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2022-04-05-accounts

Charity Registration No. 310643

THE BEACON BURSARY FUND

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE BEACON BURSARY FUND TRUST INFORMATION

Trustees

Fiona Mayhew Rosalind Garrett-Bowes (Chair) Antony C Tomlinson Andries Hoekema Caroline Langley

Registered Charity Number 310643

Registered Office Amersham Road Chesham Bois Amersham Buckinghamshire HP6 5PF

Independent Examiners 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 2022

The Trustees present their annual report for the year ended 5 April 2022 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 was formerly governed by its Trust Deed dated 29 October 1956 (as amended on 28 April 1994), since replaced by a new Consolidated Governing Document dated 22 October 2021..

Trustees

The following trustees have held office for some or all of the year to 5[th] April 2022:

Diana E D Robinson (Chair) (Resigned 1 September 2021) Fiona Mayhew Rosamond A Morris (Resigned 26 January 2021) Rosalind Garrett-Bowes (Appointed 1 August 2021) Andries Hoekema (Appointed 1 September 2021) Caroline Langley (Appointed 1 November 2021) Antony C Tomlinson (Resigned 19 July 2022)

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 2022

Professional Advisers

Investment Managers:

Banker:

Independent Examiner:

Brewin Dolphin 12 Smithfield Street London EC1A 9BD 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 2021/22 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 no families were supported during the year compared with eleven families (£97,158) in 2020/21, which was driven by the impact of the Covid pandemic.

Page 2

THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued)

FOR THE YEAR ENDED 5 APRIL 2022

FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES

Result for the Year

During the year, incoming resources amounted to £45,283 being £32,174 more than resources expended. Investment gains of £3,116 incurred during the year meant that overall there was a surplus for the year of £35,290. Net assets of the Fund at the balance sheet date amount to £627,457 ( 2021: £592,167 ).

Going Concern

In their assessment of going concern the trustees have considered the possible ongoing impact on the charity as a result of not only the COVID19 virus, but also multiple economic challenges in the UK as well as globally. These have not impacted on the charity’s operations to date, and in any event grants are made in view of available resources.

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 £627,457 (2021: £592,167)

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 2022

Investment Policy (continued)

During the reporting period the FTSE All Share Index rose by 8.6%. The value of the managed investment portfolio of the Bursary Fund fell by 0.6%.

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:

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

Rosalind Garrett-Bowes Chair Trustee

Date: 31 January 2023

Page 4

THE BEACON BURSARY FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

INCOME AND ENDOWMENTS FROM:
Donations:
Voluntary income, donations received
Gift Aid
Investments:
Investment income
Bank interest
TOTAL
EXPENDITURE ON:
Charitable activities:
Grants (0 families_2021: 11 families_)
Bank charges
Independent examination fees
Professional 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		 2022
Unrestricted
funds
£
35,308
123
9,847
5
45,283
-
201
3,958
3,939
5,011
13,109
32,174
3,116
35,290
592,167
627,457		 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

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 2022

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		 2022
2021
£
£
£
£
529,609
531,503
11,084
8,546
90,664
53,902
101,748
62,448
(3,900)
(1,784)
97,848
60,664
627,457
592,167
627,457
592,167

Approved by the Trustees and signed on their behalf by:

Rosalind Garrett-Bowes Chair Trustee

Fiona Mayhew Trustee

Date: 31 January 2023

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 2022

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 not only the COVID19 virus, but also multiple economic challenges in the UL as well as globally. These have not impacted on the charity’s operations to date, and in any event grants are made in view of available resources. 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 2022

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:

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 2022

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:-

Market value at 6 April 2021
Less: Cash held by Brewin Dolphin
Investment Management at 6 April 2021
Additions
Disposals
Net Investment gains/(losses)
Cash held by Brewin Dolphin
Investment Management at 5 April 2022
At 5 April 2022
Historic cost
Analysis of Investments
Government Bonds
Bond Funds
UK equities
Overseas Equities
Global Investments
Absolute Return
Property
Cash
4.
DEBTORS
Other debtors
Due from School
Gift Aid		 2022
£
531,503
(4,487)
60,118
(63,303)
3,116
2,662
529,609
398,549
13,187
50,638
130,440
169,363
92,299
41,329
29,691
2,662
529,609
2022
£
1,082
10,002
-
11,084		 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

Page 9

THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Grants payable
Other creditors
Accruals		 2022
£
-
-
3,900
3,900		 2021
£
-
84
1,700
1,784

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 £3,250 ( 2021: £1,417).

8. RELATED PARTY TRANSACTIONS

Grants of £nil ( 2021: £97,158 ), were made to the Beacon Educational Trust as bursaries to support 0 families ( 2021: 13 ). In relation to these grants, there is an amount outstanding at the year-end of £nil ( 2021: £nil ).

Fiona Mayhew, a Trustee of the Beacon Bursary Fund, is also a Governor of The Beacon Educational Trust.

9. FINANCIAL INSTRUMENTS

2022 2021
£ £
Financial assets measured at amortised cost 101,748 62,488
Financial assets measured at fair value 529,609 531,503
Financial liabilities measured at amortised cost (3,900) (1,784)

The company’s income, expense, gains and losses in respect of financial instruments are summarised below:

Financial assets measured at amortised cost 5 25
Financial assets measured at fair value – income 9,847 11,638
Financial assets measured at fair value - expenditure 5,011 4,639

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 2022

I report on the accounts of the Trust for the year ended 5 April 2022, 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: 1 FEBRUARY 2023

Page 11