2024-04-05-accounts

Charity Registration No. 310643 THE BEACON BURSARY FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

THE BEACON BURSARY FUND TRUST INFORMATION Trustees Fiona Mayhew Rosalind Garrett-Bowes (Chair) Andries Hoekema Caroline Langley Kathryn Berens Beverley Jane Myers Registered Charity Number 310643 Registered Office Amersham Road Chesham Bois Amersham Buckinghamshire HP6 SPF Independent Examiners Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshlre RG1 1AZ

THE BEACON BURSARY FUND CONTENTS Page Trustees, report Statement of financial activities Balance sheet Notes to the financial statements 7-10 Independent Examiners Report 11

THE BEACON BURSARY FUND TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual reporl for the year ended 5 April 2024 under the Charities Act 2011. together with the financial statements for that year and confimi 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 charty registration number is 310643. The registered ottice and principal address of the Charity is.. 15 Amersham Road, Chesham Bois, Amersham, Buckinghamshire. HP6 SPF The Charity was formerly governed by ils Trust Deed dated 29 October 1956 (as amended on 28 April 19941, since replaced by a new Consolidated Goveming Document dated 22 October 2021. Trustees The following trustees have held office for some or all of the year lo 5th April 2024.. Fiona Mayhew Rosalind Garrett-Bowes (Chair) Andries Hoekema Caroline Langley Kathryn Berens Beverley Jane Myers (appointed 15 June 2023) (appointed 15 June 2023) Clerk to the Trustees." F Muzika Recruitment and induction of trustees Trustees are elected al 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 presentl with The Beacon Educational Trust Ltd. New Trustees are inducted into the workings of the charity through invitations lo meet other Trustees, meetings of the Trust and individual briefings from other Truslees. In addition there are opportunities for Trustees to attend relevant training seminars provided by various organisations. Organisatlonal structure and decision making process The charity Trustees are legally responsible for the overall managemenl 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 lo the Trustees the costs of which are bome by the Beacon Educational Trust Ltd {The Beacon School). Page I

THE BEACON BURSARY FUND TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 Professional Advisers Investment Managers.. Brewin Dolphin 12 Smilhfield Street London EC1A 9BD Banker: National Westminster Bank PLC Oakfield Corner Hill Avenue Amersham Bucks HP6 STD Independent Examiner-. Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ 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 presenl 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 benefil aims, the generation of funds from which to make significant bursary granls where a change in parents'lguardian's circumstances has resulted in difficulty in meeting tuition fees and as a ￿sUIt may result in pupils being withdrawn part way through stage of edL¢cation. In setting objectives and planning, the Trustees give carefijl consideralion to the Charily Commissioners. guidance on public benefit. Strategles for Achlevemont 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 2023124 was to continue to contribute towards fees of pupils where financial hardship would cause the pupil lo be unable to continue at the Sch(K)l. There were no families (2023.. two families) supported during the year amounting lo £nil (2023.- Two families £16.397J. Subsequent to the year end, the trustees have awarded 2 bursaries totalling around £35.000 which will be recognised in the 2025 year end accounts. Page 2

THE BEACON BURSARY FUND TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 FINANCIAL REVIEW. INVESTMENT POLICY AND RESERVES Result for the Year During the year. incoming resources amounted to £55.415 being £47.544 more Ihan resources expended. Investment gains of £24.739 incurred during the year meant that overall. there was a surplus for the year of £72.283. Net assets of the Fund at the balance sheet date amount to £670,47812023.' £598,195). Golng Concem In their assessment of going concem the trustees have considered the possible ongoing impact on the charity as a result of the 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 concem basis of accounling in preparing the financial stalements. 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 lo the School for the provision of bursaries is detemiined by the Truslees having regard lo the financial position of the potential recipient, the stage in the pupil's education al 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 suppotl of the Fund's charitable objectives. The Trust could not deliver the help needed lo support the bursary programme withoul 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 seryices alongside the receipt of other sources of income. The Reserves Policy is to maintain the Fund's lotsl reserves al £600.000 with investments al a level in excess of £500,000, which the Trustees judge will provide sufficient investment income lo support ongoing achievement of the charitable objectives of the Fund. The Trust's investments will remain an essential source of income rf bursary and ongoing expenditure profiles are to be met. The level of reserves at the balance sheet date amount to £670,478 (2023.. £598. 195) Investment Policy The Fund aims lo generate financial returns exceeding inflation over the investment horizon so that the excess may be disbursed as bursaries while maintaining the endowment in real terms. The Iruslees view the investment horizon as 10 years (medium term). They consider a benchmark return over the investment horizon lo be the UK Consumer Price Index {CPI) + 3°A net of fees per annum. The policy with regards to dividends and interest is that they should be reinvested in the Fund.. The overall risk profile will be the lowest reasonable level of risk over the medium term at which the Trustees believe the benchmark return can be achieved. The investment slrategy will be designed to be broadly diversified across asset classes and global markels. Page 3

