2021-12-31-accounts

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ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Charity registration number: 314286

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

ESTABLISHED 1808 - INCORPORATED BY ROYAL CHARTER 1906 THE TWO HUNDRED AND FIFTEENTH REPORT

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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

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PROFESSIONAL ADVISORS 4
ANNUAL REPORT 5
REPORT OF THE INDEPENDENT AUDITORS 13 - 15
STATEMENT OF FINANCIAL ACTIVITIES 16 - 17
BALANCE SHEET 18
CASH FLOW STATEMENT 19
NOTES TO THE FINANCIAL STATEMENTS 20 - 34
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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Anood Al-Samerai (from May 2021) Tim Andrew BSc Cert Ed Adv Dip Ed Man Charlotte Cashman BA Vic Craggs OBE BA Jane Creasy MEd Diana Hoy FCILEx (until May 2021) Karen Hughes BEd Janice Miller FCM Leslie Stephen MA BD

Director and principal office address

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

Website: bfss.org.uk Registered Charity No. 314286

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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

1. Introduction

The Council present their report along with the financial statements of the British & Foreign School Society (BFSS) and the other charitable trusts for which BFSS is responsible, for the year ended 31 December 2021.

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 BFSS Charter and applicable law.

2. Our heritage that guides us

The heritage that underpins BFSS remains important and relevant to our activities and decisions and is embedded in our charitable objects. The BFSS was formed in 1808 by Christian social reformers to carry on the work of Joseph Lancaster, a pioneer of school and teacher education. BFSS 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 Byelaws were most recently updated in 2014.

With such a long history, BFSS 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 people from low income communities were denied the opportunity of education in the late 18th century. 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 BFSS today continues that work through our grant funding by seeking to ensure young people from disadvantaged communities across the world have access to quality education. From 1870, BFSS focused on teacher training and we continue to recognise the critical impact of teachers and make teacher training a priority area for funding.

Conserving our physical heritage continues to be important to us. Brunel University maintains our extensive archives and makes sure they are accessible for research. The British Schools Museum in Hitchin is a key partner for BFSS as we recognise 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

BFSS achieves its public benefit through its grant giving activities to support the education of young people from disadvantaged communities worldwide. The Council has referred to the Charity Commission’s guidance on public benefit when developing its vision, mission, values and objectives. We review these 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 registered 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 be able to access high quality 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 current strategy is based on 5 objectives:

To improve the quality, sustainability and access to education within international marginalised and deprived communities.
To improve the educational outcomes and life chances of Young Carers and Care Experienced Young People living in the UK.
To understand, report and share the impacts of BFSS grant giving.
To support the development of capacity among BFSS grantees thereby contributing measurably to the delivery of positive impact for children and young people in the education sector.
To develop the membership of the BFSS in terms of numbers and types of engagement in order to support the work of the BFSS.

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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

3.5 Grant giving policy

Most of our grant giving (89% in 2021) 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. BFSS continues to believe that supporting high-quality projects in the UK is central to our 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 BFSS runs several 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. This strategy offers fewer but larger grants than previously, up to £100,000 over 5 years. The first grants under this new strategy were awarded in 2021 and accounted for 34% of the total value of new grants awarded from the main fund in 2021.

Our UK grant aims are to:

Improve educational outcomes - including the support of Care Experienced Young People and Young Carers to attend and engage in mainstream school life, improving their access to out of school support and increasing the number of education professionals able to understand their needs.
Improve life chances -including improving the support for Care Experienced Young People and Young Carers (aged 16-24) to access further education, employment or training opportunities and improving support for them to remain engaged with these opportunities.
Encourage innovation - by supporting new or innovative interventions that are evidence based, with an emphasis on evaluation and the intention that the intervention will be scaled up or replicated if successful.

3.5.2 International main fund priorities

To ensure that we deliver our mission internationally we fund projects that improve access and 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 that will be sustainable after our grant ends. Grants of up to £60,000 over 3 years are offered for international projects.

