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2020-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Charity registration number: 314286

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ESTABLISHED 1808 - INCORPORATED BY ROYAL CHARTER 1906

THE TWO HUNDRED AND FOURTEENTH REPORT

BRITISH & FOREIGN SCHOOL SOCIETY

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BRITISH & FOREIGN SCHOOL SOCIETY

PRESIDENT

Rt Hon David Lammy MP

VICE-PRESIDENT

Emeritus Professor John Furlong OBE

COUNCILLORS

Chair of Council

Peter Miller BSc

Vice-Chair of Council

Professor Joy Palmer Cooper BA MEd MA PhD DLitt (hon) Dip G.D

Treasurer

David Baron FCA

Tim Andrew BSc Cert Ed Adv Dip Ed Man

Charlotte Cashman BA Vic Craggs OBE BA Jane Creasy MEd Diana Hoy FCILEx Karen Hughes BEd Janice Miller FCMA (from 1 July 2020)

Leslie Stephen MA BD Graham Kingsley MA CChem FRSC FRSA (until 11 November 2020)

Director and principal office address

Joanne Knight BSc DPhil MRSC 7-14 Great Dover Street, London SE1 4YR

Registered Charity No. 314286

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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CONTENTS

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PROFESSIONAL ADVISORS 5
ANNUAL REPORT 6
STATEMENT OF FINANCIAL ACTIVITIES 17
BALANCE SHEET 19
CASH FLOW STATEMENT 20
NOTES TO THE FINANCIAL STATEMENTS 21
MEMBERS OF THE GRANTS COMMITTEE 35
MEMBERS OF THE FINANCE AND INVESTMENTS COMMITTEE 35
DELEGATES OF BFSS TRUST FUNDS 35
REPRESENTATIVES SERVING ON OUTSIDE BODIES 35
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PROFESSIONAL ADVISORS

Investment Manager

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN

Bankers

Barclays Bank plc 6 Clarence Street Kingston upon Thames KT1 1NY

CAF Bank Ltd

25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ

Independent Auditor

Begbies Chartered Accountants and Registered Auditors 9 Bonhill Street London EC2A 4DJ

Accountant

Godfrey Wilson Ltd 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD

Property Consultant

Sanderson Weatherall Robert House Westpoint Road Stockton TS17 6BA

Solicitor

Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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ANNUAL REPORT

1. Introduction

The Council present their report along with the financial statements of the Society and of the other charitable trusts for which the Society is responsible, for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in the Notes to the Financial Statements below and comply with the Society’s Charter and applicable law.

2. Our heritage that guides us

The heritage that underpins our Society remains important and relevant to our activities and decisions and is embedded in our charitable objects. The British & Foreign School Society (BFSS) was formed in 1808 by Christian social reformers to carry on the work of Joseph Lancaster, a pioneer of school and teacher education. The Society was then known as “The Society for Promoting the Royal British or Lancasterian System for the Education of the Poor”. It changed its name to The British & Foreign School Society in 1814, was granted a Royal Charter in 1906, and its Royal Charter, Statutes and Bye-laws were most recently updated in 2014.

With such a long history, the Society has necessarily adapted over the years, but our heritage continues to define us and our priorities. Joseph Lancaster was a Quaker who became concerned that the poorer classes were denied the opportunity of education in the late 18th century; and as a result, he was involved in the founding of schools throughout the UK and in many overseas countries with tuition based on his monitorial system. The Society today continues that work through our grant funding by seeking to ensure education for the poorest and most disadvantaged. From 1870, BFSS focused on teacher training and the Society continues to recognise the critical impact of teachers and makes teacher training a priority area for funding.

Conserving our physical heritage continues to be important to us. Brunel University maintains our extensive Society archives and makes sure they are accessible for research. The Society continues to support the British Schools Museum in Hitchin and recognises its importance in ensuring Joseph Lancaster’s work is visibly accessible for current and future generations to appreciate. The museum houses an 1837 Monitorial Schoolroom, the only

one of its kind left in the world, three other historic classrooms, the Headmaster's House and a collection of 47,000 objects.

3. Objectives and activities for the public benefit

The Society achieves its public benefit through its grant giving activities to support the education of disadvantaged young people worldwide. The Council has referred to the Charity Commission’s guidance on public benefit when developing the vision, mission, values and objectives for the Society covering 2018 to 2021. We review and refresh our vision, mission and values each year, and make sure they inform our decisions.

3.1 Vision

Educational opportunity for all.

3.2 Mission

We seek to achieve our vision by providing funding and support to UK-based charities and educational establishments for educational projects in the UK and throughout the world reflecting our history and heritage.

3.3 Values

We believe in the right of children and young people to education as a driver for personal development, well-being, and equality of opportunity. Building on the heritage of Joseph Lancaster, we value effective teaching and learning, and the sharing of good practice. We are committed to inclusivity, integrity, and to valuing and respecting others in everything we do.

3.4 Objectives

Following a review in 2020 our strategy for 2021 and beyond is based on 5 objectives:

  1. To improve the quality, sustainability and access to education within International marginalised and deprived communities.

  2. To improve the educational outcomes and life chances of Young Carers and Care Experienced Young People living in the UK.

  3. To understand, report and share the impacts of the Society’s grant giving.

  4. To support the development of capacity among BFSS Grantees thereby contributing measurably to the delivery of positive impact for children and

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young people in the education sector.

  1. To develop the membership of the Society in terms of membership numbers and types of engagement in order to support the work of the Society.

3.5 Grant giving policy

The majority of our grant giving (90% in 2020) is made through the main fund using our unrestricted income, within the main fund we have separate priorities for UK and International grants. We continue to adopt a grant funding approach that favours small to medium sized charities, with annual income less than £2.5 million, and UK state-funded educational establishments. The Society continues to believe that supporting high-quality projects in the UK is central to the Society’s heritage and future. We plan for around 30% of our grants from the main fund to support UK based projects.

In addition to the main fund the Society runs a number of smaller restricted funds which all have individual priorities.

3.5.1 UK main fund priorities

To further strengthen the focus and impact of our UK grant giving a separate UK funding strategy was launched during 2020, which focuses on improving the educational outcomes or life chances of Care Experienced Young People and Young Carers under the age of 25. We are offering fewer but larger grants up to £100,000 over 5 years. The first grants under this new strategy will be awarded in 2021.

Our UK grant aims are to:

3.5.2 International main fund priorities

To ensure that we deliver our mission internationally we fund projects that either improve access to education, the quality of education or the sustainability of educational projects for young people under the age of 25. We ensure that our grant-giving delivers long-term improvement through the involvement of local communities, the capability and availability of teaching staff and fit-for-purpose infrastructure. Wherever possible, we fund projects that deliver benefits to the wider community and that will be continued after our grant ends. Grants of up to £60,000 over 3 years are offered for international projects.

Our international grant aims are to:

Competition for funds is intense and priority is given to International projects that are:

4. 2020 achievements and future plans

4.1 Grant giving

In 2020, 32 new grants with a total value of £1,000,541 were awarded (2019: 43, £761,069), this includes 7 grants which were awarded from the restricted funds totalling £54,699. In addition we

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continued to support 30 grants awarded in previous years.

In response to the outbreak of the Covid-19 pandemic in March 2020 we made the decision to cancel our June 2020 grants round to reduce the pressure on potential applicants feeling the need to submit grant applications. However the full budget from the June round was rolled forward to the October 2020 round. In addition, ahead of the October round we introduced a new 2-stage application process making it less time consuming for applicants to submit their initial proposals. Subsequently a record number of new grant applications (183 applications) were received for the October grants round. This was exceptional and three times the average of recent rounds. Several factors are likely to have contributed to this high number, including the cancellation of the June 2020 grant round, the increased need caused by the Covid-19 pandemic and the new two-stage application system.

In total 244 applications for the main fund were received for the 2020 grant rounds, which is higher than 2019 but on par with recent years.

