**Charity Registration No. 310643** ## **THE BEACON BURSARY FUND** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 5 APRIL 2021** ## **THE BEACON BURSARY FUND TRUST INFORMATION** ## **Trustees** **Registered Charity Number** **Registered Office** **Independent Examiners** Fiona Mayhew Diana E D Robinson (Chair) Antony C Tomlinson 310643 Amersham Road Chesham Bois Amersham Buckinghamshire HP6 5PF Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL ## **THE BEACON BURSARY FUND** ## **CONTENTS** ||**Page**| |---|---| |Trustees’ report|1 - 4| |Statement of financial activities|5| |Balance sheet|6| |Notes to the financial statements|7 - 10| |Independent Examiners Report|11| ## **THE BEACON BURSARY FUND TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** The Trustees present their annual report for the year ended 5 April 2021 under the Charities Act 2011, together with the financial statements for that year and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities SORP 2005. ## **Administrative information** The Beacon Bursary Fund is a grant-making charity and its charity registration number is 310643. The registered office and principal address of the Charity is: 15 Amersham Road, Chesham Bois, Amersham, Buckinghamshire, HP6 5PF The Charity is governed by its Trust Deed dated 29 October 1956 (as amended on 28 April 1994). ## **Trustees** The following trustees have held office for some or all of the year to 5[th] April 2021: Diana E D Robinson (Chair) Fiona Mayhew Rosamond A Morris (Resigned 26 January 2021) Antony C Tomlinson Clerk to the Trustees: F Muzika ## **Recruitment and induction of trustees** Trustees are elected at a meeting of the Board of Trustees on the basis of nominations received from existing Trustees or other persons involved with the Trust, having regard to the Board’s requirements concerning eligibility, personal competence, specialist skills, availability and any relationship (past or present) with The Beacon Educational Trust Ltd. New Trustees are inducted into the workings of the charity through invitations to meet other Trustees, meetings of the Trust and individual briefings from other Trustees. In addition there are opportunities for Trustees to attend relevant training seminars provided by various organisations. ## **Organisational structure and decision making process** The charity Trustees are legally responsible for the overall management and control of the Trust and meet as a Board at least once per annum. The implementation of the Trust’s investment policy is agreed by the Board of Trustees in conjunction with its appointed Investment Manager. The day to day administration of the Trust is delegated to the Clerk to the Trustees the costs of which are borne by the Beacon Educational Trust Ltd (The Beacon School). Page 1 **THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2021** ## **Professional Advisers** Investment Managers: Brewin Dolphin 12 Smithfield Street London EC1A 9BD Banker: Independent Examiner: National Westminster Bank PLC Oakfield Corner Hill Avenue Amersham Bucks HP6 5TD Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL ## **OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS** ## **Objectives** The charity’s object, as set out in its Trust Deed, is to provide financial assistance in case of need for the education of present and past pupils of the Beacon Educational Trust Limited (The Beacon School). ## **Public benefit** Within this object the Trust has as one of its main public benefit aims, the generation of funds from which to make significant bursary grants where a change in parents’/guardian’s circumstances has resulted in difficulty in meeting tuition fees and as a result may result in pupils being withdrawn part way through a stage of education. In setting objectives and planning, the Trustees give careful consideration to the Charity Commissioners' guidance on public benefit. ## **Strategies for Achievement of Objectives** The fund derives its income from donations from parents, gift aid and income from investments as shown in the accounts. ## **Achievements** The target for 2020/21 was to continue to contribute towards fees of pupils where financial hardship would cause the pupil to be unable to continue at the School. In line with this eleven families ( _2020: four families_ ) were supported during the year amounting to £97,158 ( _2020: £38,558_ ). Page 2 ## **THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2021** ## **FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES** ## **Result for the Year** During the year, incoming resources amounted to £45,057 being £58,338 less than resources expended. Investment gains of £135,569 incurred during the year meant that overall there was a surplus for the year of £77,231. Net assets of the Fund at the balance sheet date amount to £592,167 ( _2020: £514,936_ ). ## **Going Concern** In their assessment of going concern the trustees have considered the current and developing impact on the charity as a result of the COVID19 virus. This has not had a significant, immediate impact on the charity’s operations as grants are made in view of available resources but the trustees are aware that if the current situation becomes prolonged then this may change. Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. ## **Grant Making Policy** The grant making policy in respect of funds held by the Trust is formulated by the Trustees. The extent to which funds are awarded to the School for the provision of bursaries is determined by the Trustees having regard to the financial position of the potential recipient, the stage in the pupil’s education at The Beacon and the resources immediately available. ## **Reserves Policy** The Fund relies on its investments to meet bursaries and other day-to-day expenditure in support of the Fund’s charitable objectives. The Trust could not deliver the help needed to support the bursary programme without its investment income. Any reduction in the level of investments needs to be considered in the context of the future demand from beneficiaries for our services alongside the receipt of other sources of income. The Reserves Policy is to maintain the Fund’s investments at a level in excess of £500,000, which the Trustees judge will provide sufficient investment income to support ongoing achievement of the charitable objectives of the Fund. The Trust’s investments will remain an essential source of income if bursary and ongoing expenditure profiles are to be met. It therefore remains the case that the Trust does not have reserves to dispose of as freely as defined in SORP 2015 or Charity Commission guidance documents. The level of reserves at the balance sheet date amount to £592,167 _(2020: £514,936)_ ## **Investment Policy** The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Charity. An Investment Advisor has been appointed to assist in the fulfilment of the Trust’s investment policy. The general investment policy agreed by the Board of Trustees is based upon a total investment return approach, acceptance of a “medium” level of risk in the long term and use of the FTSE All Share Index as a benchmark for assessing investment performance. Page 3 **THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2021** ## **Investment Policy (continued)** During the reporting period the FTSE All Share Index rose by 31.75% . The value of the managed investment portfolio of the Bursary Fund rose by 20.8% despite releasing £40,000 from the investments during the year to provide cash to fund bursaries paid to The Beacon School. ## **Future plans** The Trustees intend to continue their current strategies to allow the Trust to provide on-going financial support to The Beacon School’s pupils via the Bursary Fund. With continuing levels of contributions from parents the Trustees intend to continue to fulfil the objectives of the Bursary Fund. ## **Trustees' responsibilities** The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions, 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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity’s constitution. 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. By order of the Trustees Diana E D Robinson **Chair Trustee** Date: 22/07/2021 Page 4 ## **THE BEACON BURSARY FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021** |**INCOME AND ENDOWMENTS FROM:**
**Donations**:
Voluntary income, donations received
Gift Aid
**Investments**:
Investment income
Bank interest
**TOTAL**
**EXPENDITURE ON:**
**Charitable activities:**
Grants (11 families_2020: 4 families_)
Bank charges
Independent examination fees
**Raising funds:**
Investment Manager fees
**TOTAL**
**NET (EXPENDITURE)/INCOME**
**Other recognised gains and losses**
Gains/(Losses) on investment assets
**NET MOVEMENT IN FUNDS**
Fund balances brought forward
**FUND BALANCES CARRIED FORWARD**|**2021**
**Unrestricted**
**funds**
**£**
**33,294**
**100**
**11,638**
**25**
**45,057**
**97,158**
**-**
**1,598**
**4,639**
**103,395**
**(58,338)**
**135,569**
**77,231**
**514,936**
**592,167**|_2020_
_Unrestricted_
_funds_
_£_
_32,872_
_3,369_
_14,321_
_108_
_50,670_
_38,558_
_60_
_1,668_
_4,852_
_45,138_
_5,532_
_(78,267)_| |---|---|---| |||_(72,735)_
_587,671_
_514,936_| The notes on pages 7 to 10 form part of these accounts Page 5 ## **THE BEACON BURSARY FUND BALANCE SHEET** ## **FOR THE YEAR ENDED 5 APRIL 2021** |**Notes**
**Fixed assets**
Investments
3
**Current assets**
Debtors
4
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
5
**Net current assets**
**Net assets**
**Income funds**
Unrestricted funds|**2021**
_2020_
**£**
**£**
_£_
_£_
**531,503**
_439,864_
**8,546**
_23,612_
**53,902**
_70,507_
**62,448**
_94,119_
**(1,784)**
_(19,047)_
**60,664**
_75,072_
**592,167**
_514,936_
**592,167**
_514,936_|**2021**
_2020_
**£**
**£**
_£_
_£_
**531,503**
_439,864_
**8,546**
_23,612_
**53,902**
_70,507_
**62,448**
_94,119_
**(1,784)**
_(19,047)_
**60,664**
_75,072_
**592,167**
_514,936_