Our international grant aims are to:

Improve access to education – including increasing the number of educational opportunities, especially for girls, (including construction of classrooms or latrines), increasing the number of qualified teachers trained in inclusive, non-discriminatory practices and improving community attitudes to educating children who are often excluded or overlooked.
Improve the quality of education – including enhancing the quality of teaching and learning, improving access to extra-curricular support, increasing child friendly resources, and increasing access to aspirational vocational training opportunities including STEM and IT.
Improve the sustainability of education projects
including encouraging educational projects with integrated community management or ownership, self-generating income and minimising their environmental impact.

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

Re-establishing education where the provision of education has suffered from conflict or natural disaster.
Enhancing the opportunities and reducing barriers for girls to access education.

4. 2021 achievements and future plans

4.1 Grant giving Overview

In 2021, 43 new grants with a total value of £1,113,777 were awarded (2020: 32, £1,000,541), this includes:

4 UK project grants totalling £320,478
15 International project grants totalling £605,725
2 Dragon's Den prizes awarded at the Grants Workshop totalling £4,500
10 emergency grants to support existing grantees in the aftermath of the sudden withdrawal of committed funds by the Foreign, Commonwealth & Development Office (FCDO) totalling £127,489
12 grants awarded from the restricted funds totalling £55,585

Due to the number of high-quality UK project applications received in 2021, and the increase in investment returns, the new grant budget was increased to allow them all to be funded.

In addition, we continued to support 41 grants awarded in previous years, many of which had been paused or delayed due to the ongoing impacts of the Covid pandemic.

4.2 Main fund grants

The average value of grant requests being received by BFSS for the main fund has rapidly increased over recent years, and this trend has been further amplified by the UK maximum grant value increasing from £60,000 to £90,000 in 2021. To improve the success rate for potential applicants the number of grant rounds held per year was reduced from 3 to 2 in 2021 and will remain at 2 per year for the foreseeable future.

The 2-stage application process was also further imbedded in 2021 and successfully reduced the time taken by applicants to submit their initial proposals. Across both rounds a total of 197 stage one applications were received, 62 applicants were subsequently invited to submit stage two applications, and 19 grants were awarded. The success rate for stage one applicants was 10% and 31% for stage two applicants.

The previous 5-year average (2016 to 2020) for the number of applications received was 227, introducing the 2-stage application process has not therefore encouraged more applications. Details of the new grants awarded can be viewed on the BFSS website.

Unusually for BFSS the new main grants were all distributed within Africa, South Asia and the UK. Once more, Africa dominated our 2021 granting giving, receiving 55% (2020: 48%) of the new funds awarded as shown opposite. The launch of the new UK funding strategy resulted in 34% (2020: 24%) of new funding going towards UK based projects supporting Care Experienced Young People or Young Carers. This has exceeded our target of spending 30% of fund in the UK

Many projects have multiple, objectives and activities, and the categories listed in the chart opposite reflect only the main objective of projects. UK projects account for over one third of new grant value supporting Care Experienced Young People or Young Carers. Making education more inclusive for children with additional needs and teacher training, accounted for more than 50% of the funds awarded to new international projects.

4.3 Emergency support grants

In March 2021 the Foreign, Commonwealth and Development Office (FCDO) reduced their commitment to international aid spending from 0.7% to 0.5% of GDP and consequently cut or cancelled almost all UK Aid funding streams. The impact on some of our international grant holders was devastating, particularly as this included funding which was already committed. Contracts with local organisations had been signed, staff had been recruited, and local communities, schools and education authorities were expecting services to be delivered after many months of relationship building.

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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Some organisations were given 90 days to terminate projects that were already well underway.

It became clear that this would have a huge impact, not just in terms of being able to deliver existing projects, but also the viability of organisations that rely on FCDO funding for a significant portion of overheads and salary costs. BFSS responded quickly and released emergency funding to help relieve some of the pressure on affected grant holders whilst they urgently sought alternative funding. We provided £127,489 to ten eligible grant holders, supporting them to deliver on their existing commitments and enabling them to continue working in their respective areas.

Although the BFSS contribution was relatively small and no substitute for the amount of FCDO funding withdrawn, our emergency support provided charities with breathing space to seek alternative funding or restructure their projects accordingly.