4.3 Main fund grants by objective

Many projects have multiple, overlapping objectives and activities, and the categories listed in the chart reflect only the main objective of projects. Supporting vulnerable and street children, and teacher training, were important areas for our 2020 grant giving and the majority of our UK grants come under these categories.

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Community &
Supplementary
Education
20%
Vulnerable & Street
Children
33%
Construction
8%
Resources
9%
Teacher Training
30%
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4.2 Main fund grants by location

4.4 Restricted funds

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UK
24%
Africa
Central & South 46%
America
5%
Middle East
10%
South Asia
15%
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The chart above shows the distribution of funding awarded from the main fund in 2020 by location. Once more, Africa dominated our 2020 granting giving, receiving 48% of the new funds awarded. After a dip in the number of good quality UK project proposals received in 2019, with only 19% of new funds awarded to UK based projects, we were pleased that trend was not repeated in 2020 and we were able to award 24% of new grants from the main fund to UK projects.

BFSS’s restricted funds provide valuable grants to specific locations and for specific purposes. The Society’s approach is to work with partners with the experience and local knowledge to make sure grant-giving is effective and meets the individual requirements of each fund. We are currently working with the following:

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For the South Church Educational Fund we are proactively seeking partners to help us distribute the funds, and the Sarah Walker and Spafford Memorial Fund is distributed to our main fund projects which have an element of educational travel.

4.5 Building capacity among our grant recipients

We recognise our responsibility to contribute to the strength of charities that share our values and focus on the education of the disadvantaged. We therefore devote considerable time and effort to working with the charity sector to facilitate the sharing of best practice and advise on and improve the quality of grant applications. Often this is done by working with individual organisations, but specifically we:

This year our annual Grants Workshop was also held virtually for the first time and another first for us was to run two separate events for our International and our UK grant holders. Both events focussed on how the Covid-19 pandemic is affecting the work of grant holders and explored shared experiences and lessons learned.

Our grant holders have stepped up to a myriad of challenging situations with great determination and innovation and we were inspired to see so many stories being told of projects swiftly moving to online delivery, radio broadcasts and developing new technologies to reach some of the most vulnerable children Internationally and in the UK.

These workshops have always facilitated an environment for our grantees to network and form connections with other like-minded organisations and this year’s virtual format was no exception. The ‘informal networking’ event at the end of each session led to new relationships being formed and contacts shared for potential future collaborations. One participant commented:

BFSS firmly believes that the key to successful grant

making is partnership, and that means listening to our grant holders and learning from their experiences. The workshops not only provided the opportunity for grant holders to learn from each other, but our staff and BFSS Trustees also deepened their own understanding of the challenges and opportunities our grantees are facing.

4.6 Sharing the impact of our grant-giving

BFSS has a structured process to evaluate the performance of our grants, as outlined in 5.3 below. To ensure the best possible use of funds, BFSS carried out a detailed analysis of the impact of its grants made in 2020, based on 30 end of project reports, in 15 countries. The full report, The Impact of British and Foreign School Society Grants, can be seen on our website at https://bfss.org.uk/publications/.

The quantitative data supplied by the project reports, demonstrated we made a direct impact on the education and lives of 42,926 young people; on the quality of work and commitment of 2,317 teachers, head teachers and teaching assistants; and on some 67,959 indirect beneficiaries, for example, parents, siblings, and community members. The grand total of these beneficiaries is 113,202. The report identified impact within four principal areas:

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4.7 Developing our Membership

The Society is a membership organisation. We believe our Members constitute a great asset of the Society, and we continue to look for ways for Members to play an active role in the life of the Society. We already communicate regularly through newsletters, and Members are invited to certain events and exercise their statutory responsibilities through the Annual General Meeting (AGM).

Again during 2020 we promoted the Membership to individuals who are actively volunteering or working for educational charities, recognising that this sector of individuals will have the appropriate expertise to support the Society to remain effective and relevant in the rapidly changing educational sector. We were very pleased to recruit 41 new Members during 2020 and early 2021 bringing the total number of Members to 149 by 1 February 2021 when our Trustee election process for 2021 started. This is an increase of 6% on last year.

The planned Members Day and AGM scheduled for 15 May 2020 in London was cancelled due to Covid-19, however 62 of our Members attended a virtual AGM held on 1st July 2020. This is a significant increase in attendance compared to previous face-to-face AGMs in recent years, our AGM will therefore continue to be held virtually for the foreseeable future.

4.8 Impact of Covid-19 pandemic

The Covid-19 pandemic had a significant impact on our grantees in 2020, which is also continuing for most into 2021. As of April 2020 the majority of schools across the world were closed and subsequently the active delivery of projects was paused in most cases, and the start of new projects postponed. Our first priority was to be as flexible and supportive as possible to our existing grantees as they navigated their way through the unprecedented situation. Additional financial support of £23,839 was provided to 9 projects to cover additional costs relating to adaptations that were needed to work around the Covid-19 restrictions. Only 10 of the 25 new awards made in 2020 were able to start their project delivery in 2020.

As previously mentioned, the June 2020 grants round was cancelled and the budget for that rolled into the October 2020 round to give applicant’s longer to plan and to develop Covid-19 compliant projects. The new UK funding strategy launched in 2020 includes a Covid-19 funding priority, recognising that the

disadvantage gap will have almost certainly widened for Young Carers and Care Experienced Young People over the last year.

Whilst the pandemic remains at large we remain committed to staying flexible and appreciate that it may not be possible for grantees to keep to preagreed deadlines or outcomes and will therefore continue to pro-actively engage with our grantees to establish the best way forward on a case by case basis.

4.9 Future plans

In 2021 we will continue awarding new grants to the same value as we have in recent years. A new award budget of £900,000 for the main fund, and £53,000 from the restricted funds has therefore been agreed. We will be making the first awards under the new UK grant giving strategy and we therefore anticipate being able to meet our target of spending 30% of the new award budget on projects based in the UK.

We will continue with our efficiency drive to make the grant processes less time consuming for grantees and the Society by implementing a new online progress monitoring system. This will also allow us to modify and improve how we track and report on the impact of ongoing and completed projects.

A review of our Membership will be conducted, to ensure this broad body of expertise continues to inform the Society’s work and that individuals engaging with us feel valued.

5. Structure, governance and management

5.1 Membership

Broadly, our Members are drawn from the Society’s past and present activities in education, teacher training, and charity organisations. The statutory role of Members is to elect the Councillors who act as Trustees of the charity at the AGM. A proxy voting system was successfully trialled at the 2019 AGM and will be continued in future years.

5.2 Governance and structure

The Society has a President and Vice-President who are elected by the Membership for a period of three years. In May 2018 the Rt Hon David Lammy MP was re-elected President and Professor John Furlong was re-elected Vice-President both for a term of 3 years. The Society is governed by a Council of

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Trustees drawn from and elected by Members of the Society. The maximum number is determined from time to time at a General Meeting of the Society and is currently 12. The minimum number is 6. During a governance review in 2020 it was agreed the Council effectiveness would be improved by reducing its members to 10. To ensure succession planning this reduction will be phased across the next 2 years reducing to 11 Trustees after the 2021 AGM and 10 Trustees after the 2022 AGM.

The Society has an induction procedure for new Council members. They are provided with a folder of relevant information on their role and responsibilities and are briefed by the Chairman. All Council members are kept informed of the impact of the Society’s work through reports on funded projects. The Council annually reviews the work of individual Councillors and its sub-committees.

The Director’s remuneration is set by a process which includes a review of performance against objectives by the Remuneration Committee which then makes a recommendation for approval to the Council.

In 2020 Council Meetings were held in March, July and November, the annual strategy meeting did not take place and was deferred to June 2021. There are two subsidiary committees, the Grants Committee and the Finance and Investments Committee, both of which meet at least twice a year and report to the Council.