**592,167**
_514,936_| |---|---|---| |||_514,936_| |||_514,936_| Approved by the Trustees and signed on their behalf by: Diana E D Robinson **Chair Trustee** Fiona Mayhew **Trustee** Date: 22/07/2021 The notes on pages 7 to 10 form part of these accounts Page 6 ## **THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **1. CHARITY INFORMATION** The principal activity of the charity is to provide financial assistance in case of need for the education of present and past pupils of the Beacon Educational Trust Limited (The Beacon School). The unincorporated charity (charity number 310643) is registered and domiciled in the UK. The address of the registered office is: The Beacon School, 15 Amersham Road, Chesham Bois, Amersham, HP6 5PF. ## **2 ACCOUNTING POLICIES** ## **a) Basis of Accounts Preparation** The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Beacon Bursary Fund 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 note. In their assessment of going concern the trustees have considered the current and developing impact on the charity as a result of the COVID19 virus. This has not had a significant, immediate impact on the charity’s operations as grants are made in view of available resources but the trustees are aware that if the current situation becomes prolonged then this may change. Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements ## **b) Critical accounting judgements and key sources of estimation uncertainty.** In the application of the charity’s accounting policies, which are described in note 2, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. Page 7 ## **THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **2 ACCOUNTING POLICIES (continued)** ## **c) Income** All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: - Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. - Investment income is included when receivable. ## **d) Expenditure** Expenditure is recognised on an accrual basis as each liability is incurred. Costs of generating funds comprise the costs associated with fundraising activities. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **e) Grants and Donations payable** Grants are recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. ## **f) Taxation** The Trust is exempt from income tax on its charitable activities. ## **g) Listed Investments** Investments quoted on a recognised stock exchange are valued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. ## **h) Financial Instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **i) Debtors** Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. Page 8 ## **THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **2 ACCOUNTING POLICIES (continued)** ## **j) Creditors and provisions** Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. ## **k) Cash and cash equivalents** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. ## **3. FIXED ASSET INVESTMENTS** Listed investments:- ## **4.** |Market value at 6 April 2020
Less: Cash held by Brewin Dolphin
Investment Management at 6 April 2020
Additions
Disposals
Net Investment gains/(losses)
Cash held by Brewin Dolphin
Investment Management at 5 April 2021
At 5 April 2021
**Historic cost**
**Analysis of Investments**
Government Bonds
Bond Funds
UK equities
Overseas Equities
Global Investments
Absolute Return
Property
Cash
**DEBTORS**
Other debtors
Interest free loan to parents
Gift Aid|**2021**
**£**
**439,864**
**(2,777)**
**61,530**
**(107,170)**
**135,569**
**4,487**
**531,503**
**362,470**
**13,914**
**46,180**
**127,873**
**173,469**
**102,397**
**37,535**
**25,648**
**4,487**
**531,503**
**2021**
**£**
**957**
**-**
**7,589**
**8,546**||_2020_
_£_
_522,912_
_(1,939)_
_52,503_
_(58,122)_
_(78,267)_
_2,777_
_439,864_
_388,817_
_30,317_
_34,533_
_117,359_
_121,684_
_88,759_
_31,824_
_12,611_
_2,777_
_439,864_
_2020_
_£_
_16,123_
_-_
_7,489_
_23,612_| |---|---|---|---| ||||| Page 9 ## **THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** ## **5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Grants payable
Other creditors
Accruals|**2021**
**£**
**-**
**84**
**1,700**
**1,784**|_2020_
_£_
_15,711_
_-_
_3,336_| |---|---|---| |||_19,047_| ## **6. TRUSTEE EXPENSES** No Trustee received any remuneration or reimbursed expenses during the current or prior year. ## **7. INDEPENDENT EXAMINER REMUNERATION** The fee payable for the independent examination of these accounts, excluding VAT, was £1,417 ( _2020: £1,390)._ ## **8. RELATED PARTY TRANSACTIONS** Grants of £97,158 ( _2020: £38,558_ ), were made to the Beacon Educational Trust as bursaries to support 13 families ( _2020: 4_ ). In relation to these grants, there is an amount outstanding at the year-end of £nil ( _2020: £15,711_ ). Fiona Mayhew, a Trustee of the Beacon Bursary Fund, is also a Governor of The Beacon Educational Trust. ## **9. FINANCIAL INSTRUMENTS** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |Financial assets measured at amortised cost|**62,488**|_94,119_| |Financial assets measured at fair value|**531,503**|_439,864_| |Financial liabilities measured at amortised cost|**(1,784)**|_(19,047)_| The company’s income, expense, gains and losses in respect of financial instruments are summarised below: |Financial assets measured at amortised cost||_-_| |---|---|---| |Financial assets measured at fair value – income|**11,663**|_14,429_| |Financial assets measured at fair value - expenditure|**4,639**|_4,852_| Financial assets measured at amortised cost comprise debtors and cash equivalents. Financial assets measured at fair value are investments. Financial liabilities measured at amortised cost comprise other creditors and accruals. Page 10 ## **INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF THE BEACON BURSARY FUND FOR THE YEAR ENDED 5 APRIL 2021** I report on the accounts of the Trust for the year ended 5 April 2021, which are set out on pages 5 to 10. This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached Alastair Lyon **CROWE U.K. LLP** Chartered Accountants Aquis House 49-51 Blagrave Street Reading RG1 1PL Date: 4 August 2021 Page 11