BROMFIELD'S EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Registered Charity No. 312795 BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 We are pleased to present thelr annual report and flnanclal statements for the year ended 31 De￿rnber 2023. Thls report hlghlights our maln achlevements durlng the year and outllnes our plans for future perlods. OBJECTIVES AND ACTIVITIES The objects of the Charlty are the payment of slngle and termly grants for educatlonal purposes to Indlvlduals resident in the former parlsh of St Andrew, Holborn (the area of benefit) and to schools wlthln the area of beneflt, The plans for the year were: l. To support individuals in the area of benefit 2. To malntaln Ilnks with local schools and other educatlon provlders 3. To engage with local businesses to build awareness of the needs of the area We carry out perlodlc Internal revlews and where necessary appolnt professlonal advlsor5 to 5UPPOrt the development and dellvery of our strategles. We completed a process to amend the composltion of the Trustee body to better support the governan￿ arrangements of the Charity towards the end of 2020. That bedded In during 2021 and in 2022 we brought one of the new provisions into effett for the first tlme, allowlng one of the ex officlo Trustees to nomlnate a trustee to serve In hls place. We also welcomed two other new Trustees durlng the *cond half of the year to brlng the Trustee body up to full st￿ngth. Our maln actlvlty durlng the year was SUPPOrt for schools and Indlvlduals In the area of benefit. Plans for future perlods The level of support we are able to offer is dlctated by investment markets. However, our plans for future periods are essentially the same as those for previous periods: to the best of our ability - I, to contlnue to 5UPPOrt Indlvlduals In the area of beneflt 2, to contlnue to malntaln links wlth local schools and other educatlon provlders 3. to continue to engage with local businesses to build awareness of the needs of the area ACHIEVEMENTS AND PERFORMANCE Public benefit In carrylng out our work and preparlng thls report, we have had regard to the Charlty Commlsslon's publlc benefit guldance. We make grants avallable for chlldren and young people under the age of 25 livlng withln the area of beneflt whose socio-economic circumstances mean that they are restricted In their ability fully to benefit from educational opportunltles, and to schools withln the area of benefit to support activitles that promote InclusSon and educatlonal development. We seek through our one-off and temily grants to improve indusion and access to activities for children who Ilve within the area of benefit and who might otherwise be disadvantaged due to health issues or lack of family resources. Our grants to Indlwduals or organlsatlons alm to enable chlldren to beneflt from school and other actlvitles and excursions that help to develop them beyond the school curriculum. They aim to 5UPPOrt chlldren In their development as active and engaged members of their commLJnlty and society more widely. We also make grants to assist with the purchase of school uniforms so that children are r￿t made to feel dlfferent because of their family circumstances. BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Termly grants aim to enable parents to ensure that their children - whatever their level of ablllty~ are able to participate as fully as possible in the opportunlties avallable to them. Revlew of 2023 2023 felt very much more Ilke buslness as usual although the cost of living crisis continues to present Its own challenges. The poorest in our community have On￿ agaln been hardest hit by circumStan￿S beyond thelr control and we contlnue to do what we can to help those in greatest need of our asslstantr. Throughout 2023 we contlnued to work closely wlth our sister charity, St A￿1reW Holbom and Stsfford's Charlty to support chlldren and families living within our area of benefit. We awarded grants totalling £50,595 (2022: £37,013), Of thls, we awarded £13,305 (2022: £15,125) in grants to Indivlduals and £37,29Q (2022: £21,888) to organlsatlons. In 2023, 16 families received termly grants (2022: 16 famllles). Almost all the families are caring for a disabled ch51d wlth, for example, Downs Syndrome, autisrn or cerebral palsy. The amount of a termly grant varles dependlng or) the age of the chlld and the *verity of any disability. We review the amount of fundlng annually and It stops when the young person has reached the age of 18 or If the famlly move out of area. At this stage, wherever posslble and If appropriate, we give assistance to famllles to source alternative financial support. In addltlon we provlded 6 