4.4 Restricted funds

The BFSS restricted funds provide valuable grants to specific locations and for specific purposes. Our 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:

To support the BFSS Trust Fund and Alfred Bourne Trust we work with London South Bank University to help individuals entering teacher training.
The Old British School Charity is dedicated to the areas around Bratton in Wiltshire and The Community Foundation for Wiltshire distributes the funds to individuals with additional needs in their pursuit of learning.
The British School Charity in Saffron Walden has an active small group of locally based Trustees. The charity supports individuals in need of financial help to succeed in their education and local community organisations working with young people.
To support the work of the Berridge Trust we work with The Food Centre which provides training to food technology teachers.
A grant from the South Church Educational Fund was made to Auckland Youth and Community Centre.
The Sarah Walker and Spafford Memorial Fund is usually distributed via our main fund projects which have an element of educational travel.

4.5 Building capacity among our grant recipients

BFSS is committed to supporting grant holders to share learning with each other. BFSS hosts an annual Grants Workshop for grant holders to come together to share knowledge and experiences, learn new approaches and enjoy a safe space to discuss challenges. The theme of the 2021 Grants Workshop was the ‘Voice of the Child’ and was attended by 63 grant holders and BFSS Members.

Post-event evaluations showed that the workshop was an enormous success. Participants appreciated the importance of having a safe space to discuss issues with like-minded organisations, who not only understood their challenges but also had firsthand experience and were able to share ideas and alternative approaches.

The 2021 topic of the ‘Voice of the Child’ actively increased participant skillsets and motivations to improve their practice. One attendee commented on the workshop:

“This showed me that you can always go further to promote meaningful child participation and that despite the challenges, the final outcome will always be worth it.”

To ensure the best possible use of funds, BFSS carried out a detailed analysis of the impact of its grants based on 21 projects in 14 countries across 4 continents (Kyrgyzstan, Kenya, Honduras, Uganda, Ghana, South Sudan, Nigeria, Sierra Leone, Democratic Republic of Congo, Tanzania, Zanzibar, Niger, Zambia, UK), which all submitted a final project report in 2021. The full report, ‘The Impact of British and Foreign School Society Grants’, can be seen in the publications section of the BFSS website.

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 based on 21 projects in 14 countries, which all submitted a final project report in 2021. The full report, ‘The Impact of British and Foreign School Society Grants’, can be seen in the publications section of the BFSS website.

The quantitative data supplied by the project reports, demonstrated that by spending £445,932 Internationally and £106,177 in the UK the following was achieved:

7 projects constructed schools, classrooms and gender appropriate hygiene facilities
10 projects focussed on teacher training
3 projects supported care experienced young people in the UK
15,570 children and young people now have access to improved education
658 girls enrolled into education for the first time
1,029 teachers were trained in child friendly pedagogy, discrimination and inclusion, or trauma awareness
More than 300 schools were supported
42,201 other beneficiaries such as siblings and parents also benefitted.

The full report identified impact within four principal areas:

Educational standards and pupil attainment levels have included quantifiable improvements in grades, often linked to improved attendance, significant increases in cognitive ability and emotional stability, higher pass rates in exams, and improvement in early childhood development.
The general quality of the learning environment , achieved by new and refurbished buildings, desks, books, computers and importantly through teacher training. Such enhancements are clearly linked to improvement in educational standards and improved levels of attainment, as well as retention of students and staff.
T he wider community , promoting the concept of school as a ‘community hub’, helping to change attitudes and values, and providing work in construction projects. Our funding has also made an impact on education for girls where they are disadvantaged and marginalised.
The overall quality of life , bringing health benefits from sanitation projects such as building latrines, and for vulnerable members of the community such as the disabled and ‘at risk’ people. Many of our projects help children and young people develop work and ‘life’ skills, improve attitudes to education and training, as well as personal relationships.

4.7 Developing our Membership

BFSS is a membership organisation, the purpose of which is to bring together a community committed to supporting BFSS to deliver its vision of educational opportunity for all.

During 2021 and early 2022, 15 new Members joined bringing the total number of Members to 145 by 1 February 2022 when our Trustee election process for 2022 started. This is a decrease of 3% on the total number of Members compared to last year as a number of non-active Members decided to resign from the Membership during our annual audit of Members. Once again the 2021 Annual General Meeting (AGM) was held virtually on 15 May 2021, the event was chaired by our President, the Rt. Hon. David Lammy MP, and attended by 52 Members.

