BROMFIELD'S EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Charity No. 312795 KNOX CROPPER chariereo accountants
BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 We are pleased to present thelr annual report and flnanclal ststements for the year ended 31 Dernber 2024. This report highlights our main achievements durlng the year and outllnes our plans for future periods. OBJECTIVES AND ACTIVITIES The objects of the Charlty are the payment of slngle and termly grants for educatlona5 purposes to Indlvlduals resldent in the former parlsh of St Andrew, Holbom (the area of benefit) and to schools withln the area of beneflt. The plans for the year were: I. To sUPPOrt Indlviduals In the area of beneflt 2. To maintain Ilnks wlth local Schools and other educatlon providers 3. To engage wlth local buslnesses to bulld awareness of the needs of the area We carry out perlodlc Intemal revlews and where netrssary appolnt professlonal advlsors to support the development and dellvery of our strategles. We completed a process to amend the composltlon of the Trustee body to better support the governan arrangements of the Charlty towards the end of 2020. Our maln actlvlty durlng the year was support for schools and Indivlduals In the area of benefit. Plans for future periods The level of support we are able to offer Is dlctated by Investment markets. However, our plans for future perlods are essentlally the same as those for prevlous perlods: to the best of our ablllty - I, to contlnue to support indlvlduals In the aa of benefit 2. to contlnue to maintaln Ilnks with local schools and other educatlon providers 3. to contlnue to engage wlth local businesses to bulld awareness of the needs of the area ACHIEVEMENTS AND PERFORMANCE Publlc beneflt In carrylng out our work and preparing thls report, we have had regard to the Charlty Commlsslon's publlc beneflt guldance. We make grants avallable for chlldren and young people under the age of 25 Ilvlng wlthln the area of beneflt whose socio-economlc cirCumstanS mean that they are restricted In thelr ability fully to beneflt from educational opportunlties, and to schools wlthln the area of benefit to support attlvlties that promote Incluslon and educatlonal development. We seek through our one-off and temily grants to Improve incluslon and access to activltles for chlldren who Ilve wlthln the area of beneflt and who mlght otherwlse be dlsadvantaged due to health15sues or lack of famlly reSoUrs. Our grants to Indlvlduals or organlsauons alm to enable chlldren to beneflt from school and other actlvitles and excurslons that help to develop them beyond the school currlculum. They alm to support children In thelr development as actlve and engaged members of thelr communlty and soclety more wldely. We also make grants to asslst wlth the purchase of school unlforms so that children are not made to feel dlfferent because of their family Circumstan5. Termly grants aim to enable parents to ensure that their children - whatever thelr level of ablllty- are able to partlclpate as fully as possible in the opportunitles available to them.
BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Revlew of 2024 At the beglnning of the year, we held substantial cash reserves. We entered Into dlscusslons with the three prlmary schools in our area of beneflt and agreed that we would use the cash reserves to fund for three years the appolntment of a therapeutic counsellor to work In all three schools. The new counsellor Is due to start work at the beginning of 2025. Throughout 2024 we contlnued to work closely with our slster charlty, St Andrew Holborn and Stafford's Charlty to support chlldren and famllies1Sving within our a3 of beneflt. We awarded grants totalllng £44,452 (2023: £50,595). Of thls, we awarded £9,575 (2023: £13,305) In grant5 to IndividLkils and £34,877 (2023: £37,290) to organlsatlons. In 2024, 16 families reiVed termly grants (2023: 16 famllles). Almost all the famllles are carlng for a dlsabled chlld wlth, for example, Downs Syndrome, autism or cerebral palsy. The amount of a termly grant varles depending on the age of the chlld and the severlty of any dlsablllty. We revlew the amount of fundlng annually and It stops when the young person has reached the age of 18 or if the family moves out of area. At thls stage, wherever posslble and If appropriate, we glve assIstan to famllies to source alternatSve flnanclal support. In addltlon we provlded 2 famllles wlth a school unlform grant. To quallfy for a unlform grant, the famlly has to be Ilvlng on a low Income. We continued to support organlsatlons whlch benefit Indlvlduals In our area of beneflt. A Ilst of the organlsatlons we supported In 2024 55 Included at rte 5 to the financlal statements. We would Ilke to place on record our thanks for the contlnuing sUPPOrt of the Barrlsters at 3 Verulam Bulldlngs, who wlsh through a generous annual donation to support actlvlties in the area especlally for educatlon. FINANCIAL REVIEW Results for the Year Net Income of £172,018 was recorded durlng the year whlch Includes galns on Investments of £160,051 resultlng In the Balan Sheet resources Increaslng from £2,048,341 to £2,220,359. Investments At the end of the year, Income from Investments and bank Interest rose to £64,931 (2023: £60,891). Reserves At 31st Dember 2024 the funds of the Charity amounted to £2,220,359, of whlch £1,915,081 represented the permanent endowment. Unrestricted funds were £301,278, of which £IOO,000 has been deslgnated for three-year fundlng of the therapeutlc counsellor in the three primary schools In our area of benefit resultlng In reserves of £201,278.
BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSXBZLXTIES Law appllcable to charltles In England arxj Wales requ1$ trustees to prepare flnancial statements for each financlal year, whlch glve a true and falr view of the statement of the charity's financlal activities durlng the year and of its flnancial position at the end of the year. In preparing those financial statements glvlng a true and falr vlew, the trustees should follow best practi and: select sultable accounting poliaes and apply them consistently. observe the methods and prlnclples in the Charltles SORP; make judgements and estlmates that are reasonable and prudent. state whether appllcable accountlng stsndards have been followed subjett to any materfal departures disclosed and explained in the financlal statements; prepare flnancial statements on the golng concern basls unless It Is Inapproprlate to presume that the Charlty will contlnue to operate, Trustees are responslble for keeplng proper accountlng records whlch disdose wlth reasonable accuracy at any time the flnanclal positlon of the charity and whlch enable them to ensure that the flnanclal statements comply wlth relevant leglslation and the trust deed. They are also responslble for safeguardlng the assets of the charlty and hence taklng reasonable steps for the prevention and detectlon of fraud and other Irregularltles. Governance and adminlstratlve detalls of the Charity are to be found on pages 4-5 of thls report. Approved by the Trustees and slgned on thelr behalf by: The Revd Fr rlstopher Smlth, Chalrman Date: 16 June 2025
BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustee body consists of 3 ex offido Trustees and four co-opted Trustees. Followlng a perlod where there were vacancles, the Trustee body Is now fully constituted. The Trustees met on three occasions durlng the year. In addltion, the Finan & Investment Commlttee, which Is delegated to revlew flnanclal and Investment matters, met twice. Pollcy15 set by the Trustee5. Responslbllity for operatlonal dellvery Is delegated to the Clerk to the Trustees. New co-opted Trustees are agreed by the full Trustee body. All new Trustees are mentored by an exlstlng Trustee and are provlded wlth a trustee file, which Includes a copy of the governlng document, a copy of the Satest annual accounts and a copy of CC3 The Essential Tmstee publlshed by the Charlty Commi551on. Trustees have the opportunlty to attend meetings and appolntments wlth the Grants offlr. Trustees also have the opportunlty to attend trustee training. The Trustees are grateful to Anna Paterson, the Grants offlr, for her conttnued hard work In support of the Charlty. Risk management The Trustees have glven conslderatlon to the major rlsks to whlch the tharlty Is exposed and satlsfled themselves that systems and ProdureS are established to manage those risks. Rlsks are revlewed annually. The Trustees have recognlsed the slgniflcant risk to the Grants Offir when vlsltlng reclplents of the Charlty's grants and the measures that are In place to manage that rlsk. The Trustees are aware of the rfsk In respect of the volatillty of Investment Income restrlctlng their ablllty to allevlate need in the area of benefit. The Flnance and Investment Commlttee formally meets the Investment Managers twlce a year. The Charlty has adopted a baland investment strategy wlth a medlum rlsk tolerance. Investment pollcy The Trustees, Investments are managed on a total retum basi5 wlth a medlum rlsk tolerance and due regard to dlverslflcatlon wlth the objectlve that a comblnatlon of income and capltal growth wlll support the ongolng actlvltles of the Charlty whllst malntalnlng the real capltal value of the Investments over the longer term. The Trustees are aware of the risk In respert of volatllity of Investments returns to meet the annual commltments of the Charlty. The Flnance & Investment Committee formally meets the Investment managers I[ce a year. The Charlty is commltted to responslble Investment and takes Into account environmental, soclal and governance issues. Our exposure to investments In asset5 limited under guidellnes Issued by the Church of England's Ethlcal Investment Advlsory Group is monitored regularly by the Flnance & Investment Commlttee In dlscusslon wlth our Investment managers. Sarasln & Partners LLP manage the bulk of our investments, which form part of the Sarasln Endowments Fund Class A Inc. Reporting is quarterly and the overall investment portfollo 15 reviewed twlce a year by the Flnance & Investment Committee. The Charlty also holds a small investment in the Property Investment Trust for Charities (PITCH) managed by Mayfalr Capital Investment Mariagement Ltd (now part of Swlss Llfe At Managers UK Ltd). Reserves pollcy The Trustees have recognlsed in their risk reglster the potential for loss of Income arising from volatility in investment markets. They therefore maintain a level of reserves sufficient to meet expected future commltments, together wlth an element of contingency provlsion against any significant, unfore*en need.