famllles wlth a school unlform grant. To qualify for a unlform grant, the famlly has to be living on a low Income. We contlnued to support organisatlons whlth beneflt individuals in our area of beneflt, A Ilst of the organlsatlons we supported in 2023 is included at note 5 to the finandal statements. We would Ilke to place on record our thanks for the continulng support of the Barristers at 3 Verulam BuSldlngs, who wlsh through a generous annual donation to support actlvitles in the area especlally for educatlon. FINANCIAL REVIEW Results for the Year Net income of £93,220 was recorded during the year which Includes galns on Investments of £96,224 resultlng In the Balance Sheet reSoUr￿S Increasing from £1,955,121 to £2,048,341. Investments At the end of the year, income from Investments and bank Interest ro* sllghtly to £60,891 (2022: £59,947). Reserves At 31st December 2023 the funds of the Charity amounted to £2,D48,341, of which £1,767,740 represented the permanent endowment. Unrestrlcted funds were £280,601, of which £IOO,000 has been deslgnated by the Trustees resulting in rese￿e5 of £180,601. BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Law appllcable to charltles In England and Wales requires trustees to prepare financSal statements for each financial year, which give a true and fair view of the statement of the charlty's flnanclal attlvltles durlng the year and of its financial position at the end of the year. In weparing those financial statements givlng a true and fair vlew, the trustees should follow best practi￿ and: select suitable accountlng pollcles and apply them consistentlyi observe the methods and principles in the Charitles SORP; make judgements 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 financlal statements; prepare financial statements on the golng con￿rn basls unless It is Inapproprlate to presume that the Charlty wlll contlnue to operate. Trustee5 are responslble for keeping proper accounting record5 whlch dlsclose wlth reasonable accuracy at any tlme the flnanclal positlon of the charlty and which enable them to ensure that the financial statements comply wlth relevant leglslatlon and the trust deed. They are also responsible for safeguardlng the assets of the charlty and hen￿ taking reasonable steps for the preventlon and detettlon of fraud and other Irregularftles. Governan￿ and admlnlstratlve detalls of the Charity are to be found on pages 4-5 of thls report. Approved by the Trustees and slgned on their behalf by: The Revd Fr C pher Smlth, Chalr Date., 18 June 2024 BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustee body consists of 3 ex officlo Trustees and four co-opted Trustees. Following a period where there were vacancies, the Trustee body Is now fully constituted. The Trustees met on four occasions during the year. In addition, the Flnance & Investment Commlttee, whlch Is delegated to revlew financial and investment matters, met twi￿. Pollcy is set by the Trustee5. Responslblllty for operational delivery is delegated to the aerk to the Trustees. New co-opted Tnjstees are agreed by the full Trustee body. All new Trustees are mentored by an exlstlng Trustee and are provlded wlth a trustee flle, whlch Includes a copy of the governing document, a copy of the latest annual accounts and a copy of CC3 The Essenhal Tmstee publlshed by the Charlty Commlsslon. Trustees have the opportunlty to attend meetings and appolntments with the Grants Officer. Trustees also have the opportunlty to attend trustee training. The Trustees are grateful to Anna Paterson, the Grant5 Offi￿r, for her contlnued hard work In support of the Charlty. Risk management The Trustees have glven conslderation to the major risks to which the Charlty Is exposed and satlsfied themselves that Systems and prc(edures are estab115hed to manage those rlsks. Rlsks are revSewed annually. The Trustees have recognised the slgnlflcant rlsk to the Grants Offitrr when vlslting reclplents of the Charlty's grants and the measures that are In place to manage that rfsk. The Trustees are aware of the risk in respect of the volatlllty of Investment Income restricting thelr ablllty to alleviate need in the area of beneflt. The Finance and Investment Committee formally meets the Investment Managers tNlce a year. The Charity has adopted a balanced Inve5trnent strategy wlth a medium risk tolerance. Investment pollcy The Trustees, Investments a￿ managed on a total return basls wlth a medlum rlsk toleranTr and due regard to dlverslfication wlth the objective that a comblnatlon of Income and capltal growth will support the ongolng actlvltles of the Charlty whilst maintaining the real capltal value of the Investments over the longer