The Society has a series of policies and terms of reference, which are subject to a regular review schedule to ensure they are up to date and fit for purpose.

Graham Kingsley

In November 2020 one our longest serving Councillors, Graham Kingsley, made the difficult decision to step down from Council. Graham became a life Member of BFSS in 1998 and was first appointed as a Councillor in May 1999. For over 20 years Graham has tirelessly contributed to the work of BFSS, including a term as Vice Chairman 2007 to 2012.

However, Graham’s commitment to education goes back far longer. After graduating in Biochemistry at Cambridge University, his 'teacher training' in 1964 consisted of watching a temporary Chemistry teacher at Chiswick Grammar School for half a term and the second half of term the Chemistry teacher watched him teach. His first permanent teaching

post was in September 1964 at Rickmansworth Grammar School. A few years later he became Head of Science at The Howard School and then took on his first Head Teacher role of Heronswood Secondary School in Welwyn Garden City in 1974, moving onto the The Meridian School in Royston in 1983. After retiring in 1994 Graham became school governor for several local schools, and an active Trustee of the Great & Little Leighs Education Charity and Hitchin British Schools Trust. The latter included dressing up as a Victorian school master to give visiting school groups a real-life experience of the Victorian Gallery Classroom at the British Schools Museum. BFSS is indebted to Graham for his measured guidance and support for so many years.

5.3 Robust and effective grant-giving

The Society makes grants in accordance with its Charter and within the financial limits set by Council each year. Its grant-giving is project-driven and supports a broad range of projects in the UK and internationally. The criteria for grant-giving are available on the Society’s website at www.bfss.org. uk. The Society operates an online grant application system, this was further improved for main fund applications in 2020 by introducing a 2-stage application process thereby saving applicants a great deal of time in preparing their initial proposals.

The Grants Manager conducts an initial assessment of all main fund stage-1 grant applications and invites the project proposals which meet the criteria and are of the highest quality to submit a stage-2 application. Following a detailed review of stage-2 applications by the Director and Grants Manager, in consultation with the Chair of the Grants Committee, applications which are considered suitable for further consideration are selected for review by the Grants Committee with an individual Trustee taking the lead on each application. Applications for the subsidiary trusts are referred to the appropriate Committee for review.

The Trustees make decisions according to the criteria set out in the Society’s Grant Giving and Management policy, in line with our objective that the project will widen access and raise achievement, give value for money and achieve positive and long-lasting change for the community as a whole. Recommendations from the Grants Committee for main fund applications and from the relevant Committee for the subsidiary Trusts are reported to the full Council.

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We have a structured process to ensure rigorous evaluation of the impact of our grants, and we hold grant recipients accountable for delivering the outputs and outcomes to which they have committed. Every grant application is required to specify three or four main outcomes, and every project must have a well-defined plan for monitoring and evaluation. The reporting process is linked to the release of funds, to ensure we always retain the right to withhold or vary grants where projects are struggling to meet their outcomes. Grant recipients are required to submit progress reports annually for grants up to £10,000 per year and 6-monthly for larger grants in addition to the end of project report. Each progress report is reviewed by the Director before releasing further funding. When a project is not delivered to plan, a triage system is in place to determine whether the Director, Chairman of the Grants Committee or the Grants Committee itself should make the decision on the future of the grant.

The Society places great emphasis on ensuring that improved educational outcomes for our beneficiaries are clearly identified. Construction projects are required to provide an additional report one year after the formal completion of the construction project, to give time for impacts to emerge.

The subsidiary trusts for which the Society is responsible provide grants to individuals and to organisations. These trusts are detailed in Note 12 to the Financial Statements.

6. Financial review

6.1 Reserves policy

The entire General Reserve (£25,010,882) at 31 December 2020, (2019: £25,145,789) is an unrestricted fund which would be available to meet unexpected costs of the charity. The Trustees do not therefore feel it appropriate to specify a minimum level for free reserves.

In addition to the General Reserve, at 31 December 2020 the Society held revaluation reserves of £160,000 derived from the increased fair value of the George Dent Nursery, endowment funds of £1,190,437 and restricted funds of £559,252. At 31 December 2020, the total funds of the Society stood at £26,920,571.

6.2 Risk Management Policy

The Society maintains an active risk register which encompasses all areas of the Society’s activities. This

risk register is reviewed, together with risk mitigation decisions and actions made, on an ongoing basis by the Society’s Council. In 2020 additional risks were identified in relation to the impact of the Covid-19 pandemic including the possibility that staff or Trustees may not be able to fulfil their roles and risks of grants not being used for their intended purpose was also increased. Other principal risks identified by Trustees were those associated ensuring robust succession planning, ensuring policies are up to date and compliant with relevant regulations, particularly with regard to safeguarding, and ensuring that our investment policy continues to maximise income to support the delivery of our objects in a time of change.

6.3 Pension Policy

The Society continues to operate a pension scheme for its employees, providing an employer’s contribution of 8% of qualifying earnings. Monthly pension contributions are paid to the provider by direct debit.

6.4 Financial results

Grants paid during 2020 amounted to £756,795 (2019: £921,371). This represents an 18% decrease on the previous year, due to the majority of ongoing and new projects being paused or delivery slowed whilst the Covid-19 pandemic was necessitating lockdowns and school closures. However, 7 out of the 25 new grants awarded in 2020 were unable to start during the year due to the Covid-19 pandemic. The largest individual grant awarded was £60,000. Subsequently the net expenditure of £364,290 (2019: £387,303) is a 6% decrease on the previous year reflecting the reduction in grant payments offsetting the 28% reduction in investment income. The Society’s Investment Policy states that the Trustees will normally draw between £1m and £1.25m each year, which means that there is an expectation that the grant giving programme will be partly funded by investment income and partly by capital gains on those investments. The Society also achieved a net gain on investments of £228,992 in the year (2019: £3,327,321).

6.5 Income

The Society's main source of income is its investment portfolio. Its investment policy is for the portfolio, consisting principally of equities and fixed interest stocks, to be managed on a total return basis to produce a regular income stream while maintaining

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its capital base in real terms. The performance target for the portfolio, which is managed by Investec Wealth & Investment Limited, is a real return (after taking account of headline CPI or zero, whichever is greater, and investment management fees) of at least 4.0% on a rolling three-year basis. The Society Investment Policy does not permit investment directly in companies that have more than 10% of their business relating to either; the production or sale of tobacco products, the promotion of gambling in any form, the production or sale of weapons or armaments, or the production, distribution and retail of pornographic media. In addition, investment is prohibited in companies with evidence of human rights abuses in the supply chain, both direct and indirect, including the use of child labour. Investec are also required to review its direct investment holdings to determine the degree to which any investment has unmanaged Environmental, Social and Governance (ESG) risks. The investment manager will provide regular reports showing the ESG risk rating for its investments and the objective is to see this score reduce each year.

At the end of December 2020 the value of the investment portfolio was £26,707,154 (2019: £26,901,809), which represented an actual total return net gain after fees for the year of 3.0%, 2.7% after taking into account RPI of 0.3%. The total cumulative return of the Fund for the three years was 10% net of investment management fees and after taking into account RPI of 6.2%.

During the year the Society withdrew £898,000 (2019: £673,500) to support its grant-giving activities and meet its costs. This amounted to approximately 3.4% of the value of the portfolio on 31 December 2020. Overall income amounted to £647,027, in comparison to £800,931 in the previous year, of which £565,731 (2019: £781,984) was from investments. A restricted donation of £58,616 was received from the Richard Pain Trust to specifically support 2 named international grants.

The Society does not engage in public fundraising activities, and accordingly has nothing to report with regards to the Fundraising Act disclosures.

6.6 Property

The George Dent Nursery School in Darlington continues to be held by the Society as an investment property and is leased to Darlington Local Education Authority. The Society values the property at 10 times rental value and as the annual rent receivable

is currently £16,000, the value of the investment property is £160,000.