BROMFIELD'S EDUCATIONAL FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE GOVERNANCE AND MANAGEMENT (continued) Grant making policy Schools that have applied for grants and financial aSsIstan and are ellglble under the provlslons of the Charlty Scheme are vlslted by the Grants Officer, whose assessment and recommendations are then considered by two Trustees of the Charlty. Grants over £1,500 a considered at a full meetlng of the Trustees. ADMINISTRATIVE DETAILS Bromfleld's Educatlonal Foundation is a reglstered charlty governed by trust deed. It Is reglstered with the Charity Commlssion under number 312795. The Charity's offlces are at 5 St Andrew Street, London EC4A 3AF. Trustees The Rt Revd Jonathan Baker, Bi$P of ex offlclcy. Gulld Vicar, St AndW Holborn Fulham Mr Edward Dobson Mr Paul Weston Ms Caroline Kordal Addy Mr Davld 8allance The Revd Natasha Beckles The Revd Father Chrlstopher Smlth ex offlclo: Churchwarden, St Andrew Holborn ex offlclo: Churchwarden, St Andrew Holborn co-opted co-opted co-opted co-opted (Chalrman) Offlcers Clerk to the Trustees Grants Offlcer Mr Nlcholas Hllls Mlss Anna Paterson Prlnclpal advlsers Investment Managers: Sarasln & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Swlss Llfe Asset Managers UK Ltd 55 Wells Street London WIT 3PT Independent Examlner: Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers: Lloyds Bank p Sollcitors: Charles Russell Speechlys LLP 5 Fleet Pla London EC4M 7RD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BROMFIELD'S EDUCATIONAL FOUNDATION I report to the trustees on my examlnation of the accounts of Bromfleld's Educatlonal Foundatlon rthe Charlty,? for the year ended 31 Dember 2024. Thls report is made to the Trustees, as a body, in accordan wlth the terms of my engagement. My work has been undertaken so that I might carry out an Independent ExamSnatlon of the financial statements in accordance with the General DIrtiOnS given by the Charity 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. Responslbllltles and basls of report As the charlty trustees of the Charlty you are responslble for the preparatlon of the accounts In accordance wlth the requlrements of the Charities Act 2011 {'the Act,), report In respect of my examinatlon of the Charlty's accounts carrled out under sectlon 145 of the 2011 Act and In carrylng out my examlnatlon I have followed all the appllcable Dlrectlons glven by the Charlty Commlsslon under sectlon 145(5)(b) of the Act. Independent examlner's statement I have completed my examSnatlon. I conflrm that no materlal matters have come to my attentlon In connection wlth the examlnatlon glvlng me cause to belleve that In any materlal respect,, accountlng records were not kept In respect of the Foundatjon as requlred by sertlon 130 of the Act, or 2. the accounts do not accord wlth those records; or 3. the account5 do not comply wlth the appllcable requlrements concernlng the form and content of accounts set out in the Charltles (Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts give a'true and falr vlew, whlch Is not a matter considered as part of an Independent examlnatlon, I have no concerns and have come across no other matters In connection wlth the examlnatlon to whlch attention should be drawn In thls report in order to enable a proper understandlng of the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson, F.C,A, Knox Cropper LLP Charted Accountants Date: l6 2025
