtained an understsnding of the legal and regulatory frameworks within which the charitable company operates. focusing on those laws and regulations that have 8 direct effect on the datermination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with th8se laws and regulations as part of our audit procedures on the related financial statement items. In addition, w8 considered provisions of other laws and regulations that do not have a direct effect on the financial statèments but compliance with which might b8 fundamental to the charitable companws ablllty to OP8rate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Stsndards) Regulations 2014. Health and Safety and General Data Protection Regulations. Auditing standards limit the requlred audit procedures to Identify noncompliance with thes8 laws and regulations to enquiry of the Govemors and other management and inspection of règulatory and legal correspondence. if any. The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within the timing of recognition of non-fee income, and the override of controls by management. Our audit procedLEres to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own Identification and assessment of the risks of irregularities, sample t8sting on the posting of joumals, sample testing on non-fee income, reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further removed noncompliance with laws and regulation8 (irregularities) is from the events and transactions reflected in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misropresantstions. or tha ovèrride of internal controls. We are not responsible for preventing non- compliance and ¢annot be expected to detect noncompliance with all laws and regulations. A furlh8r description of our r8sponsibiliti88 for the audit of the financial statements is located on the Financial Reporting Council's website at.. onsibilities. This description forms part of our Audltor's report. Page 12
THE BEACON EDUCATIONAL TRUST LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BEACON EDUCATIONAL TRUST LIMITED (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, 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 charitable company's members those matters we are required to state to them in an Auditor's 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Alastair Lyon (Senior statutory auditor) for and on behalf of Crowe U.K. LLP
R+ Building 2 Blagrave Street Reading Berkshire RG11AZ
Date: 28 April 2025
Page 13
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Total fvnds 2023 Note Income from: Donations and legacies Charitable activities: School fees receivable Ancillary trading income Other trading activities: Rent and facility hire Investrnents: Interest received 90,525 90,525 46,091 9,358,083 198,303 9,358,083 198,303 8,671,387 204.283 206,149 206,149 216,068 164,257 164,257 67,751 Total Income 9,926,792 90,525 10,017,317 9,205,580 Expendlture on: Raising funds Charitsble activities 76.124 9,011.570 76.124 9,065,288 68,931 8,888,565 53,718 Total expendlture 9,087.694 53,718 9.141.412 8,957,496 Net InGome Transfers between funds 839.098 87,442 36.807 (87,442) 875.905 248.084 17 Net movement in funds 926.540 (50,635) 875.905 248,084 Reconciliation of funds: Total funds brought forward Net movement in funds 17,080,293 926,540 135,140 (50,635) 17,215.433 875.905 16,967,349 248.084 Total funds carrlgd forward 18,006.833 84,505 18,091,338 17,215,433 The Statement of flnanGial activities inclurjes all gains and losses recognlsed in the year. The notes on pages 17 to 36 fomi part of these financial statemants. Page 14
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01067862
BALANCE SHEET AS AT 31 AUGUST 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 12 | 16,747,701 | 16,279,117 | ||
| Current assets | |||||
| Stocks | 5,474 | 12,893 | |||
| Debtors | 13 | 2,208,083 | 2,217,367 | ||
| Cash at bank and in hand | 5,707,100 | 4,534,749 | |||
| 7,920,657 | 6,765,009 | ||||
| Creditors: amounts falling due within one | |||||
| year | 14 | (5,128,934) | (4,631,289) | ||
| Net current assets | 2,791,723 | 2,133,720 | |||
| Total assets less current liabilities | 19,539,424 | 18,412,837 | |||
| Creditors: amounts falling due after more | |||||
| than one year | 15 | (1,448,086) | (1,197,404) | ||
| Total net assets | 18,091,338 | 17,215,433 | |||
| Charity funds | |||||
| Restricted funds | 17 | 84,505 | 135,140 | ||
| Unrestricted funds | 17 | 18,006,833 | 17,080,293 | ||
| Total funds | 18,091,338 | 17,215,433 |
The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Governors on 27 March 2025 and signed on their behalf by: Yl
DC L Miller
(Chairman)
The notes on pages 17 to 36 form part of these financial statements.