6.7 General expenditure other than grants

The expenditure on support and governance costs during the year was £154,731 (2019:£167,113) and amounted to 15.3%, (2019: 15.4%) of total expenditure including grants. The increase in the percentage was due to the reduction in grant expenditure as support and governance costs were actually lower than the previous year. Three part-time staff, equivalent to just over two full-time staff are employed.

6.8 Responsibilities of the Council in relation to the financial statements

The Society’s Council is responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each 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 the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations, and the provisions of the Charter. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for

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the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Peter Miller Chair 24 March 2021

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Independent Auditor’s Report to the Trustees of The British & Foreign School Society

Opinion

We have audited the financial statements of The British & Foreign School Society (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

statements is not appropriate; or

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the

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preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Katherine Dee FCA (Senior Statutory Auditor)

For and on behalf of

Begbies Chartered Accountants & Statutory Auditor 9 Bonhill Street London EC2A 4DJ

Begbies Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant

BRITISH & FOREIGN SCHOOL SOCIETY

16

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Note
INCOME
Donations and legacies
Investment income
Rents receivable
5a
Investment income
7b
Interest receivable
Total income
EXPENDITURE
Expenditure on raising funds
Investment managers fees
7a
Property expenditure
Expenditure on charitable activities
Grants and costs
3
Total expenditure
Net expenditure and net movement
in funds before net gains on investments
Gross transfers between funds
Management charges to restricted funds
11
Net expenditure before
other recognised gains and losses
Other recognised gains and losses
Revaluation surplus re investment property
5
Net gains on investments
7a
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Endowment
Total Funds
Total Funds
Funds
Funds
Funds
2020
2019
£
£
£
£
£
591
58,616
-
59,207
377
16,000
-
-
16,000
15,600
544,344
21,387
-
565,731
781,984
5,864
225
-
6,089
2,970
566,799
80,228
-
647,027
800,931
92,210
1,495
4,372
98,077
99,750
1,714
-
-
1,714
-
837,949
73,577
-
911,526
1,088,484
931,873
75,072
4,372
1,011,317
1,188,234
(365,074)
5,156
(4,372)
(364,290)
(387,303)
5,528
(5,528)
-
-
-
(359,546)
(372)
(4,372)
(364,290)
(387,303)
-
-
-
-
4,000
224,639
8,657
(4,304)
228,992
3,327,321
(134,907)
8,285
(8,676)
(135,298)
2,944,018
25,305,789
550,967
1,199,113
27,055,869
24,111,851
25,170,882
559,252
1,190,437
26,920,571
27,055,869

The notes numbered 1 to 13 form part of these financial statements. All amounts relate to continuing activities.

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2019

Note
INCOME
Donations and legacies
Investment income
Rents receivable
5a
Investment income
7b
Interest receivable
Total income
EXPENDITURE
Expenditure on raising funds
Investment managers fees
7a
Expenditure on charitable activities
Grants and costs
3
Total expenditure
Net expenditure and net movement
in funds before net gains on investments
Gross transfers between funds
Management charges to restricted funds
11
Net expenditure before
other recognised gains and losses
Other recognised gains and losses
Revaluation surplus re investment property
5
Net gains on investments
7a
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Endowment
Total Funds
Funds
Funds
Funds
2019
£
£
£
£
377
-
-
377
15,600
-
-
15,600
752,503
29,481
-
781,984
2,886
84
-
2,970
771,366
29,565
-
800,931
93,795
1,517
4,438
99,750
1,056,357
32,127
-
1,088,484
1,150,152
33,644
4,438
1,188,234
(378,786)
(4,079)
(4,438)
(387,303)
6,513
(6,513)
-
-
(372,273)
(10,592)
(4,438)
(387,303)
4,000
-
-
4,000
3,126,195
47,851
153,275
3,327,321
2,757,922
37,259
148,837
2,944,018
22,547,867
513,708
1,050,276
24,111,851
25,305,789
550,967
1,199,113
27,055,869

The notes numbered 1 to 13 form part of these financial statements. All amounts relate to continuing activities.

BRITISH & FOREIGN SCHOOL SOCIETY

18

BALANCE SHEET

AT 31 DECEMBER 2020

Note
FIXED ASSETS
Tangible fxed assets
5
Investment properties
5
Investment assets
6,7
CURRENT ASSETS
Debtors and prepayments
8
Cash at bank and in hand
LIABILITIES
Creditors: amounts falling due within one year
9
NET CURRENT ASSETS
NET ASSETS
REPRESENTED BY:
CAPITAL ACCOUNT
Unrestricted funds
General reserve
Revaluation reserve
Restricted funds
11
Endowment funds
12
TOTAL CHARITY FUNDS		 £
3,196
195,182		 2020
£
4,524
160,000
26,707,154		 £




2,802
122,865		 2019
£
6,354
160,000
26,901,809
26,871,678



48,893		 27,068,163



(12,294)
198,378
(149,485)		 125,667
(137,961)







26,920,571 27,055,869
25,010,882
160,000		 25,145,789
160,000
25,170,882
559,252
1,190,437		 25,305,789
550,967
1,199,113
26,920,571 27,055,869

The notes numbered 1 to 13 form part of these financial statements.

Approved by the Council and authorised for issue on and signed on its behalf by

Peter Miller - Chair

David Baron - Treasurer

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

19

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

See Note Below
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by (used in) operating activities
1
Cash fows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the
end of the reporting period
NOTE 1: Reconciliation of net income (expenditure)
to net cash fow from operating activities
Net income (expenditure) for the reporting period
(as per the statement of fnancial activities)
Adjustments for:
Depreciation charges
Revaluation Surplus on Investment Property
Unrealised (gains)/losses on investments
Realised (gains)/losses on investments
Dividends, interest and rents from investments
Non-cash investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
NOTE 2: Analysis of cash and cash equivalents
Cash in hand
Un-invested cash
Total cash and cash equivalents
NOTE 3: Reconciliation of net debt
At the beginning of the reporting period
Cashfows
At the end of the reporting period		 2020
2019
£
£
(944,531)
(1,179,687)
587,820
800,554
(571)
(7,532)
6,255,028
1,337,789
(6,498,689)
(2,007,972)
343,588
122,839
(600,943)
(1,056,848)
1,100,239
2,157,087
499,296
1,100,239
2020
2019
£
£
(135,298)
2,944,018
2,401
2,567
-
(4,000)
(1,071,556)
(3,243,462)
842,564
(83,859)
(587,820)
(800,554)
(5,952)
(3,069)
(394)
(527)
11,524
9,199
(944,531)
(1,179,687)
2020
2019
£
£
195,182
122,865
304,114
977,374
499,296
1,100,239
2020
2019
£
£
Cash in
hand
Un-invested
cash
122,865
977,374
72,317
(673,260)
195,182
304,114

BRITISH & FOREIGN SCHOOL SOCIETY

20

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

a) Basis of preparation

The British and Foreign Society is an unincorporated charity registered in England and Wales, registered charity number 314286. The registered office is 7-14 Great Dover Street, London SE1 4YR. The objectives and activities are as noted in the Annual Report.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)) and the Charities Act 2011. The accounts are prepared in £ being the functional currency of the charity and round to the nearest £.

The British & Foreign School Society meets the definition of a public benefit entity under FRS 102. The Trustees consider that there are no material uncertainties about the Society’s ability to continue as a going concern because the Society has over £26.7m of investments which is more than sufficient to cover at least 12 months of expenditure.

