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 

Page 11