During 2021 a Membership review was started to identify how Members can play a more active role in supporting our vision beyond receiving our newsletters and exercising their statutory responsibilities through the AGM. In consultation with Members, two key strands of activity were agreed upon: shared learning between Members and current grant holders; and consultation/feedback to inform BFSS decision making.

Based on feedback received we are developing an online Forum to share learning and an annual conference in 2022 for both Members and current grant holders. Further work will be undertaken to evaluate the success of these activities and to also look at how we can diversify our Membership in the future.

4.8 Impact of Covid-19 pandemic

The Covid pandemic continued to have an impact on our grantees in 2021 with numerous projects having to be adapted, paused or in the worst case brought to a close early.

Unlike 2020 where 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 restrictions, further financial support was not offered in 2021. However, we remained flexible and have worked with grant holders to approve changes to delivery plans and timescales wherever required. Only 10 of the 25 new awards made were able to start their project delivery in 2020, whereas only 2 out of the 19 new grants awarded in 2021 had to delay the planned project start date. Since the Covid pandemic hit the world in

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

March 2020, BFSS has supported 103 different grants during 2020 and 2021. The impact of Covid on these was:

9 (9%) projects delayed starting.
31 (30%) projects in progress had to be paused and the project duration extended.
5 (5%) projects in progress had to be paused and activities subsequently compressed to fit the original project timescale.
21 (20%) projects had to be delivered in a different way to originally planned.
4 (4%) projects had to be closed down early or entirely cancelled.

While the pandemic continues to have an impact, we remain committed to staying flexible and appreciating that it may not be possible for grantees to keep to pre-agreed deadlines or outcomes. We will therefore continue to engage with our grantees to establish the best way forward on a case-by-case basis.

4.9 Future plans

In 2022 we plan to increase the value of new grants to be awarded compared to recent years. A new award budget of £1,100,000 for the main fund (2020: £900,000) and £50,500 (2020: £53,000) from the restricted funds has been agreed. In the current environment where small charities are struggling to secure income we will be paying particular attention to the long-term viability of the charities we fund and will therefore be implementing enhanced financial screening at the application review stage.

As mentioned in section 4.7 the review of our Membership will be progressed further to improve shared learning amongst Members and grant holders. We will also start to look at how well BFSS is addressing Diversity, Equity and Inclusion across all activities.

BFSS communications will also be improved with the launch of a new website in 2022.

5. Structure, governance and management

5.1 Membership

BFSS Members are generally drawn from our 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.

5.2 Governance and structure

BFSS has a President and Vice-President who are elected by the Membership for a period of three years. In May 2021 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. BFSS is governed by a Council of Trustees drawn from and elected by Members. During a governance review in 2020 it was agreed the Council effectiveness would be improved by reducing its number from 12 to 10 people and this was subsequently approved at the 2021 AGM. The minimum number is 6. To ensure succession planning this reduction has been phased across 2021 and 2022 so that after the 2022 AGM there will be 10 Trustees on Council.

BFSS has an induction procedure for new Trustees. They are provided with relevant information on their role and responsibilities and are briefed by the Chairman. All Trustees are kept informed of the impact of BFSS through reports on funded projects. The Council annually reviews the work of individual Trustees 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 2021 Council Meetings were held in March, June and November, with the annual strategy meeting in 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 BFSS 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.

5.3 Robust and effective grant-giving

BFSS 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 programmes in the UK and internationally. The criteria for grant giving are available on the BFSS website. We operate 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 one grant applications and invites the project proposals which meet the criteria and are of the highest quality to submit a stage two application. Following a detailed review of stage two applications by the Director and Grants Manager, in consultation with the Chair of the Grants Committee, applications which are considered suitable 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 BFSS Grant Giving and Management policy, in line with our objectives. Recommendations from the Grants Committee for main fund applications and from the relevant Committee for the subsidiary Trusts are reported to the full Council.

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 or Grants Manager before releasing further funding. When a project is not delivered to plan, a triage system is in place to determine whether the Director, Chair of the Grants Committee or the Grants Committee itself should make the decision on the future of the grant.