The most significant area of adjustment and key assumption that affects items in the financial statement relates to estimating the fair value of the investment property (see note 1(c) below).

b) Fixed assets

Fixed assets, with the exception of investment properties, are included at cost and are depreciated on a straight line basis over their useful lives at the following rates:

· Furniture and equipment 33%

· Computer equipment 25%

c) Investment properties

Investment properties are included in the financial statements at fair value. The Council has formerly valued the one remaining freehold property, the George Dent Nursery in Darlington, on the basis of ten times the annual rental income. The historic cost of the property is £1 (2019: £1).

d) Investment assets

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market price. The Statement of Financial Activities includes the net gains and losses arising on the revaluation and disposals throughout the year. The Society does not acquire put options, derivatives or other complex financial instruments.

e) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequently to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

f) Donations and similar incoming resources

Donations and similar incoming resources are included in the financial statements in the year in which they are receivable. All donations and legacy income is attributable to unrestricted funds.

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21

NOTES TO THE FINANCIAL STATEMENTS (continued)

g) Investment income

Investment income and any related income tax recoverable are included in the financial statements in the year in which they are receivable. In 2020, of the investment income £21,387 (2019: £29,481) was attributable to restricted funds with the balance of £544,344 (2019: £752,503) adding to unrestricted funds.

h) Rental income

Rental income is normally credited in the financial statements in the year to which it relates. All rental income is attributable to unrestricted funds.

i) Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is included in the statement of financial activities on an accruals basis and includes irrecoverable VAT.

j) Charitable activities

Charitable activities include grants and scholarships awarded by the Society and the associated support costs. Grants are accounted for in the year in which the commitment is given, all relevant conditions having been fulfilled.

k) Support and governance costs

Support costs represent the cost of administering the affairs and managing and maintaining the assets of the Society and of the other trust funds administered by the Society.

Governance costs comprise all costs relating to the public accountability of the Society and its compliance with regulation and good practice. These costs include the cost of Council meetings together with statutory audit fees.

l) Fund accounting

Trust funds that are the responsibility of the Society are included in these accounts as restricted and endowment funds and details of the nature and purpose of each fund is set out in notes 11 to 12.

m) Leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

n) Financial instruments

The Society 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.

o) Debtors

Debtors are amounts owed to the Society. They are measured on the basis of their recoverable amount.

p) Cash and cash equivalents

Cash at bank is held to meet the day to day running costs of the Society as they fall due. Cash equivalents are short term, highly liquid investments.

q) Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of the past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Society anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

BRITISH & FOREIGN SCHOOL SOCIETY

22

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2. CHARITABLE EXPENDITURE - GRANTS

2. CHARITABLE EXPENDITURE - GRANTS
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2020 Funds Funds 2019
£ £ £ £ £ £
A Partner in Education 11,978 - 11,978 - - -
Able Child Africa 3,247 - 3,247 14,921 - 14,921
Advantage Africa 3,337 - 3,337 6,945 - 6,945
Adventure Ashram - - - 1,210 - 1,210
Africa’s Children Education 18,650 - 18,650 - - -
African Revival - - - 16,410 - 16,410
Amala Education 8,975 - 8,975 - - -
Amantani UK - - - 9,322 - 9,322
Anti-Slavery International 15,648 - 15,648 16,506 - 16,506
Asecondchance 19,000 - 19,000 19,600 19,600
Aspire Academy Trust (Bugle School) 6,000 - 6,000 12,388 - 12,388
Banooda Aid Foundation 5,010 - 5,010 5,010 5,010
Baynards Zambia Trust 7,500 - 7,500 7,500 - 7,500
Build Africa 6,576 - 6,576 13,152 13,152
Carefree Fostering Ind. Cornwall 15,079 - 15,079 29,946 - 29,946
Carers Worldwide 11,575 - 11,575 - - -
Challenge Aid 6,620 - 6,620 12,656 - 12,656
Chance for Childhood - - - 9,997 - 9,997
ChildHope UK 9,996 - 9,996 - - -
Children Change Columbia - - - 10,000 - 10,000
Children on the Edge 39,958 - 39,958 9,958 - 9,958
Child Rescue Nepal - - - 13,742 - 13,742
Classroom in the Clouds - - - 14,000 - 14,000
COCO - - - 1,000 - 1,000
Connie Rothman Learning Trust - - - 1,150 - 1,150
Creating Better Futures - - - 6,300 - 6,300
Crook Primary School - - - - 750 750
Diapalante 5,921 - 5,921 2,750 - 2,750
Disability and Development Partners (DDP) 11,729 - 11,729 - - -
e:merge (UK) Company Ltd 12,868 - 12,868 11,669 - 11,669
Edinburgh Direct Aid - - - 5,673 - 5,673
EduKaid - 2 grants 9,065 - 9,065 3,079 - 3,079
Entraide (Mutual Aid) - - - 30,000 - 30,000
Family Lives - - - 9,054 - 9,054
Feed the Mind 3,000 - 3,000 9,000 - 9,000
Finding Rhythms 7,250 - 7,250 - - -
Food Teachers Centre - 5,500 5,500 - - -
Friends of Ibba Girl’s School - - - 12,900 - 12,900
Glebe House 7,500 - 7,500 7,500 - 7,500
Hatfeld Primary Academy - Astrea Academy Trust 6,850 - 6,850 - - -
Health and Hope UK 7,890 - 7,890 7,890 - 7,890
Healthprom 9,945 - 9,945 11,325 - 11,325
Henry Van Straubenzee Memorial Fund - - - - - -
Hitchin British Schools Trust 7,415 - 7,415 22,650 - 22,650
Hope for Children 10,000 - 10,000 14,000 - 14,000
Hope Health Action - - - 4,090 - 4,090
HUB for SUCCESS through Edinburgh Napier 22,500 - 22,500 - - -
University
Hull Children’s University - - - 24,376 - 24,376
Hull FC Rugby Community Sports and Education 8,650 - 8,650 - - -
Foundation
inhive 9,180 - 9,180 - - -
International Needs 15,614 - 15,614 15,615 - 15,615
Irise International 10,000 - 10,000 - - -
Ja8 Educational Partnerships 4,019 - 4,019 - - -
James Butler - 368 368 - - -
Joint Activities & Motor Education Service - - - 15,000 - 15,000
Joshua Orphan and Community Care - - - 13,523 - 13,523
Kadect - - - 5,000 - 5,000
Key4Life - - - 16,734 - 16,734
Kidasha - - - 26,502 - 26,502
Kinship Care N Ireland 5,780 - 5,780 5,500 - 5,500
London South Bank University - 6,000 6,000 - 7,500 7,500
Lyra in Africa 11,182 1,029 12,211 - - -
Made with Hope - - - 17,585 - 17,585
Mobile Education Partnerships (MEP) 16,464 - 16,464 11,757 - 11,757

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

23

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2. CHARITABLE EXPENDITURE - GRANTS