Page 15
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from oporatlng actlvltles N8t cash used in operating activities 19 1,562,528 1.044.442 Cash flows from Invastlng activities Dividends, inter8sts and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fix8d assets 370,406 668 (1,240,395) (418. 788) 283,819 Net cash used In Invésting actlvltles {869,321) {134,969} Cash flows from flnanclng activltles Repayments of borrowing Advanced fees utilisad Receipts from adVand fee Interest paid (131,515) (206.556) (449,357) (118,448) 1.136,140 (76,124) (68,931) Net cash provided byl{used In) financlng activities 479,144 {393,935) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginnlng of the year 1,172,351 4,534,749 515,538 4,019,211 Cash and cash aquivalents at the end of the year 20 5,707,100 4,534, 749 The notes on pages 17 to 36 form part of these financial statements Page 16
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 G•neral Inforniatlon Th8 B8acon Educational Trust's principal activity continued to be the provision of a Day School for 3-13 year old boys. The incorporated Charity (Charity registration number 309911, Company registration number 01067862), is incorporated and domiciled in the UK and is a company limited by guarantee. The address of the registered office is Amersham Road, Chesham Bois, Amersham, Buckinghamshire. HP6 SPF. Aecountlng pollela8 2.1 Ba818 of preparatlon of flnanclal ststements The financial statements have been prepared In accordance wth the Charitl8s SORP (FRS 102) - Accounting and R8POrting 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Baacon Educational Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historfcal cost or transaction value unless otherwise ststed in the relevant accounting policy. 2.2 Golng concern The scale of effects on famllies and the School, economlc and otherwise, In respect of the Covid global pandemic, may have subsided. however the intemational policitcal landscape has sinc beome more unstable and contributing to the cost of living crlsis In the UK. However the School has prepared conservative financial projections for the near to medium term which indicate that even ff Govemment restrictions forced the School site to close again, the School is financially well placed to withstand such headwinds. Having reviewed the funding facilities available to the School together with the expected on4Joing demand for places and the School's future projected cash flows, the Governors have a reasonable expectstion that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they contlnuo to adopt tha golng concem basis in pr•parfng the financial 8tat8ments. 2.3 Income All income is recognised once the company has entitlement to the income, it is probable that the Income will be re1vd and tha amount of incoma rocAivabl8 can bg moasurad raligbly. Amounts billed for termly fees and extra curricula activities are recognised as incoming resources when receivable. Amounts received prior to the balance sheet date for autumn temi fees are recorded as fees received in advance. as are amounts received for future fee periods under the fee pr8payrnent scheme. Fees receivable are stated after deducting allowances, bursaries and other remissions granted by the School. Page 17
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poliGies (contlnued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic ben8fits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more Ihan one activity and support costs which are not attributable to a single activity are apportioned betW88n those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portlon of the asset's use. Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and indudes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company,. thls is normally upon nots'fication of the interest paid or payable by the institution with whom the fijnds are deposited. 2.6 Taxatlon The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the d8finition of a charitsble company for UK corporation tax purposes. Accordingly, the company 18 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. 2.7 Tanglble fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic bènefits are probable and thé cost or value of the asset can be measured reliably. Tangible flxed assets are initially recognised at cost. After recognition, under the cost model, tanglble fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 18