term. The Trustee5 are aware of the rlsk In respect of volatility of investments ￿turnS to meet the annual commltments of the Charlty. The Flnance & Investment Committee formally meets the Investment managers twice a year. The Charlty Is committed to responslble investment and takes Into account envlronmental, soclal and governance issues. Our exposure to investments in assets Ilmlted under guldellnes Issued by the Church of England's Ethical Investment Advisory Group is monitored regularly by the Finance & Investment Committee In dlscuss5on wlth our investment managers. Sarasln & Partners LLP manage the bulk of our investments, whlch form part of the SarasSn Endowments Fund Class A Inc. Reporting is quarterly and the overall investment portfollo Is reviewed twice a year by the Flnance & Investment Committee. The Charity also holds a small Investment In the Property Investment Trust for Charities (PITCH) managed by Mayfair Capital Investment Management Ltd (now part of Swiss Life Asset Managers UK Ltd). Reserves pollcy The Trustees have recognised In thelr rlsk reglster the potential for loss of Income arlslng from volatlllty in investment markets. They therefore maintain a level of reserves sufficient to meet expected future commitments, together with an element of continge￿¥ provision agalnst any slgnlflcant, unforewn need. BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE GOVERNANCE AND MANAGEMENT (contlnued) Grant making policy Schools that have applled for grants and flnancial assistan￿ and are eligible under the provlsions of the Charlty Scheme are vlslted by the Grants offl￿r, whose assessment and recommendations are then considered by two Trustees of the Charlty. Grants over £1,500 are considered at a full meeting of the Trustees. ADMINISTRATIVE DETAILS Bromfield's Educatlonal Foundatlon Is a reglstered d)arity governed by trust deed. It is registered with the Charlty Commlsslon under number 312795, The Charlty's offices are at 5 St Andrew Street, London EC4A 3AF. Trustees The Rt Revd Jonathan Baker, Bishop of ex Off￿￿. Gulld Vicar, St Andrew Holborn Fulham Mr John Booth ex offldÉY. Churchwarden, St Andrew Holborn (untll May 2023) ex offldo: Churchwarden, St Andrew Holbom (from May 2023) ex 0ft7cio: Churchwarden, St Andrew Holborn co-opted co-opted co-opted co-opted (untll November 2023) co-opted (Chair) Mr Edward Dobson Mr Paul Weston Ms Caroline Kordai Addy Mr David Ballance The Revd Natssha Beckles Dr Brlan Hanson, CBE The Revd Father Christopher Smlth Officers Clerk to the Trustees Grants Offlcer Mr Nicholas Hills Mlss Anna Paterson Prlnclpal advlsers Investment Managers: Sarasln & Partners LLP Swiss Llfe Asset Managers UK Ltd Juxon House 55 Wells Street 100 st Paul's Churchyard London London EC4M 8BU WIT 3PT Independent Examiner: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers: Lloyds Bank plc Holborn Circus Branch Lond( ECIN 2HP Solicitors: Charles Russell Speethlys LLP 5 Fleet Pla London EC4M 7RD INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF BROMFIELD'S EDUCATIONAL FOUNDATION I report to the trustees on my examirkition of the accounts of Bromfleld's Educational Foundation fthe Charity.) for the year ended 31 December 2023. Thls report Is made to the Trustees, as a bodyi In accordan￿ wlth the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examlnatlon of the financlal statements In accordance with the General Directions given by the Charlty Commlssloners. To the fullest extent permitted by law, I do not accept or assume responslblllty to anyone other than the Charity and the Charlty s Trustees as a body for my work or for this report. Responsibillties and basls of report As the charlty trustees of the Charlty you are responsible for the preparation of the accounts In accordan wlth the requlrements of the Charltles Act 2011 ('the Act?. report In respect of my examination of the Charivs accounts carried out under sectlon 145 of the 2011 Act and In carrylng out my examlnatlon I have followed all the applicable DirectSons glven by the Charlty Commlsslon under sectlon 145(5)(b) of the Act. Independent examlner's statement I have completed my examinatlon. I confirm that no materlal matters have come to my attention in connectlon with the examination glvlng me cause to belleve that In any materlal respect: accountlng records were not kept In respett of the Foundatlon a5 requlred by section 130 of the Act. or 2. the accounts do not accord wlth those records; or 3, the accounts do not comply with the appllcable requirements concernlng the form and content of accounts set out in the Charities (Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts glve a'true and fair view, which is not a matter