Omushana
Ormiston Academies Trust (OAT)
Pamoja Leo
Parents and Children Together (PACT)
Practical Tools Initiative
R A Butler Academy School
Radwinter C of E Primary School
Raising Futures Kenya
Read International
Redearth Education
Royal Caledonian Education Trust
Rural Africa
Rwanda Aid
Saffron Hall Trust
Saffron Walden County High School
Scotswood Natural Community Garden
SeeBeyondBorders
Sense International
SIEVEMK Gateway
Signpost International
Sistema Cymru
Solent Youth Action
Soundseekers
Standing Voice
STEP UK
Street Child
TalentEd
Teach A Man To Fish
Team Kenya
Temwa
The Butterfy Tree
The Erayim Aid Trust UK
The Fostering Network
The Jericho Foundation
Theatre Unboxed
Tower Hamlets Education Business Partnership
Toybox
Transform Africa
UKBET
United World Schools
University of Durham
Uttlesford Buffy Bus Association (Buffy Playbus)
Wiltshire Community Foundation
Women’s Education Partnership
World Child Cancer UK
Yes Future
1st Saffron Walden Boys Brigade
Total institutional grants
Grants to individuals
Total individual grants
Total grants
Less: Grants returned during the year
Grants withdrawn during the year		 Unrestricted
Restricted
Total
Funds
Funds
2020
£
£
£
550
-
550
11,250
-
11,250
-
-
-
19,862
-
19,862
-
-
-
-
-
-
-
2,619
2,619
17,828
-
17,828
6,250
-
6,250
13,885
-
13,885
20,000
-
20,000
5,828
-
5,828
10,900
-
10,900
-
-
-
-
23,200
23,200
2,500
-
2,500
-
-
-
9,966
-
9,966
9,996
-
9,996
9,037
-
9,037
7,240
-
7,240
5,880
-
5,880
-
-
-
14,899
-
14,899
-
-
-
-
-
-
-
-
-
29,902
-
29,902
12,405
-
12,405
-
8,170
8,170
-
-
-
11,427
-
11,427
-
-
-
-
-
-
-
-
-
15,337
-
15,337
18,518
-
18,518
-
9,311
9,311
-
-
-
3,597
-
3,597
-
-
-
-
4,880
4,880
-
12,000
12,000
6,338
-
6,338
8,117
-
8,117
4,860
-
4,860
-
-
-
683,218
73,077
756,295
-
500
500
-
500
500
683,218
73,577
756,795
-
-
-
683,218
73,577
756,795		 Unrestricted
Restricted
Total
Funds
Funds
2019
£
£
£
6,500
-
6,500
32,250
-
32,250
6,016
-
6,016
8,632
-
8,632
10,000
-
10,000
-
2,500
2,500
-
-
-
-
-
-
6,250
6,250
7,000
-
7,000
-
-
10,000
-
10,000
9,450
-
9,450
-
5,000
5,000
-
-
-
9,105
-
9,105
20,000
-
20,000
-
-
-
-
-
22,138
-
22,138
3,600
-
3,600
5,880
-
5,880
9,994
-
9,994
11,445
-
11,445
5,000
-
5,000
20,004
-
20,004
3,101
-
3,101
14,923
-
14,923
12,816
-
12,816
3,378
-
3,378
10,000
-
10,000
6,750
-
6,750
40,840
-
40,840
9,975
-
9,975
1,200
-
1,200
5,243
-
5,243
24,410
-
24,410
-
-
-
7,982
-
7,982
7,994
-
7,994
-
(263)
(263)
-
-
-
-
16,000
16,000
-
-
-
6,942
-
6,942
9,680
-
9,680
-
400
400
946,309
31,887
978,196
-
240
240
-
240
240
946,309
32,127
978,436
(3,596)
-
(3,596)
(53,469)
-
(53,469)
889,244
32,127
921,371

BRITISH & FOREIGN SCHOOL SOCIETY

24

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

3. CHARITABLE EXPENDITURE
Grants(see note 2)
Support costs
Salaries and offce costs
Legal and professional costs
Governance costs
Audit
Legal and professional costs
Trustee training
Council and Committee meetings
4. STAFF COSTS & RELATED PARTY TRANSACTIONS
Salaries
Social security costs
Pension contributions
Consultants fees
Accountancy services
The average number of employees during the year was:
Management and administration		 Total
2020
£
756,795
124,696
14,055
6,840
8,300
180
660
911,526
2020
£
92,066
5,085
5,565
6,375
7,680
116,771
3		 Total
2019
£
921,371
141,264
4,581
5,880
15,388
1,088,484
2019
£
55,833
2,348
3,446
28,391
18,751
108,768
2

No staff employee received remuneration amounting to more than £60,000 in the year (2019: None).

The Society considers its key management personnel to comprise the members of the council and the Society’s Director. The Society delegates the-day-day running of the Charity to its Director. The ultimate responsibility lies with the Trustees. The remuneration of the Director in the year was £48,757 (2019: £24,474 6 months in post), including pension and employers’ National Insurance.

In the absence of a permanent Finance Manager during the year the Society bought in accountancy services from the Helen Taylor Thompson Foundation (trading as CAN Mezzanine) which cost £2,160 and Godfrey Wilson £5,520 (2019: CAN Mezzanine only £18,751).

No remuneration was paid to any member of the Council during 2020 or 2019 and there are no related party transactions to disclose other than above. Reimbursement of expenses in relation to attendance at meetings amounted to £572 paid to seven Councillors in 2020 (2019: £4,876 paid to 13 Councillors).

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

25

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.
FIXED ASSETS
COST & VALUATION
At 1st January 2020
Additions
Revaluation surplus
Disposals
At 31st December 2020
DEPRECIATION
At 1st January 2020
Charge for the year
Disposals
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019		 Freehold land &
buildings
Furniture &
equipment
Total
£
£
£
160,000
12,848
172,848
-
571
571
-
-
-
-
(1,845)
(1,845)
160,000
11,574
171,574
-
6,494
6,494
-
2,401
2,401
-
(1,845)
(1,845)
-
7,050
7,050
160,000
4,524
164,524
160,000
6,354
166,354

Freehold land and buildings comprise investment properties which are not depreciated.

Council values the freehold property, the George Dent Nursery in Darlington, on the basis of ten times annual rental income. A new lease was agreed with the tenant for 2020 at an agreed rent of £16,000 per annum and Council increased the property valuation to £160,000 at the end of 2019 accordingly, resulting in an increase to the revaluation surplus of £4,000. The historic cost of this property is £1 (2019: £1).

5a RENTS RECEIVABLE

George Dent Nursery, Darlington 2020
2019
£
£
16,000
15,600

BRITISH & FOREIGN SCHOOL SOCIETY

26

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6. UNITS HELD IN POOLED INVESTMENT FUND

6. UNITS HELD IN POOLED INVESTMENT FUND
a)
Number of units held
ENDOWMENT FUNDS
Alfred Bourne
British School Charity
Old British School
Wilmslow Fund
Darlington College Building Fund
West Street Old British School
RESTRICTED FUNDS
BFSS Trust
Berridge Trust
South Church Trust
Sarah Walker and Spafford
UNRESTRICTED FUNDS
British & Foreign School Society		 Units held
Units
Units
Units held
1 Jan 2020
purchased
sold
31 Dec 2020
No.
No.
No.
No.
315
-
-
315
2,917
-
-
2,917
2,161
-
-
2,161
2,360
-
-
2,360
2,112
-
-
2,112
788
-
-
788
10,653
-
-
10,653
1,652
-
-
1,652
344
-
-
344
389
-
-
389
1,258
-
-
1,258
3,643
-
-
3,643
224,732
-
-
224,732
224,732
-
-
224,732
239,028
-
-
239,028

The charity invests the assets of all its funds into a single investment portfolio in order to minimise the costs of management. The portfolio is invested in a wide range of listed equities and fixed income holdings. In order to allocate the investments to each fund the portfolio is nominally divided into unitised holdings.

b) Value of units held

Value of units held
ENDOWMENT FUNDS
Alfred Bourne
British School Charity
Old British School
Wilmslow Fund
Darlington College Building Fund
West Street Old British School
RESTRICTED FUNDS
BFSS Trust
Berridge Trust
South Church Trust
Sarah Walker and Spafford
UNRESTRICTED FUNDS
British & Foreign School Society
Value per unit		 Fund market
Funds
Increase/
Fund market
value
invested
(decrease)
value
1 Jan 2020
(redeemed)
in fund value
31 Dec 2020
in year
£
£
£
£
35,464
-
(256)
35,208
328,310
-
(2,376)
325,934
243,256
-
(1,760)
241,496
265,645
-
(1,922)
263,723
237,703
-
(1,720)
235,983
88,735
-
(642)
88,093
1,199,113
-
(8,676)
1,190,437
185,891
-
(1,346)
184,545
38,664
-
(280)
38,384
43,798
-
(317)
43,481
141,603
-
(1,024)
140,579
409,956
-
(2,967)
406,989
25,292,740
-
(183,012)
25,109,728
25,292,740
-
(183,012)
25,109,728
26,901,809
-
(194,655)
26,707,154
112.55
111.73