BFSS 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 BFSS 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 (£27,553,849) at 31 December 2021, (2020: £25,010,882) 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 2021 BFSS held revaluation reserves of £160,000 (2020: £160,000) derived from the fair value of the George Dent Nursery, endowment funds of £1,307,334 (2020: £1,190,437) and restricted funds of £545,809 (2020: £559,252). At 31 December 2021, the total funds of the BFSS stood at £29,566,992 (2020: £26,920,571).

6.2 Risk Management Policy

BFSS maintains an active risk register which encompasses all areas of our activities. This risk register is reviewed, together with risk mitigation decisions and actions made, on an ongoing basis by the BFSS Council. Other principal risks identified by Trustees were those associated with 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

BFSS 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 2021 amounted to £876,194 (2020: £756,795). This represents a 16% increase on the previous year, as many of the projects that were paused due to Covid in 2020 were able to progress during 2021. Subsequently the net expenditure of £492,580 (2020: £364,290) is a 35% increase on the previous year reflecting the increase in grant payments following the 11% increase in investment income and the net gain on investments of £3,139,001 compared to £228,992 in the previous year. The BFSS 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.

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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6.5 Income

BFSS’ 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 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.

Early 2022 has seen considerable investment market volatility caused by inflation and interest rate concerns, and the Russia/Ukraine situation which have all had a negative impact on the BFSS investment value and potential income. The investments will be carefully monitored to ensure the above policy remains appropriate.

The BFSS 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 2021 the value of the investment portfolio was £29,329,745 (2020:

£26,707,154), which represented an actual total return net gain after fees for the year of 13.8%, 8.4% after taking into account CPI of 5.4%. The total cumulative return of the Fund for the three years was 29.9% net of investment management fees and after taking into account CPI of 7.4%.

During the year the BFSS withdrew £1,012,000 (2020: £898,000) to support its grant giving activities and running costs. This amounted to approximately 3.5% of the value of the portfolio on 31 December 2021. Overall income amounted to £649,678, in comparison to £647,027 in the previous year, of which £629,262 (2020: £565,731) was from investments.

BFSS 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 BFSS as an investment property and is leased to Darlington Local Education Authority. The property is valued 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 £155,755 (2020: £154,731) and amounted to 13.6%, (2020: 15.3%) of total expenditure including grants. The decrease in the percentage was predominantly due to the increase in grant expenditure as support and governance costs were very similar to the previous year. Three parttime staff, equivalent to just over two full-time staff are employed.

6.8 Responsibilities of the Council in relation to the financial statements

The BFSS 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:

select suitable accounting policies and apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 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 of BFSS

Dated: 30 March 2022

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

7.1 Opinion

We have audited the financial statements of The British & Foreign School Society (the ‘charity’) for the year ended 31 December 2021 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:

give a true and fair view of the state of the charity’s affairs as at 31 December 2021 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

7.2 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.

7.3 Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

7.4 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.

7.5 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:

the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or

7.6 Responsibilities of Trustees

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

7.7 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.

7.8 Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements and disclosure requirements. In particular, Accounting and Reporting by Charities: Statement of Recommended Practice;
Enquiries and confirmation of management and the trustees as to their identification of any noncompliance with laws or regulations, or any actual or potential claims;
Review of minutes of Board meetings throughout the period;
incorporating unpredictability into the nature, timing and/or extent of testing.
In relation to the risk of management override of internal controls, by undertaking procedures to review journal entries and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and
We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

7.9 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.

we have not received all the information and
explanations we require for our audit.