consldered as part of an Independent examlnation. I have no COn￿rnS and have come across no other matters In connectlon wlth the examinatlon to whlch attention should be drawn In this report in order to enable a proper understanding of the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson, F.C.A. Knox Cropper LLP Chartered Accountsnts Date: 2024 u) cw C£U BROMFIELD'S EDUCATIONAL FOUNDATION BALANCE SHEET AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Investments 1,919,819 1,818,705 CURRENT ASSETS L)ebtors Cash at Bank 1,556 129,293 130,849 1,457 136,312 137,769 Creditors: Amounts falllng due wSthln one year Net Current Assets 10 128,522 136,416 TOTAL NET ASSETS 2,048,341 1,955,121 FUNDS Endowment Fund Restrlcted Fund Unrestricted Funds TOTAL FUNDS 1,767,740 1,678,903 8,000 268 218 1955 121 li 12 280 601 2,048,341 Approved by the Board of Trustees on 18 June 2024 and signed on its behalf by: +kn (LL Trustee Chalr Trustee BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUS Bromfield's Educational Foundatlon Is an unlncorporated charity, registered with the Charity Commlssion with registered number 312795. The Charlty's registered address Is 5 St Andrew Street, London, EC4A 3AF. A descrlptlon of the Charivs operations and principal attivities can be found In the Report of the Trustses. ACCOUNTING POLICIES (a) Basls of Accountlng The Accounts have been prepared under the hlstorical cost conventlon as modifled by the revaluatlon of investments at market value and In accordance wlth appllcable Accountlng Standards. They have been prepared in accordance with the Statement of Recommended Practice (Accountlng and Reportlng by Charities) preparing their accounts in accordance with the Flnanclal Reportlng Stsndard appllcable in the UK and Republlc of Ireland (FRS 102) Second Edltlon Issued In October 2019, the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102 March 2018) and the Charltles Act 2011. The Charity constitutes a publlc benefit entlty as defined by FRS 102. The accounts have been prepared to give a 'true and falr, vlew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent requlred to provlde a 'true and falr vlew,. This departure involved following Accounting and Reporting by Charities preparing thelr accounts In accordance with the Financlal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS102) rather than the Accounting and Reporting by Charitie5 Statement of Recommended Practi effectlve from l Aprll 2005 whith has slnce been wlthdrawn. The Trustees conslder that there a￿ no un￿rtaIntleS about the Charlty's ablllty to continue as a going concern. The functional and presentatlonal currency of the Charity Is the £ Sterllng. (b) Income Income Is recognlsed In the year On￿ the charity has entitlement to the Income, It Is probable that the income will be received and the amount of income re￿1vable can be measured rellably. Income is deferred only when the Charity has to fulfil conditlons before becomlng entltled to It or the donor has specified that the income has to be Spent in a futu￿ period. Donations are recognlsed when the Charity re￿IVeS the Income. Investment Income is recognlsed on the date on which the dividend is payable or the interest arises. (c) Resources Expended Llabllltles are recognised as expenditure as soon as there is a legal or constructive obllgation committing the Charlty to that expendlture, It is probable that settlement wlll be requlred and the amount of the obligatlon can be measured rellably. All expenditurels accounted for on an accruals basis. Costs of Raising Funds The cost of raising funds conslsts of investment management fees as well as an allocation of support costs. Charitable Activities Costs of Charitable Activlties Include grants to Indlvlduals and organisations and dlrect costs associated wlth grant-making as well as an allocation of support Costs. BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (contlnued) Support Costs Support Costs have been allocated between actlvlties on the basis of staff time and include Governan￿ Costs, whlch comprise all costs involving the public accountability of the Foundation and Its compllance wlth ￿gulatIOn and good practi￿. (d) Grants Grants payable are charged In the year In whlch the offer Is conveyed to the reclpient extrpt in those cases where the offer Is conditional, such grants being recognlsed as expendlture when the condltlons attachlng are fulfilled. (e) Fund Accountlng (i) Unrestrlcted Funds: The unrestricted funds may be us8J by the Charlty In furtherance of Its charltable objectlves at the dISc￿tIOn of the Trustees. Endowment Funds: Permanent endowment funds are restricted capital funds where there Is no power