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollclas (contlnued) 2.7 Tanglble flxed assets and depreciation (contlnued) Depreciation is charged so as to allocate the Cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provid8d on the following basis: Freehold buildings Minor works Motor vehicles Fixtures. fittings and equipment Computer equipment 2 % straight line 10 % straight line 250/0 Straight line 100/0 Straight line 330/0 Straight line 2.8 Stocks Stocks are valued at the lower of cost and n8t realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable ovetheads. 2.9 Debtors Trade and other debtors are recognised at the settl8ment amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and In hand Cash at bank and in hand Includes cash and short-temi highly liquid investments wlth a short maturlty of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Llabllltles and provlslons Liabilities aro r8cognis8d whan there is an obligation at the Balance sheat date as a result of 8 past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates It will pay to S8tt18 th8 debt or the amount it has received as advanGed payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where thc sffGot of ÉhG tlmG valuG or moncy la materlal, the provlalon IJ ba)ca on tnB preJBnt value of thoJsB amounts, discounted at the pre-tax diso)unt rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.12 Financial instruments The company only has financial assets and financial liabilitiès of 8 kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 19
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles (continued) 2.13 Operatlng leases As Lessee Rentals paid under operating leases are charged to the Statement of financial activities on a straight- line basis over the lease term. As Lessor In respéct of operating leases for which the School is the lessor, the rènts received are recognised in tho financial statements in the period they relate to. 2.14 Penslons The School contributes to the Teachers, Pension Scheme at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator. The scheme Is a multi-employer pension scheme and is not possible to identify the assets and liabilities of the scheme. which are attributable to tha School. In accordanc8 Wlth FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. The School also contributes to a defined contribution scheme for non-teaching staff. The contrtbutions are charged in the Statement of Financial Activities in the year in which they are payable. The pension costs charged in the year for the Teachers, Pension Sch8m8 are based on the contributions made to the centralised Govemment pension scheme run by the Department of Education as stated in note 23 to these financial statements. Since the end of the financial year the School has consulted with teaching staff on future penslon provision, and from 1 May 2024 teaching staff will hav8 a choice of remaining in tha Teachers, Pension Scheme or joining a defined contribution scheme. 2.15 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for other purposes. R8stricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which havé been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is act out in the notes to Ihe finanGial 3tatements. 2.16 Pupil Fee Deposlts The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these wlll be repaid over future years when the pupils complete their education at the School, pupils can leave at eartier dates. The School does not therefore have an unconditional right to retain tha individual daposits for at least 12 months after tha balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at the year-end have been included wthin current liabilities. The prior year Pupil fee deposits balance has b8en similarly re-presentéd. Page 20
THE BEACON EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critlcal accounting estimates and areas of judgment In tha application of the Charittyg accounting policies, which are described in not8 2. Govgrnors are required to make judgements, estimates and assumptions about the carrwng values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. AGtual results may differ from these estimates. Critical accounting estimates and assumptions: The Governors consider there are no material sources of estimation uncertainty on the amounts recognised in the financial statements. Income from donatlons and legacies Restricted funds 2024 Total funds 2024 Donations 90.525 90,525 Restricted funds 2023 Total fvnds 2023 Donations 46,091 46,091 Fees recelvable 2024 2023 School fees receivable consist of: Gr088 fees Less: Bursaries & Allowances 9.614.823 (256.540) 8.876.295 (204.908J Net fees recelvable 9.358.083 8,671,387 The total fees receivable is unrestriGted in both the current and the prior year. Page 21