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

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 Permanent endowment transfer to income 11,12 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 Expendable endowment transfer between funds 11,12 Management charges to restricted funds 11 Net expenditure before other recognised gains and losses Other recognised gains and losses 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 2021 2020 £ £ £ £ £ 3,607 - - 3,607 59,207 16,000 - - 16,000 16,000 603,398 15,280 10,584 629,262 565,731 776 19 13 808 6,089 3,418 14,011 (17,428) 1
	627,199 29,310 (6,831) 649,678 647,027
	103,711 1,681 4,917 110,309 98,077 - - - - 1,714 945,255 86,694 - 1,031,949 911,526
	1,048,966 88,375 4,917 1,142,258 1,011,317

	(421,767) (59,065) (11,748) (492,580) (364,290) 7,598 3,672 (11,270) - - 5,888 (5,888) - - -
	(408,281) (61,281) (23,018) (492,580) (364,290) 2,951,248 47,838 139,915 3,139,001 228,992
	2,542,967 (13,443) 116,897 2,646,421 (135,298) 25,170,882 559,252 1,190,437 26,920,571 27,055,869
	27,713,849 545,809 1,307,334 29,566,992 26,920,571

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 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 2020 £ £ £ £ 591 58,616 - 59,207 16,000 - - 16,000 544,344 21,387 - 565,731 5,864 225 - 6,089
	566,799 80,228 - 647,027
	92,210 1,495 4,372 98,077 1,714 - - 1,714 837,949 73,577 - 911,526
	931,873 75,072 4,372 1,011,317

	(365,074) 5,156 (4,372) (364,290) 5,528 (5,528) - -
	(359,546) (372) (4,372) (364,290) 224,639 8,657 (4,304) 228,992
	(134,907) 8,285 (8,676) (135,298) 25,305,789 550,967 1,199,113 27,055,869
	25,170,882 559,252 1,190,437 26,920,571

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

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

BALANCE SHEET

AT 31 DECEMBER 2021

£ 2,519 176,739	2021 £ 2,204 160,000 29,329,745	£ 3,196 195,182	2020 £ 4,524 160,000 26,707,154
	29,491,949 75,043		26,871,678 48,893
179,258 (104,215)		198,378 (149,485)

	29,566,992		26,920,571
	27,553,849 160,000		25,010,882 160,000
	27,713,849 545,809 1,307,334		25,170,882 559,252 1,190,437
	29,566,992		26,920,571

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021


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	2021 2020 £ £ (1,177,978) (944,531)
	646,071 587,820 - (571) 8,396,812 6,255,028 (7,918,669) (6,498,689)
	1,124,214 343,588
	(53,764) (600,943) 499,296 1,100,239
	445,532 499,296
	2021 2020 £ £ 2,646,421 (135,298) 2,320 2,401 - - (2,633,515) (1,071,556) (505,486) 842,564 (646,071) (587,820) 2,946 (5,952) 677 (394) (45,270) 11,524
	(1,177,978) (944,531)
	2021 2020 £ £ 176,739 195,182 268,793 304,114
	445,532 499,296
	2021 2020 £ £ Cash in hand Un-invested cash 195,182 304,114 (18,443) (35,321)
	176,739 268,793

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

g) Investment income

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 charity’s ability to continue as a going concern because BFSS has over £29.3m 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 (2020: £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. BFSS 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.

Investment income and any related income tax recoverable are included in the financial statements in the year in which they are receivable.

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 by BFSS 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 BFSS and of the other trust funds administered by BFSS.

Governance costs comprise all costs relating to the public accountability of BFSS 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 BFSS 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

BFSS 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 BFSS 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 BFSS 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

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. CHARITABLE EXPENDITURE - GRANTS