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

27

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7. POOLED INVESTMENT FUND
Opening value at 1 January 2020
FUND MOVEMENTS
Investments acquired at cost
Proceeds of investments sold
Realised gains on sale of investments during the year
Unrealised gains on investments during the year
Non-cash investment income
Investment income receivable
Investment management fees paid
Distributions to funds during the year
NET FUND MOVEMENTS
CLOSING VALUE OF FUND AT 31 DECEMBER 2020
UK Government stocks
Other fxed interest
UK equities
US equities
Investment and unit trusts
Managed funds
Fixed interest
Overseas equities
Property & infrastructure
Commodities
Cash on deposit
7a. INVESTMENT RETURN
Unrealised gains on investments during the year
Realised (losses)/gains on investment during the year
Net gains on investment assets
Investment income receivable (see note 7b))
Investment management fees paid and accrued		 Investments
£
25,924,435
6,498,689
(6,255,028)
(842,564)
1,071,556
5,952
-
-
-		 Un-invested
cash
Total
£
£
977,374
26,901,809
(6,498,689)
-
6,255,028
-
-
(842,564)
-
1,071,556
-
5,952

565,731
565,731

(97,330)
(97,330)

(898,000)
(898,000)
478,605
(673,260)
(194,655)
26,403,040 304,114
26,707,154
Investments
410,346
801,026
7,825,649
1,652,475
1,985,416
786,713
9,880,239
2,832,755
228,421
-		 Cash
Total
-
410,346
-
801,026
-
7,825,649
-
1,652,475
-
1,985,416
-
786,713
-
9,880,239
-
2,832,755
-
228,421
304,114
304,114
26,403,040 304,114
26,707,154
2020
2019
£
£
1,071,556
3,243,462
(842,564)
83,859
228,992
3,327,321
565,731
781,984
(98,077)
(99,750)
696,646
4,009,555

The charity derives the majority of its income from the above investments. Whilst most of the funds held by the charity are available to meet expenditure, the trustees must balance the needs of current beneficiaries against those of the future. For this reason, although largely not a permanently endowed fund, the charity uses a total return basis in order to inform its budgeted expenditure across all funds.

The trustees report includes further discussion regarding the investment policy of the charity.

The trustees budgeted to spend from the investment returns detailed above £1,025,632 (2019: £1,450,722) to cover the spending requirements of the charity in the year. The remainder of the investment returns

BRITISH & FOREIGN SCHOOL SOCIETY

28

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7b. INVESTMENT INCOME
UK Government stocks
Other fxed interest
UK equities
US equities
Investment and unit trusts
Managed funds
Fixed interest
Overseas equities
8. DEBTORS AND PREPAYMENTS
Due within one year
Sundry debtors and prepayments
9. CREDITORS AND ACCRUALS
Grants payable
Rent received in advance
Other creditors		 2020
2019
£
£
28,482
23,165
63,690
68,131
295,085
457,205
3,435
-
44,651
74,203
26,160
32,370
104,228
126,910
565,731
781,984
2020
2019
£
£
3,196
2,802
2020
2019
£
£
109,720
85,775
4,000
3,900
35,765
48,286
149,485
137,961

10. FINANCIAL COMMITMENTS

a) Other grants

At the year end the Society has the intention to pay grants totalling £933,440 (2019:£712,306) in the future which have not been included in the accounts as they are conditional on the recipients providing satisfactory evidence that they have met the reporting requirements required by the Society.

b) Leases

The Society is currently located in shared offices in London with an annual licence fee of £9,500. Service costs are based on usage and charged quarterly in arrears. The licence is terminable at three months notice giving a commitment of £2,375.

c) Archive

By Deed of Covenant and Gift signed on 11 December 2013 the Society made a gift of the Archive to Brunel University. No further payment to Brunel University in respect of the Archive will therefore be made, nor will any further insurance costs be incurred.

d) Capital commitments

The Society has no capital commitments at 31 December 2020 (2019: £ nil).

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

29

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

11. RESTRICTED FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY THE SOCIETY

Incoming resources
Donations
Investment income
Pooled investment fund
Bank interest
Total incoming resources
Resources expended
Direct charitable expenditure
Management and
administration
- investment management fees
- transfer from main fund
Total resources expended
Net expenditure
before (losses)/gains on investments
Net movement of pooled investment
fund units
Net movement in funds
Fund balances brought forward
Fund balances carried forward		 Total restricted
funds		 Richard Pain
Trust		 BFSS Trust Alfred Bourne
2020
2019
£
£
58,616
-
21,387
29,481
225
84		 2020
2019
£
£
58,616
-
-
-
-
-		 2020
2019
£
£
-
-
3,909
5,396
41
15		 2020
2019
£
£
-
-
746
1,017
7
3
80,228
29,565
73,577
32,127
1,495
1,517
5,528
6,513		 58,616
17,481
-
-
-
-
-		 3,950
5,411
4,000
6,000
678
688
1,010
1,191		 753
1,020
2,000
1,500
-
-
193
225
80,600
40,157
(372)
(10,592)
8,657
47,851		 17,481
41,135
-
-
-		 5,688
7,879
(1,738)
(2,468)
1,582
22,959		 2,193
1,725
(1,440)
(705)
302
(207)
8,285
37,259
550,967
513,708		 41,135
-
-
-		 (156)
20,491
196,221
175,730		 (1,138)
(912)
7,040
7,952
559,252
550,967		 41,135
-		 196,065
196,221		 5,902
7,040

Restricted funds represent the income of other charitable trusts which are administered by the Society and unavailable for general charitable expenditure or donations which have been received for a specified purpose.

Name of Fund

Richard Pain Trust

The British & Foreign School Society Trust (BFSS Trust) (Charity number 312516)

The Alfred Bourne Trust Fund (subsidiary of Charity number 314286)

Purpose of Fund

A restricted fund created by a grant from the Richard Pain Trust allocated to specific beneficiaries.

To provide financial assistance or award scholarships or grants to persons in the London Boroughs of Bermondsey, Bethnal Green, Poplar, Southwark and Stepney in connection with their education.

To provide financial assistance to persons undertaking education up to the age of 30.

BRITISH & FOREIGN SCHOOL SOCIETY

30

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

11. RESTRICTED FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY THE SOCIETY (continued)

Berridge Trust British School
Charity		 South Church
Educational Fund		 Sarah Walker and
Spafford Memorial Fund		 Old British School
2020
2019
£
£
-
-
814
1,095
8
3		 2020
2019
£
£
-
-
6,904
9,539
73
27		 2020
2019
£
£
-
-
921
1,251
10
4		 2020
2019
£
£
-
-
2,977
4,145
32
12		 2020
2019
£
£
-
-
5,116
7,038
54
20
822
1,098
5,500
-
141
140
210
242		 6,977
9,566
31,567
8,140
-
-
1,785
2,108		 931
1,255
-
750
160
160
238
276		 3,009
4,157
1,029
(263)
516
529
770
916		 5,170
7,058
12,000
16,000
-
-
1,322
1,555
5,851
382
(5,029)
716
330
4,658		 33,352
10,248
(26,375)
(682)
2,795
(1,374)		 398
1,186
533
69
373
5,325		 2,315
1,182
694
2,975
1,205
17,635		 13,322
17,555
(8,152)
(10,497)
2,070
(1,145)
(4,699)
5,374
48,633
43,259		 (23,580)
(2,056)
66,396
68,452		 906
5,394
54,979
49,585		 1,899
20,610
157,791
137,181		 (6,082)
(11,642)
19,907
31,549
43,934
48,633		 42,816
66,396		 55,885
54,979		 159,690
157,791		 13,825
19,907

Name of Fund

The Berridge Trust (subsidiary of Charity number 314286)

Purpose of Fund

To promote the training of cookery teachers.

The British School Charity (subsidiary of Charity number 314286)

To promote the education of persons under the age of 25 in the neighbourhood of Saffron Walden.