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ancillary trading incomo 2024 2023 F88s in lieu of notice School bus Registration charges Leaming support fees Aftér school care Deposits forfeited Music tuition and instrument hire Miscellaneous income 20,875 89,017 19,705 34.673 11.310 5.728 1,250 15.745 40,335 86.280 18,875 34.043 14,082 6, 850 1, 108 2,710 198,303 204,283 The total ancillary trading income is unrestricted in both the current and prior year. Expendlture on raising funds Unrestricted funds 2024 Total funds 2024 On bank loans and overdrafts Advan payment of fees discount 72,342 3.782 72,342 3,782 76.124 76,124 Unrestricted funds 2023 Total fvnds 2023 On bank loans and overdrafts Advance payment of fees discount 60,978 7.953 60,978 7.953 68,931 68,931 Page 22
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expenditure on charltable activities Summary by fund type Unre8trlcted Restricted funds funds 2024 2024 Total 2024 Teaching costs Welfare costs Premises costs Support costs Govemance costs 5.291,942 667,970 1,456.505 1.515.956 79,197 5,291,942 667,970 1,508,973 1,517,206 79,197 52,468 1,250 Total 2024 9,011,570 53,718 9,065,288 Unrestricted funds 2023 Total 2023 Teaching costs Welfare costs Premises costs Support costs Govemance costs 4,997,470 621,090 1,664,456 1,546,026 59,523 4,997,470 621,090 1,664,456 1,546,026 59.523 Total 2023 8, 888,565 8.888.565 Page 23
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture on charltable activities (continued) Summary by expenditure type staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Teaching costs Welfare Costs Premises costs Support costs Governance costs 4.627.398 168,838 146,130 889,871 43,042 230,273 434,271 499,132 824.975 624.098 36,155 5,291,942 667,970 1,508,973 1.517.206 79.197 537,868 3.237 Total 2024 5,875,279 771,378 2,418,631 9,065,288 Staff Gosts Depreciation Other costs 2023 2023 2023 Total 2023 Teaching costs Welfare costs Premises costs Support costs Governance costs 4,420,257 144,452 141,241 860.536 36,141 168, 602 408.611 476,638 874,479 668,281 23,382 4,997,470 621,090 1,664,456 1.546,026 59,523 648, 736 17,209 Total 2023 5, 602, 627 834,547 2.451.391 8.888.565 Net Incomlng resources 2024 2023 These ar8 stated after chargingi(creclltlng): Auditors, remuneration Depreciation on tangible fixed assets . owned assets ProfiU(Loss) on disposal of tangibla fixed assets 19,500 771,378 235 17,595 834,547 (10,117) Page 24
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to d8fin8d contribution pension schemes 4,649,122 486,967 739,190 4,440,880 461.902 699,845 5,875,279 5,602.627 During the year temiination payments totalling £Nil (2023.. £2,245) were paid to no employees (2023.. one). The av8rag8 numbér of persons employed by the company during the year was as follows: 2024 No. 2023 No. Teachers and teaching assistants Support Welfare 101 22 102 23 Premises q37 138 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 No. 2023 No. In the band £60,001 - £70,000 In the band £70,001- £80.000 In the band £80,001- £90,000 In the band £110,001- £120.000 In the band £150,001- £160,000 In the band £160,001- £170,000 Page 25
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Staff costs (contlnued) Of the employees whoso annual remuneration exceeded £60,000, 6 (2023.. 5) have retirom8nt benefits accruing under a defined benefit scheme. Total employer contributions in the year to the defined benefit scheme were £74,563 (2023.. £105,633). Of the employees whose annual remuneration exeded £60.000. 6 (2023.. 1) have retirement benefits accrulng under a defined contribution scheme. Total employer contributions in the year to the Schemé w8r8 £57,426 (2023.. £7. 723). Key management personnel consists of the Headteacher and the Director of Finance and Operations. They received aggregate remuneration (including employerfs national Insuran and pension contributions) of £365,112 (2023.. £343,248). 11. Governors. remuneratlon and expenses During the year. no Governors received any remuneration or other banefits (2023 - £NIL). During the year ended 31 August 2024, expenses totalllng £544 were relmbursed or paid directly to no Governors (2023 - £113 to 1 Govemor) in respect of tr8velling expenses, webinar tickets, training day expenses and subscription expenses. Page 26
THE BEACON EDUCATIONAL TRUST LIMITED (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Tangible fixed assets Assets Flxtures under the and Computer ourse of fittings equlpment construction Freehold land & Motor bulldlngs vehlcles Total Cost or valuatlon At 1 September 2023 22,266,366 198,254 1,293,950 986,612 Additions 88,151 138,337 237.701 Disposals (86,530) (1.997) (437.120) Transfers between classes 24,745,182 1,240,395 (525,647) 776,206 647.143 (647,143) At 31 August 2024 22,915,130 198,254 1,430,290 787,193 129,063 25,459,930 Depreciation At 1 September 2023 Charge for the year On disposals 6.697,409 194,866 537,868 3.237 (86,530) 721,287 852,503 115.431 114.842 (1,564) (437,120) 8,466,065 771,378 (525,214) At 31 August 2024 7.148,747 198,103 835,154 530,225 8,712,229 Net book value At 31 August 2024 15,766,383 151 595,136 256,968 129.063 16.747.701 At 31 August 2023 15,568.957 3.388 572,663 134, 109 16,279,117 Page 27