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BROMFIELD'S EDUCATIONAL FOUNDATION BALANCE SHEET AT 31 DECEMBER 2024 Notes 2024 Z023 FIXED ASSETS Investments 2,085,184 1,919,819 CURRENT ASSETS Debtors Cash at Bank 1,521 135 090 136,611 1,556 129 293 130,849 Credltors.. Amounts falllng due wlthln one year Net Current Assets 10 135,175 128,522 TOTAL NET ASSETS 2,220,359 2,048,341 FUNDS Endowment Fund Restrlcted Fund Unrestrlcted Funds TOTAL FUNDS 1,915,081 4,000 301278 2 220,359 1,767,740 li 12 280 601 2,048 341 Approved by the Board of Trustees on 16 june 2025 and slgned on Its behalf by: Trustee Chalrman Trustee
BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUS Bromfield's Educational Foundatlon Is an unlncorporated charlty, reglstered wlth the Charlty Commlsslon with registered number 312795. The Charity's registered address is 5 St Andrew Street, London, EC4A 3AF. A description of the Charity's operations and principal activities can be found in the Report of the Trustees. ACCOUNTXNG POLICIES (a) Basis of Accountlng The Accounts have been prepared under the historlcal cost conventlon as modlfled by the revaluatlon of investments at market value and In accordan with appllcable Accountlng Stsndard5. They have been prepared In accordance with the Statement of Recommended Practlce (Accountlng and Reportlng by Charltles) preparlng thelr accounts In accordance wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS 102) Second Editlon Issued In October 2019, the Flnanclal Reportlng Standard appllcable In the UK and RepublSc of Ireland (FRS IQ2 March 2018) and the Charltie5 Act 2011. The Charlty constitutes a publlc benefit entlty as defined by FRS 102. The accounts have been prepared to glve a 'true and falr, view and have departed from the Charltles (Accounts and Reports) Regulations 2008 only to the extent requlred to provlde a'true and falr vlew,. Thls departure Involved followlng Accountlng and Reportlng by Charltles preparlng thelr accounts In accordan wlth the Flnanclal Reportlng Standard appllcable In the UK and Republlc of Ireland (FRS102) rather than the Accountlng and Reporting by Charltles Statement of Recommended Practl effectlve from l Aprll 2005 whlch has Ssn been wlthdrawn. The Trustees conslder that there are no uncertalntles about the Charlty's ablllty to contlnue as a golng concern, The functlonal and presentational currency of the Charlty Is the £ SterllThJ, (b) Income Income Is recognlsed In the year ontr the charlty has entltlement to the Income, It Is probable that the Income wlll be received and the amount of Income recelvable cAn be measured rellably. Income Is deferred only when the Charlty has to fulfil conditlons before becomlng entitled to It or the donor has speclfled that the income has to be spent In a future perlod. Donatlons are recognlsed when the Charlty reIVeS the Income. Investment Income Is recognlsed on the date on whlch the dlvidend is payable or the Intet arises. (c) Resources Expended Liablllties are recognised as expenditure as soon as there Is a legal or constructlve obllgatlon commlttlng the Charlty to that expendlture, It Is probable that settlement wlll be requlred and the amount of the obllgatlcffi can be measured rellably. All expendlture Is accounted for on an accruals basls. Costs of Raising Funds The cost of raising funds corsists of investment management fees as well as an allocation of support Costs. Charitable Actlvitles Cost5 of Charitable Actlvities include grants to individuals and organlsatlons and dlrect costs assodated wlth grantrfnaking as well as an allocation of support costs.
BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (continued) Support Costs Support Costs have been allocated between activities on the basls of staff tlme and Include Governance Costs, whlch comprlse all costs Involvlng the public accountsbility of the Foundatlon and Its Complian wlth regulatlon and good prattl. (d) Grants Grants payable are charged In the year In whlch the offer Is conveyed to the reciplent except In those cases where the offer is condltlonal, such grants being recognlsed as expendlture when the condltions attachlng are lfilled. (e) Fund Accountfng Unrestricted Funds: The unrestrlcted funds may be used by the Charfty In furtherance of its charitable objectlves at the dlscretlon of the Trustees. Endowment Funds: Permanent endowment funds are restrlcted capltal funds where there Is no power to convert the orlglnal capltal to Income. Income from the endowment fundls unrestrlcted. (115) Restrlcted Funds: Restrlcted Funds are funds whlch are to be used In accordan wlth specSflc restrlctlons Imposed by donors or whlch have been ralsed by the charlty for partlcular purposes. The alm and use of each restrltted fund is set out In the notes to the flnanclal statements. (o Value Added Tax The Charity Is not reglstered for VAT and accordlngly where appllcable, all expendlture Incurred Is InclusSve of VAT. (g) Investments The Charfty's Investments are a form of baslc finandal Instrument and are Inltlally recognlsed at their transaction value and subsequently measured at thelr fair value as at the balance sheet date uslng the closing quoted mar*et pr1. The statement of financial actlvitles Includes the net gaSns and losses arlslng on the valUatIOnS and dlsposals throughout the year. Reallsed galns and losses on Investments are arrlved at by comparlng the net sale protreds with the market value at the end of the previou5 financial year. Unreallsed galns and losses represent the dlfference beeen the market value of investments still held at the end of the financial year wlth their 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 dlscount 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 term highly Ilquid investments wlth a short maturlty of three rnonths or less from the date of acquisition or opening of the deposit or simllar account. (i) Credltors and provislons Creditors and provlslons are recognlsed where the charity has a psent obllgatlon re5ultlng from a past event that will probably result in the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated rellably. Creditors and provisions are normally recognlsed at their settlement amount after allowing for any trade dlscounts due.
Page 111 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENT INCOME 2024 2023 Investment Income Interest Recelved 63,734 1,197 64,931 60,190 701 60,891 COSTS OF RAISING FUNDS 2024 2023 Investment Management Fees Support Costs (Note 6) 568 568 437 437 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2023 Total Total Grants to Endlvlduals Grants to Organlsations Educatlon Tralnlng Manual Staff Costs Support Costs (Note 6) 9,575 30,877 249 4,899 9,575 34,877 249 4,899 13,305 37,290 4,000 4,610 56,396 55,508 4,000 8,000 60,396 63,508 63,508 2023
Pagp. 112 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5. CHAIUTABLE ACTIVITIES (contlnued) GRANTS TO ORGANISATIONS 202 Restrlcted Funds Unrestrlcted Funds 2023 Total Total Corams Fields GSrls Group StAlban s School Unlform Contlngency Fund Muslc support 'Unlverslty' Muslc and Performance Resldentlal Trips Christopher Hatton School After School Clubs Resldentlal Trlps Happiness Group School Trlps st George the Martyr School Resldentlal Trlps Breakfast Club and Homework Club 2,000 2,000 2,000 1,400 4,000 2,000 4,000 4,000 4,000 4,000 4,000 7,912 4,585 7,912 4,585 6,616 2,000 3,275 6,380 6,000 6,380 6,000 2,287 9,712 30,877 4,000 34,877 37,290 6, SUPPORT COSTS 2024 2023 Staff Costs Admlnlstratlon Cost Recharge Insurance Sundrles Governance Costs 6,762 2,350 355 461 1,436 11,364 5,095 1,752 251 275 1,367 8,740 Governance Costs Includes amunts payable to the Independent examlner of £1,436 (2023.. EI,367), No trustee expenses were Incurred (2022.. £NII).
