Charity Registration No. 310643
THE BEACON BURSARY FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE BEACON BURSARY FUND TRUST INFORMATION
Trustees Fiona Mayhew (Resigned 30 January 2025) 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 5PF Independent Examiners Crowe U.K. LLP R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ
THE BEACON BURSARY FUND
CONTENTS
| Page | |
|---|---|
| Trustees’ report | 1 - 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
| Independent Examiners Report | 12 |
FOR THE YEAR ENDED 5 APRIL 2025
THE BEACON BURSARY FUND TRUSTEES’ REPORT
The Trustees present their annual report for the year ended 5 April 2025 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 2019.
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 2025:
Fiona Mayhew (resigned 30 January 2025) Rosalind Garrett-Bowes (Chair) Andries Hoekema Caroline Langley Kathryn Berens Beverley Jane Myers
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).
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THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025
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 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 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 2024/25 was to continue to contribute towards fees of pupils where financial hardship would cause the pupil to be unable to continue at the School. There were four families (2024: none) supported during the year amounting to £60,748 (2024: £nil). Subsequent to the year end, the trustees have awarded one bursary of £8,106 which will be recognised in the 2026 year end accounts.
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THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025
FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES
Result for the Year
During the year, incoming resources amounted to £50,778 being £19,812 less than resources expended. Investment losses of £18,541 incurred during the year meant that overall, there was a deficit for the year of £38,353. Net assets of the Fund at the balance sheet date amount to £632,125 ( 2024: £670,478).
Going Concern
In their assessment of going concern 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 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 income from parental contributions and its investments in order to meet bursaries and other day to expenditure in support of the Fund's charitable objectives. Any reduction in the level of investments needs to be considered in the context of future demand from beneficiaries for our services alongside receipt of other sources of income.
The Trustees believe that in most years, bursary disbursements can be met out of ongoing income received from regular parental contributions and bank deposit interest. The Fund aims to maintain a cash allocation of between 10% and 15% of its total assets in its bank account in order to be able to make the bursary disbursements. If the bank account balance exceeds 15% of the Fund’s total assets after allowing for expected disbursements and any specific contingencies identified by the Trustees, the excess will be invested in the Investment Strategy.
The level of reserves at the balance sheet date amount to £632,125 (2024: £670,478).
Investment Policy
The Fund aims to 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 trustees view the investment horizon as 10 years (medium term). They consider a benchmark return for the Investment Strategy (the invested part of the Fund’s assets, excluding the cash allocation) to be CPI + 4% 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.
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THE BEACON BURSARY FUND TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025
Investment Policy (continued)
The investment strategy will be designed to be broadly diversified across asset classes and global markets. The investment strategy is fulfilled by an investment manager appointed by the Trustees to achieve the target 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 4.31%. The value of the managed investment portfolio of the Bursary Fund fell by 1%. Performance has been disappointing in past years, both against what we believe is the benchmark as well as against general markets including the FTSE100. The trustees are actively reviewing their future investment strategy.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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
Rosalind Garrett-Bowes Chair Trustee
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THE BEACON BURSARY FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| INCOME AND ENDOWMENTS FROM: Donations: Voluntary income, donations received Gift Aid Investments: Investment income Bank interest TOTAL EXPENDITURE ON: Charitable activities: Grants (4 families_2024: no families_) Bank charges Independent examination fees Sundry 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 |
2025 Unrestricted funds £ 32,132 - 13,485 4,319 49,936 60,748 241 5,700 35 3,024 69,748 (19,812) (18,541) (38,353) 670,478 632,125 |
2024 Unrestricted funds £ 32,596 9,783 11,214 1,822 55,415 - 250 5,462 35 2,124 7,871 47,544 24,739 72,283 598,195 670,478 |
|---|---|---|
The notes on pages 7 to 11 form part of these accounts
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THE BEACON BURSARY FUND
BALANCE SHEET
FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Investments | 3 | 480,085 | 499,489 | ||||
| Current assets | |||||||
| Debtors | 4 | 11,375 | 22,577 | ||||
| Cash at bank and in hand | 171,526 | 153,872 | |||||
| 182,901 | 176,449 | ||||||
| Creditors: amounts falling due | |||||||
| within one year | 5 | (30,861) | (5,460) | ||||
| Net current assets | 152,040 | 170,989 | |||||
| Net assets | 632,125 | 670,478 | |||||
| Income funds | |||||||
| Unrestricted funds | 632,125 | 670,478 |
Approved by the Trustees and signed on their behalf by:
Rosalind Garrett-Bowes Chair Trustee
The notes on pages 7 to 11 form part of these accounts
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THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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 2019.
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 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.
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.
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THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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:
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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.
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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.
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THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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 2024 Less: Cash held by Brewin Dolphin Investment Management at 6 April 2024 Additions Disposals Net Investment gains/(losses) Accrued Interest Cash held by Brewin Dolphin Investment Management at 5 April 2025 At 5 April 2025 Historic cost Analysis of Investments Government Bonds Bond Funds UK equities Overseas Equities Global Investments Absolute Return Property Accrued Interest Cash |
2025 £ 499,489 (9,383) 62,691 (60,752) (18,541) 552 6,029 480,085 413,943 46,396 32,705 101,271 166,803 68,273 35,885 22,171 552 6,029 480,085 |
2024 £ 476,718 (16,892) 48,064 (42,523) 24,739 - 9,383 499,489 413,727 46,437 32,478 100,971 179,933 70,875 33,736 25,676 - 9,383 499,489 |
|---|---|---|
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THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
4. DEBTORS
| Other debtors Due from School Gift Aid 5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Accruals |
2025 £ 964 10,411 - 11,375 2025 £ 25,161 5,700 30,861 |
2024 £ 2,035 10,759 9,783 22,577 2024 £ - 5,460 5,460 |
|---|---|---|
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 £4,750 ( 2024: £4,550).
8. RELATED PARTY TRANSACTIONS
Grants of £60,748 ( 2024: £nil ), were made to the Beacon Educational Trust as bursaries to support four families ( 2024: nil ). In relation to these grants, there is an amount outstanding at the year-end of £25,161 ( 2024: £nil ).
Fiona Mayhew, a Trustee of the Beacon Bursary Fund, is also a Governor of The Beacon Educational Trust. She stood down as a Governor on 31 August 2024.
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THE BEACON BURSARY FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
9. FINANCIAL INSTRUMENTS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at amortised cost | 182,900 | 176,449 |
| Financial assets measured at fair value | 480,085 | 499,489 |
| Financial liabilities measured at amortised cost | (30,861) | (5,460) |
The charity’s income, expense, gains and losses in respect of financial instruments are summarised below:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at amortised cost | 4,319 | 1,822 |
| Financial assets measured at fair value – income | 13,485 | 11,214 |
| Financial assets measured at fair value - expenditure | 3,024 | 2,124 |
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 grants payable and accruals.
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF THE BEACON BURSARY FUND FOR THE YEAR ENDED 5 APRIL 2025
I report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 5 to 11.
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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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: 13 January 2026
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