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Dabtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 1,932,665 2.685 272.733 1,978,516 24.415 214.436 2.208.083 2,217,367 2024 fees and disbursements include the Autumn 2024 fees that were invoiced prior to the year end. 14. Credltors: Amounts falling due wlthln one year 2024 2023 Bank loans Other loans Trade creditors Deposits Other taxation and social security Other Creditors Autumn feas In advance Fee prepayment schedule Accruals and def8rred income 110,400 24.000 257,963 639,224 102,727 181,120 3,232,727 451.959 128,814 106,400 24,000 222, 142 568,686 109,378 178.074 3,113,893 151.373 157,343 5,128,934 4,631,289 Page 28
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Creditors: Amounts falllng due after more than one year 2024 2023 Bank loans 876,364 120,000 451,722 987,879 144,000 65,525 Other loans Fee pr8payment schedule 1.448.086 1.197.404 Included within the above are amounts falling due as follows: 2024 2023 Between one and two years Bank loans 110,400 24,000 106,400 24,000 Other loans B•tw•an two and five years Bank loans Other loans 331.200 72,000 319,200 72,000 Over flve years Bank loans Other loans 434,764 24.000 562,279 48.000 The bank loans are Secured by a specific charg8 on the companvs freehold properties. The bank loan has an outstandlng balance at the year- end of £1,094,279 and is repayable by equal quarterly amounts over 25 years. Interest is payable at 1.750/0 above base rate. The other loan Is to finance pool repalrs. It Is not secured and is repayable over ten years. Page 29
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. F•0 prepaymont schedule Lump sums may be pald to the Trust as advan payment of future fees. Assuming stud8nts will r8main in the School, advance fees received will be applied as follows.. 2024 2023 Within 1 year Wlthin 2 - 5 years 451,959 451,722 151,373 65,525 903.681 216.898 The balance represents the accrued liability. 2024 2023 The movements during the year were: Balance at 1 September 2023 Amounts received Amounts utilised in the payment of fees 216,898 1,136,140 {449,357) (118.448) 335.346 Balance at 31 August 2024 903.681 216,898 Page 30
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statoment of funds statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure Unrestrlcted funds Unrestricted funds 17,080,293 9,926,792 (9,087,694) 87,442 18,006,833 Restricted funds Restricted Funds 135,140 90,525 (53,718) (87,442) 84,505 Total of funds 17.215.433 10,017,317 (9.141.412) 18.091.338 Restricted funds relate to donations from the Beacon Parent Society for the purchase of various assets, to donations from leaver parents to provide bursaries, funding of School events and to donations to the Headmasterfs Fund. The transfer to unrestricted funds represents bursaries that were initially funded by unrestricted funds, but were later deemed to be covered by funds donated and restrlcted for thls use. Statement of funds - prlor year Balance at I September 2022 B81ance at 31 August 2023 Income Expenditure Unrestrlcted funds Unrestricted funds 16,878,300 9, 159,489 (8,957,496) 17,080,293 Restricted funds Restrictad Funds 89.049 46.091 135. 140 Total of funds 16,967,349 9.205.580 (8.957,496) 17.215,433 Page 31
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Analysls of net assots between funds Analysls of net assets betsY••n funds - current period UnrestriGted Restrlcted funds funds 2024 2024 Total fvnds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 16,747,701 7,836.152 (5.128,934) (1.448,086) 16,747,701 7,920,657 (5,128.934) (1,448,086) 84,505 Total 18,006,833 84,505 18.091,338 Analysis of net assets botwean funds - prlor perlod Unrestricted funds 2023 Restricted fvnds 2023 Total fvnds 2023 Tangibla fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 16,279,117 6,629, 869 (4, 631,289) (1,197,404) 18,279,117 6. 765.009 (4,631,289) (1, 197,404) 135.140 Total 17,080,293 135, 140 17,215,433 Page 32