PaiJe 113 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STAFF COSTS 2024 2023 Salaries Soclal Security Deflned ContrSbutlon Penslon Costs 9,630 1,069 962 11,661 8,042 890 773 9,705 The Charlty's employees have Jolnt contracts of employment with the 4 slster charlties at st Andrew Holborn and wlth St Andrew Holbom Tradlng Ltd. Together they employed an average of 5 (2022: 5) staff durlng the year, one of whom received employee benefits of £60,000 - £70,000 (2023: one, £60,000 - £70,000). Employment costs are shared on a tlme spent basis. Key management personnel Is defined as the trustees and the aerk to the Trustees. No trustee retrlved any remuneratlon for thelr role as a trustee (2022: £Nil). The total remuneratlon of key management personnel was £83,977 (2023: £80,114) of whlch the Charlty's share was £4,159 (2023., £3,949). INVESTMENTS Sarasln PITCH 2024 2023 (a) Quoted Investments at Market Value Cash with Investment Managers 2,025,125 55,949 2,081,074 1,918,563 2,029,235 55,949 2,085,184 1,919,819 (b) Movements in Investments Market value as at l January 2024 Addltlons Dlsposals Reallsed Galnsl(L055es) Unreallsed Galnsl(Losses) Market value at 31 December 2024 1,862,019 2,460 56,544 1,918,563 2,460 1,818,692 3,647 160,646 2,025,125 (595) 55,949 160,051 2,081,074 96,224 1,918,563 Cost at 31 Dember 2024 1,843,354 58,288 1,904,642 1,902,182 The carrylng amount of flnanclal assets measured at falr value through Income and expendlture wlthln Investments is £2,081,074 (2023: £1,918,563).
Pcige 114 BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS 2024 2023 Prepayments Investment Income Re[Vab 63 1,458 1,521 60 1,496 1,556 10. CREDITORS 2024 2023 st Andrew Holborn Trading St Andrew Holborn Church Foundatlon Accruals 960 1,436 2,327 11. RESTRICTED FUNDS 2024 2023 Balan at l January 2023 Income Expendlture Balan at 31 Detrmber 2023 8,000 8,000 4,000 The Restricted Fund represents monies reiVed In respect of Charitable Donatlons from the 3VB Charltable Trust to support the costs of after-school dubs and resldentlal trlps. 12, UNRESTRICTED FUNDS General Designated Total Balance at l January 2024 Net Movement In Funds Transfer Balance at 31 December 2024 180,601 20,677 loo,000 280,601 20,677 201,278 ioo,ooo 301,278 Balance at l January 2023 Net Movement in Funds Transfer Balance at 31 Dernber 2023 268,218 12,383 loo,000 180,601 268,218 12,383 loo,000 loo,000 280,601 The Designated fund was established to provlde for the costs of an inschool counselllng servlce coverlng the three primary schools withln the Charity s area of benefit. The fund is expected to be spent out over the course of three years. No expenditure has yet b*n incurred.
BROMFIELD'S EDUCATIONAL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13. NET ASSETS BETWEEN FUNDS Restrlcted Funds Unrestrlcted Funds 2024 Totsl Endowments Flxed Assets Current Assets Credltors 170,103 132,611 1,915,081 2,085,184 136,611 1,436 2,220,359 4,000 4,000 301,278 1,915,081 Restrlcted Funds Unrestrlcted Funds 2023 Total Endowments Flxed Assets Current Assets Credltors 152,079 130,849 1,767,740 1,919,819 130,849 280,601 1,767,740 2,048,341 14, RELATED PARTIES The followlng partles are consldered related to the Charlty by vlrtue of havlng common trustees and shared employees.. St Andrew Holborn Church Foundation St Andrew Holborn & Stafford's Charity St Andrew Holborn TradlNJ Llmlted Parish Estates Charlty Lady Ellzabeth Hatton's Charlty st Andrew Holborn Church Foutmlatlon acts as paymaster for the staff employed under Jolnt contracts of employment, The Charlty pald £11,661 (2023: £9,705) to St Andrew Holborn Church Foundation for Its share of employment COSts. St Andrew Holborn Church Foundation charged the Charlty £2,350 (2023.. £1,752) as a contrlbution to overheads. At the year end £NII (2023: £Nil) was owed to St Andrew Holborn Church Foundatlon. At the year end £NII (2023: £Nil) was owed to St Andrew Holborn & Stafford's Charlty and to St Andrew Holborn Tradlng £NII (2023: £NII). No trustee reIVed any reimbursement of expenses (2023: £NII).