South Church Educational Fund (subsidiary of Charity number 314286)

To promote education in the area of the District of the Wear Valley.

The Sarah Walker and Spafford Memorial Fund (administered under Charity number 314286)

To provide grants for educational travel for young people.

Old British School (Charity number 309444)

To promote the education of persons under the age of 25 who are in need of financial assistance and live within a radius of 20 miles from Bratton, Wiltshire, preference being given to those resident in Bratton.

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

31

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

12. ENDOWMENT FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY THE SOCIETY

Endowment fund balances brought forward
Resources expended
Investment management fees
Net expenditure
before (losses)/gains on investments
Net movement of pooled investment fund
units
Endowment fund balances carried
forward		 Total endowment
funds
2020
2019
£
£
1,199,113
1,050,276		 Wilmslow
2020
2019
£
£
265,645
232,672		 Darlington
2020
2019
£
£
237,703
208,199
4,372
4,438		 968
985		 867
881
(4,372)
(4,438)
(4,304)
153,275		 (968)
(985)
(954)
33,958		 (867)
(881)
(853)
30,385
1,190,437
1,199,113		 263,723
265,645		 235,983
237,703

Endowment funds represent capital amounts held by the charity for the longer term to generate income for the charity or the other trusts which are administered by the Society.

Expendable endowments can be spent if the trustees see fit, but in certain cases the charity is restricted to the areas in which the capital can be spent. Where the charity holds permanent endowments there is no ability to spend the capital funds.

Name of Fund

Wilmslow British School Endowment Fund (subsidiary of Charity number 314286)

Purpose of Fund

The fund is an expendable endowment, however the capital is restricted. The original value of the capital is unknown. As authorised by the Charity Commissioners, The British & Foreign School Society continues to apply the clear income of this fund for its general purposes.

Darlington College Building Fund

The fund is an expendable endowment, however the capital is restricted. The original value of the capital is unknown. As authorised by the Charity Commissioners, The British & Foreign School Society continues to apply the clear income of this fund for its general purposes.

BRITISH & FOREIGN SCHOOL SOCIETY

32

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

12. ENDOWMENT FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY THE SOCIETY (continued)

Alfred Bourne
2020
2019
£
£
35,464
31,062		 British School
Charity
2020
2019
£
£
328,310
287,559		 Old British School
2020
2019
£
£
243,256
213,063		 West Street
2020
2019
£
£
88,735
77,721
129
130		 1,197
1,216		 887
898		 324
328
(129)
(130)
(127)
4,532		 (1,197)
(1,216)
(1,179)
41,967		 (887)
(898)
(873)
31,091		 (324)
(328)
(318)
11,342
35,208
35,464		 325,934
328,310		 241,496
243,256		 88,093
88,735

Name of Fund

The Alfred Bourne Trust Fund (subsidiary of Charity number 314286)

Purpose of Fund

The fund is a permanent endowment of which the original value is estimated to be £21,366. The income of the endowment is restricted as detailed in note 11.

The British School Charity (subsidiary of Charity number 314286)

The charity incorporates a permanent endowment of which the original value is estimated to be £150,529. The income of the endowment is restricted as detailed in note 11.

Old British School (Charity number 309444)

The Old British School is an expendable endowment. The income of the endowment is restricted as detailed in note 11.

West Street Old British School, Wareham (subsidiary of Charity number 314286)

The fund is a permanent endowment. The original value of the fund is £10,000. As authorised by the Charity Commissioners, The British & Foreign School Society continues to apply the clear income of this fund for its general purposes.

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

33

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment funds
Alfred Bourne- permanent endowment
British School Charity- permanent endowment
Old British School- expendable endowment
Wilmslow Fund - expendable endowment
Darlington College Building Fund - expendable endowment
West Street Old British School- permanent endowment
Restricted funds
Richard Pain Trust
BFSS Trust
Alfred Bourne
Berridge Trust
British School Charity
South Church Trust
Sarah Walker and Spafford
Old British School
Unrestricted funds
British & Foreign School Society
Endowment funds
Alfred Bourne- permanent endowment
British School Charity- permanent endowment
Old British School- expendable endowment
Wilmslow Fund - expendable endowment
Darlington College Building Fund - expendable endowment
West Street Old British School- permanent endowment
Restricted funds
BFSS Trust
Alfred Bourne
Berridge Trust
British School Charity
South Church Trust
Sarah Walker and Spafford
Old British School
Unrestricted funds
British & Foreign School Society		 Tangible fxed
assets and
investment
property
Pooled funds
Net current
assets
Total 2020
£
£
£
£
-
35,208
-
35,208
-
325,934
-
325,934
-
241,496
-
241,496
-
263,723
-
263,723
-
235,983
-
235,983
-
88,093
-
88,093
-
1,190,437
-
1,190,437
-
-
41,135
41,135
-
184,545
11,520
196,065
-
-
5,902
5,902
-
38,384
5,550
43,934
-
-
42,816
42,816
-
43,481
12,404
55,885
-
140,579
19,111
159,690
-
-
13,825
13,825
-
406,989
152,263
559,252
164,524
25,109,728
(103,370)
25,170,882
164,524
26,707,154
48,893
26,920,571
Tangible fxed
assets and
investment
property
Pooled funds
Net current
assets
Total 2019
£
£
£
£
-
35,464
-
35,464
-
328,310
-
328,310
-
243,256
-
243,256
-
265,645
-
265,645
-
237,703
-
237,703
-
88,735
-
88,735
-
1,199,113
-
1,199,113
-
185,891
10,330
196,221
-
-
7,040
7,040
-
38,664
9,969
48,633
-
-
66,396
66,396
-
43,798
11,181
54,979
-
141,603
16,188
157,791
-
-
19,907
19,907
-
409,956
141,011
550,967
166,354
25,292,740
(153,305)
25,305,789
166,354
26,901,809
(12,294)
27,055,869

BRITISH & FOREIGN SCHOOL SOCIETY

34

MEMBERS OF THE GRANTS COMMITTEE

Prof Joy Palmer Cooper (Chair) Peter Miller Karen Hughes Vic Craggs Leslie Stephen Charlotte Cashman (from July 2020) Graham Kingsley (until July 2020) Jane Creasy (from July 2020)

REPRESENTATIVES SERVING ON OUTSIDE BODIES

TRUSTEES:

Caroline Lindley’s Educational Foundation, Norwich Christopher Watt Jenny Hoult

Great and Little Leighs Educational Charity, Essex Graham Kingsley

MEMBERS OF THE FINANCE AND INVESTMENTS

COMMITTEE Committee

David Baron (Chair) Leslie Stephen (until July 2020) Peter Miller Karen Hughes Janice Miller (from July 2020)

Prior’s Charity, Chesham Tim Andrew

Steeple Bumpstead Educational Charity Rosemarie O’Hare

Hitchin British Schools Trust

Graham Kingsley (until March 2020)

DELEGATES OF BFSS TRUST FUNDS The Alfred Bourne Trust Fund Officers of BFSS

Berridge Trust Officers of BFSS

GOVERNORS:

Isleworth and Syon School for Boys Sandra Lawman Dr Emily Tomlinson

The British School Charity

Jo Durning Claire Cameron Diana Hoy Matthew Blayney Ann Geeves (from Nov 2020) Alison Stewart (from Nov 2020)

Sarah Walker & Spafford Memorial Fund

Officers of BFSS

South Church Educational Fund John Bell (until Aug 2020) Dr Martin Richardson

TRUSTEES OF THE BFSS TRUST

BFSS Council

TRUSTEES OF THE OLD BRITISH SCHOOL

BFSS Council

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

35

British & Foreign School Society

7-14 Great Dover Street London SE1 4YR www.bfss.org.uk

Tel: 020 7922 7814 Email: grants@bfss.org.uk Twitter: @BFSSCharity

April 2021 Registered Charity no. 314286

© British and Foreign Schools Society. All rights reserved.