International projects A Partner in Education AbleChildAfrica Advantage Africa African Adventures Foundation African Revival Africa's Children in Education Amala Education Anti-Slavery International Asecondchance Banooda Aid Foundation Baynards Zambia Trust Build Africa Carers Worldwide - new application Carers Worldwide - reversed Challenge Aid Chance for Childhood Child Rescue Nepal ChildHope UK Children on the Edge Diapalante Disability and Development Partners (DDP) EduKaid Entraide (Mutual Aid) Feed the Minds Fields of Life Health and Hope UK Healthprom Hope for Children inhive International Needs Irise International j8 Educational Partnerships Kidasha Kyaninga CDC Trust Learning for Life Lyra in Africa Mobile Education Partnerships (MEP) Money for Madagascar Omushana Pamoja Leo Practical Tools Initiative Raising Futures Kenya Read International Redearth Education Rural Africa Rwanda Action Rwanda Aid Sabre Education Sense International Signpost International SreetInvest Standing Voice Teach A Man To Fish Teach2Teach International Team Kenya Temwa The Erayim Aid Trust UK The Mwezi Foundation Toybox Transform Africa United World Schools Women’s Education Partnership World Child Cancer UK	Unrestricted Restricted Total Funds Funds 2021 £ £ £ 26,977 - 26,977 14,920 - 14,920 10,000 - 10,000 13,776 - 13,776 14,832 - 14,832 - - - 21,500 - 21,500 - - - 19,050 - 19,050 - - - - - - - - - 12,455 - 12,455 (11,575) - (11,575) 4,644 - 4,644 15,000 - 15,000 13,741 - 13,741 9,996 - 9,996 10,000 - 10,000 6,328 - 6,328 19,742 - 19,742 19,065 - 19,065 20,000 - 20,000 - - - 8,953 - 8,953 - - - 19,945 - 19,945 - - - 9,180 - 9,180 - - - 35,000 - 35,000 - - - 10,740 - 10,740 29,843 - 29,843 10,900 - 10,900 12,979 - 12,979 6,263 - 6,263 4,058 - 4,058 - - - 10,000 - 10,000 10,000 - 10,000 2,076 - 2,076 - - - 20,702 - 20,702 - - - 11,600 - 11,600 - - - 14,861 - 14,861 9,965 - 9,965 18,761 - 18,761 19,239 - 19,239 15,990 - 15,990 14,980 - 14,980 28,721 - 28,721 - - - 10,000 5,103 15,103 - - - - 5,002 5,002 12,398 - 12,398 - 19,400 19,400 - - - - - - - - - 587,605 29,505 617,110	Unrestricted Restricted Total Funds Funds 2020 £ £ £ 11,978 - 11,978 3,247 - 3,247 3,337 - 3,337 - - - - - - 18,650 - 18,650 8,975 - 8,975 15,648 - 15,648 19,000 - 19,000 5,010 - 5,010 7,500 - 7,500 6,576 - 6,576 - - - 11,575 - 11,575 6,620 - 6,620 - - - - - - 9,996 - 9,996 39,958 - 39,958 5,921 - 5,921 11,729 - 11,729 9,065 - 9,065 - - - 3,000 - 3,000 - - - 7,890 - 7,890 9,945 - 9,945 10,000 - 10,000 9,180 - 9,180 15,614 - 15,614 10,000 - 10,000 4,019 - 4,019 - - - - - - - - - 11,182 1,029 12,211 16,464 - 16,464 8,135 - 8,135 550 - 550 - - - - - - 17,828 - 17,828 6,250 - 6,250 13,885 - 13,885 5,828 - 5,828 - - - 10,900 - 10,900 - - - 9,966 - 9,966 9,037 - 9,037 - - - 14,899 - 14,899 29,902 - 29,902 - - - 12,405 - 12,405 - 8,170 8,170 11,427 - 11,427 - - - 18,518 - 18,518 - 9,311 9,311 3,597 - 3,597 6,338 - 6,338 8,117 - 8,117
		479,661 18,510 498,171

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2. CHARITABLE EXPENDITURE - GRANTS