THE BEACON BURSARY FUND TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 Investmènt Policy (continued) The investment strategy is fulfilled by an investment manager appointed by the Trustees to achieve the largel returns over the investment horizon and to comply with the risk preferences, liquidity requirements and the responsible investment and sustainability requirements described in detail in the investment policy. During the reporting period the FTSE All Share Index rose by 2.6Yo. The value of the managed investment portfolio ol the Bursary Fund rose by 4.8Y.. Future plans The Trustees inlend lo continue their currenl 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 TnJstee$ intend lo continue to fulfil the objective3 of the Bursary Fund. Trustees. responsibilities The Trustees are responsible for preparing the Trustees. Annual Report and the financial statemenls in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Sl2ndard8). 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 slate 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., obseNe the methods and principles in the Chartties SORP- make judgments and estimates Ihal are reasonable and prudent. slate whether applicable accounting standards have been followed. subjecl to any rnalerial departures disclosed and explained in the financial statements. prepare the financial statements on the going concem 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 lime Ihe financial position of the charity and enable them to ensure that the financial statements comply wilh the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's conslitulion. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. By order of the Trustees Rosalind Garrett-Bowes Chair Trustee Date.. 20 Page 4

THE BEACON BURSARY FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Unrestricted Unrestricted funds funds INCOME AND ENDOWMENTS FROM: Donations-. Voluntary income. donations received Gift Aid 32,596 9,783 34,085 Investments= Investment income Bank interest 11,214 10,649 321 TOTAL EXPENDITURE ON: Charitable activities: Grants Ino families 2023.. 2 families) Bank charges Independent examination fees Professional fees 16.397 241 4, T50 250 5.462 35 Raising funds: Snvestmenl Manager fees TOTAL NET {EXPENDITURE)IINCOME 47,544 20,012 Other recognised gains and losses Gainsl(Losses) on investment assets NET MOVEMENT IN FUNDS 72.283 (29.262J Fund balances brought forward 598 195 627 457 FUND BALANCES CARRIED FORWARD 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 2024 2024 2023 Notes Flxed assets Investments 499.489 476,718 Current assets Debtors Gash al banK an¢J in nan¢J 22,577 153 872 13.482 172/45 176,449 126,227 Creditors: amounts falling due within one year Net current assets 170989 121477 Net assets Income funds Unrestricted funds Approved by the Trustees and signed on their behalf by: Rosalind Garrett-Bowes Chair Trustee Fiona Mayhew Trustee Date.. ?0 7 2￿25 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 S APRIL 2024 CHARITY INFORMATION The principal activiiy of the charity is to provide financial assistan￿ in case of need for the education of present and past pupils of the Beacon Educational Trust Limited (The Beacon School). The unincorporated charity {charty number 3106431 is registered and domiciled in the UK. The address of the registered office is.- The Beacon School, 15 Amersham Road, Chesham Bois, Amersham. HP6 SPF. ACCOUNTING POLICIES Basis of Accounts Preparation The accounts have been prepared in aC￿￿dan￿ with the Charities SORP {FRS1021 applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepled Practice as it applies from 1 January 2019. The accounts have been prepared lo gNe a 'true and fair. view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent reqUI￿d lo 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 Practi￿ effective from 1 April 2005 which has sin been withdrawn. The Beacon Bursary Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilially recognised at historical cost or transaction value unless othetwise stated in Ihe relevant accounting policy note. In their assessment of going concern the trustees have considered the current and developing impad on the charity as a result of the 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 availab￿ resources. Having regard to the above. the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. b) crftlcal accountin9 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, eslimales and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimation and underlying assumptions are based on historical experience and other faclors that are considered lo 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 affeds the current and future periods. In the view of the trustees, no assumptions conceming the future or estimation uncertainly affecting the assets and liabilities at the balance sheel 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 2024 ACCOUNTING POLICIES (continued) Income All incoming resources are included in the stalemenl of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specrfic policies are applied to particular categories of income= Voluntary income is received by way of grants. donalions and gifts and is included in full in the Slatement of Financial Actwities when recewable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charrty 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 ftjnds comprise the costs associated with fundraising activities. Charilable 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 ol an indirect nature necessary lo support them. Grants and Donations payable Grants are recognised in the accounts when a commitment has been made and there are no conditions to be mel relating to the grant which remain in the control of the charity. Taxation The Trust is exempl from income tax on its chariiable activities. gl Llsted 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) Flnanclal Instruments The charity only has financial assets and financial liabililies of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transaction value and subsequently measured al their settlement value. Debtors Trade and other debtors are recognised al the settlemenl 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 2024 ACCOUNTING POLICIES (continued) i) Creditots and provisions Creditors and provisions are recognised when the charity has a present obligation resulting from past event that will probably resull 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 wilhoul penalty on notice of nol more than 24 hours. Cash equivalents are highly liquid investments Ihal mature in no more than three months from the dale of acquisilion and that are ￿adIlY convertible to known amounts of cash with insigntficant risk of change in value. FIXED ASSET INVESTMENTS Listed investments'.- 2024 2023 Market value al 6 April 2023 Less.. Cash held by Brewin Dolphin Investment Management at 6 April 2023 Additions Disposals Net Investment gainsl{losses) Cash held by Brewin Dolphin Inve8tment Management at 5 April 2024 476,718 529, 609 (16,892) 48.064 142,523) 24,739 (2,662) 56,334 (74,187) (49,274) At 5 April 20 47 71 Historlc cost Analysis of Investments Government Bonds Bond Funds UK equities Overseas Equities Global Investments Absolute Retum Property Cash 46.437 32.478 100.971 179.933 70.875 33.736 25.676 15,989 33,039 100,445 167,214 74,360 41.011 27,768 DEBTORS 2024 2023 Other debtors Due from School Gift Aid 2,035 10,759 2,259 11,223 Page 9

THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants payable Other Creditors Accruals TRUSTEE EXPENSES Nrj Trustee received any remuneration or reimbursed expenses during the current or prior year. INDEPENDENT EXAMINER REMUNERATION The fee payable for the independenl examination of these accounts. excluding VAT, VRS £4,550 12023.. £3.958). RELATED PARTY TRANSACTIQNS Grants of£nil {2023." £16.397fj. were made to the Beacon Educational Trust as bursaries to support o families {2023." 21- In relation to these grants, there is an amount outstanding at the year*nd of £nil {2023.' £ni4. Fiona Mayhcw, a Trustee of the 893con Bursary Fund, is 31so a Governor of The Beacon Educational Trust. She stood down as a Governor on 31 August 2024. FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured at amortised cost Financial assets measured at fair value Financial liabilities measured at amortised cost 176,449 499,489 (5,460) 126,227 476.718 (4, 750) The charity's income. expense. gains and losses in respect of financial instruments are summarised below.. Financial assets measured al amortised cost Financial assets measured at fair value - income Financial assets measured at fair value - expenditure 1,822 11,214 2,124 321 10,649 3,655 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 2024

I report on the accounts of the Trust for the year ended 5 April 2024, 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 R+ Building 2 Blagrave Street Reading RG1 1AZ

Date: 31 January 2025

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