to convert the orlginal capital to income. Irmme from the endowment fund is unrestrlcted. (iii) Restricted Funds: Restricted Funds are funds whlch are to be used in accordan￿ wlth speciflc restrlctlons Imposed by donors or whlch have been ralsed by the charlty for particular purposes. The alm and use of each restrlcted fund is set out In t1￿ notes to the flnanclal statements. (o Value Added Tax The Charity is not ￿gIStered for VAT and accordingly where applicable, all expenditure incurred is Indusive of VAT. (g) Investments The Charity's Investments a￿ a fomi of baslc flnanclal Instrument and are Inltlally recognised at thelr transactlon value and subsequently measured at thelr falr value as at the balance sheet date using the dosing quoted market price. The statement of financial activities Includes the net gains and losses arlslng on the revaluatlons and dlsposals throughout the year. Realised gain5 and losses on investments are arrived at by comparlng the net sale proceeds wlth the market value at the end of the previous financial year. Unreallsed galns and losses represent the dlfference between the market value of investments stlll held at the end of the financial year wlth thelr value at the beginning of the year or wlth thelr cost If purchased subsequently. (g) Debtors Trade and other debtors are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. (h) Cash at Bank Cash at bank is defined as cash and short temi highly liquid investments with a Short maturity of three months or le55 from the date of acquisÈtion or opening of the deposit or similar account. (i) Creditors and provisions Credltors and provisions are recognised where the charity has a present obllgatlon resulting from a past event that will probably result In the transfer of funds to a thlrd party and the amount due to settle the obligatlon can be measured or estlmated rellably. Credltors and provlslons are normally reccgnised at their settlement amount after allowing for any trade discounts due. i li BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Investment Income Interest Re￿iVed 60,190 701 59,921 26 60,891 59,947 COSTS OF RAISING FUNDS 2023 2022 Investment Management Fees Support Costs (Note 6) 437 437 443 443 CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds 2022 Total Total Grants to Indlviduals Grants to Organlsations staff Costs Support Costs (Note 6) 13,305 29,290 4,610 13,305 37,290 4,610 15,125 21,888 4,333 8,000 55,508 41,773 8,000 8,000 63,508 49,773 49,773 2022 112 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 5. CHARITABLE ACTIVITIES (continued) GRANTS TO ORGANISATIONS 2023 Restricted Funds Unrestricted Funds 2022 Total Total Corams Flelds Glrls Group StAlban s School Unlform Contlngency Fund Muslc support 'University' Music and Perfomiance Resldentlal Trlps Jubllee Donatlon Chnstopher Hatton School After School Clubs JubSlee Donatlon Onllne Learnlng Resources Happlness Group School Trlps st George the Matyr School Resldentlal Trlps Breakfast Club and Homework aub Jubllee Donatlon 2,000 2,000 2,000 1,400 2,000 1,400 4,000 2,000 4,000 2,000 2,000 4,000 4,000 2,000 500 6,616 6,616 500 2,238 1,900 2,000 3,275 2,000 3,275 2,287 9,712 2,287 9,712 2,250 6,000 500 21,888 29,290 8,000 37,290 6. SUPPORT COSTS 2023 2022 Staff Costs Admlnlstratlon Cost Recharge Insurance Sundrles Governance Costs 5,095 1,752 251 275 1,367 8,740 5,591 1,572 307 122 1,278 8,870 Governan￿ Costs includes amounts payable to the independent examiner of £1,367 (2022: £1,278). No trustee expenses were incurred {2022: Nil). | 13 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS 2023 2022 Salaries Social Security Deflned Contrlbutlon Penslon Costs 8,042 890 773 9,705 8,175 929 820 9,924 The Charfvs employees have Jolnt contracts of employment wlth the 4 slster charltles at St Andrew Holborn and wlth St Andrew Holborn Tradlng Ltd. Together they employed an average of 5 (2022.. 5) staff durlng the year, one of whom re￿fjVed employee benefits of £60,000 £70,000 (2022: one, £60,000 - £70,000). Employment costs are shared on a tlme spent basls. Key management personnel Is defined as the trustees and the Clerk to the Trustees, No trustee re￿iVed any remuneratlon for thelr role as a trustee (2022: £NII). The total remuneratlon of key management personnel was £80,114 (2022: £76,889) of whlch the Charity's Sha￿ was £3,949 (2022: £3,829). INVESTMENTS Sarasln PITCH 2023 2022 (a) Quoted Investments at Market Value Cash wlth Investment Managers 1,862,019 1,256 1,863,275 56,544 1,918,563 1,256 1,919,819 1,818,692 13 1,818,705 56,544 (b) Movements in Investments Market value as at l January 2023 Additlons Disposals Reallsed Galns1(Losses) Unrealised Gainsl(Losses) Marl