THE BEACON EDUCATIONAL TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Reconcillatlon of net movement In funds to net cash flow from operatlng actlvltlos 2024 2023 Net income for the period (as per Ststement of Financial Activities) 875,905 248,084 Adjustments for: Depreciation charges Dividends, Interests and r8nts from investments (Profityloss on the sale of fixed assets Decreasel(increase) in stocks Decreas81(increase) in debtors Increase in creditors Interest paid 771,378 834,547 (370,406) (283,819) (235) 73.474 7.419 (5,224) 9,284 (362,908) 193,059 471,357 76,124 68,931 Not cash provldad by operating actlvltlos 1,562,528 1,044,442 20. Analysls of cash and cash equlvalents 2024 2023 Cash in hand 5,707,100 4,534, 749 Total cash and cash equlvalents 5,707,100 4.534. 749 21. Analysis of changes In net debt September At31 2023 Cash flows August 202a Cash at bank and in hand Debt due within 1 year Debt due after 1 year 4,534,749 (130.400) (1,131,879) 1,172,351 (4,000) 135,515 5,707,100 {134,400) (996,364) 3,272.470 1,303,866 4.576.336 Page 33
THE BEACON EDUCATIONAL TRUST LIMITED (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Capital commltments At the year end, th8 School had no contracted capital commitments (2023.. £Nil). 23. Penslon commltments Teachers, Ponslon Scheme The latest actuarial valuation of the TPS related to the period ended 31 March 2020. At the year-end £29,643 (2023.. £71,223) was accrued in respect of contributions to this scheme. The Teachers, Pension Scheme (TPS) is a statutory, contributory. defined benefit scheme, govern8d by the Teachers, Pension Scheme Regulations 2014. The TPS is an unfunded scheme to which both the member and employer makes contributions. as a percentage of salary- these contributions are cr8dited to tha Exchequer. Retirement and other pension benefits are paid by public fijnds provided by Parliament. During the year the School has consulted with teaching staff on future pension provision. and from 1 May 2024 teaching staff have a choice of remaining in the Teachers, Pension Scheme. or joining a defined contribution sch8m8. Valuation of the Teachers, Pension Schemo The Govemm8nt Actuary, using normal actuarial principles. conducts a formal actuarial review of the TPS in 8ccord8nce with the Public S6rvice Pensions (Valuations and Employ8r Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of fijture costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate. set by HMT, applying a notional investment return based on 1.7 % above th8 rate of CPI. The key elements of the valuation outcome are: Employer contribution rates set at 28.68 % of pensionable pay (including a 0.08Yo administration levy). This is an increase of 5°/0 in employer contributions and the cost control result is such that no change in member benefits is needed. Total scheme liabilities (pensions currently In payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assats (estimated future contributions togeth8r with the notional investments held at the valuatlon date) of £222,200 million, giving a notlonal past Servi deficit of £39,800 mllllon The result of this valuation will be implemented from 1 April 2024. The next valuation result is due to be implemented from 1 Aprll 2028. The employerfs pension costs paid to TPS in the period amounted to £682,713 (2023.. £651, 154). A copy of the valuation report and supporting documentation is on the Teachers, Pensions website. Page 34
THE BEACON EDUCATIONAL TRUST LIMITED (A company limitad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Panslon commltménts (continuad) Under the definitions set out In FRS 102, the TPS is an unfunded multl-employor pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has account8d for its contributions to the scheme as if it were a defined contribution scheme. The academy trust has s8t out above. the information available on the scheme. Other Penslons In addition to the above. the Company contributes on a new consolidated defined contribution basis to Personal penslon plans which was launched In Sprlng 2021. Contributions totalling £56,477 (2023.. £48,691) were payable to these funds for the year. There were unpaid contributions of £55.709 (2023." £11,809) at the year end. Operating lease commltments At 31 August 2024 the company had Commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than l year Later than 1 y8ar and not later than 5 y8ars 19,310 3.168 27,473 19.433 22,478 46,906 The following lease payments have been recognised as an expense in the Statement of financial activitl8S'. 2024 2023 Operating lease rentals 25,936 26,285 Pag8 35
THE BEACON EDUCATIONAL TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Operating Leases as Lessor At 31 August 2024 the School was due to receive the following amounts under non cancellable operating leases: 2024 2023 Due in 1 year Due in 2 - 5 years Due in more than 5 years 45,000 180,000 45.000 45,000 180,000 90.000 270,000 315.000 26. Related party transactlons The year end balance owed by ihe Beacon Educational Trust to Beacon Bursary Fund is £nil (2023.. £11, 188). There was also amounts paid to The Independent Association of Prep Schools (IAPS), for which Govemor is the Chaimian, in respect of membership fees £nil (2023.. £10,727). Page 36