NOTE 2 CONTINUED UK projects Aspire Academy Trust (Bugle School) Carefree Fostering Ind. Cornwall emerge Finding Rhythms Glebe House Hatfeld Primary Academy - Astrea Academy Trust Hitchin British Schools Trust HUB for SUCCESS through Edinburgh Napier University Hull FC Rugby Community Sports & Education Foundation Kinship Care N Ireland Northants Music & Performing Arts Trust Ormiston Academies Trust (OAT) Parents and Children Together (PACT) Refugee Education UK Royal Caledonian Education Trust Scotswood Natural Community Garden Sheffeld Young Carers SIEVEMK Gateway Sistema Cymru Solent Youth Action Tower Hamlets Education Business Partnership Volunteer Tutors Organisation Yes Future YMCA Sutton Coldfeld Grants from restricted funds to organisations Auckland Youth & Community Centre Food Teachers Centre Joanna Eden Outreach CIC Katherine Semar Junior School London South Bank University R A Butler Academy School Radwinter C of E Primary School Saffron Walden County High School The Friends of Great Chesterford Primary Academy Theatre Unboxed Uttlesford Buffy Bus Association (Buffy Playbus) Wiltshire Community Foundation Total institutional grants Grants from restricted funds to individuals Total individual grants Total grants Less: Grants returned during the year	Unrestricted Restricted Total Funds Funds 2021 £ £ £ - - - 30,588 - 30,588 - - - - - - - - - 6,850 - 6,850 - - 22,500 - 22,500 - - - 5,700 5,700 6,000 - 6,000 - - - 11,231 - 11,231 - 10,685 10,685 15,000 - 15,000 - - - 28,269 - 28,269 9,995 - 9,995 7,240 - 7,240 - - - - - - 28,581 - 28,581 - - - 29,941 - 29,941 201,895 10,685 212,580 - 5,000 5,000 - 3,500 3,500 - 4,870 4,870 - 1,694 1,694 - 8,000 8,000 - - - - 4,771 4,771 - 4,750 4,750 - 5,000 5,000 - 1,000 1,000 - - - - 16,000 16,000 - 54,585 54,585 789,500 94,775 884,275 - 1,000 1,000 - 1,000 1,000 789,500 95,775 885,275 - (9,081) (9,081) 789,500 86,694 876,194	Unrestricted Restricted Total Funds Funds 2020 £ £ £ 6,000 - 6,000 15,079 - 15,079 12,868 - 12,868 7,250 - 7,250 7,500 - 7,500 6,850 - 6,850 7,415 - 7,415 22,500 - 22,500 8,650 - 8,650 5,780 - 5,780 6,740 - 6,740 11,250 - 11,250 19,862 - 19,862 - - - 20,000 - 20,000 2,500 - 2,500 - - - 9,996 9,996 7,240 - 7,240 5,880 - 5,880 15,337 - 15,337 - - - 4,860 - 4,860 - - -
		203,557 - 203,557 - - - - 5,500 5,500 - - - - - - - 6,000 6,000 - 368 368 - 2,619 2,619 - 23,200 23,200 - - - - - - - 4,880 4,880 - 12,000 12,000
		- 54,567 54,567 683,218 73,077 756,295 - 500 500
		- 500 500
		683,218 73,577 756,795
		- - -
		683,218 73,577 756,795

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 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	International UK Total projects projects 2021 £ £ 6 08,029 268,165 8 876,194 92,937 40,989 133,925 7,707 3,399 11,106
	100,644 44,388 145,032 4,747 2,093 6,840 2,114 9 33 3,047 69 30 99 511 226 737
	7,441 3,282 10,723
	716,114 315,835 1,031,949
	International Total projects UK projects 2020 £ £ 498,171 258,624 756,795 82,083 42,613 124,696 9,252 4,803 14,055
	91,335 47,416 138,751 4,747 2,093 6,840 5,760 2,540 8,300 125 55 180 458 202 660
	11,090 4,890 15,980
	600,596 310,930 911,526

4. STAFF COSTS & RELATED PARTY TRANSACTIONS 2021 £ Salaries 91,389 Social security costs 4,985 Pension contributions 5,701 Consultants fees 6,306 Accountancy services 4,800 113,181 The average number of employees during the year was: Management and administration 3 No staff employee received remuneration amounting to more than £60,000 in the year (2020: None).	2020 £ 92,066 5,085 5,565 6,375 7,680
	116,771
	3

BFSS considers its key management personnel to comprise the members of the council and the BFSS 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 £50,917 (2020: £48,757) including pension and employers' National Insurance.

BFSS bought in accountancy services from Godfrey Wilson which cost £4,800 (2020: Helen Taylor Thompson Foundation (trading as CAN Mezzanine) which cost £2,160 and Godfrey Wilson £5,520).

No remuneration was paid to any member of the Council during 2021 or 2020 and there are no related party transactions to disclose other than above. Reimbursement of expenses in relation to attendance at meeting amounted to £144 paid to one Trustee in 2021 (2020: £572 paid to 7 Trustees).

During the year a grant of £10,740 was paid to Kidasha, a charity of which J Miller is Chief Executive. J Miller does not have overall control of Kidasha, and did not attend the grants committee meeting where the grant was decided.

Support and governance costs have been allocated in proportion to project location.

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5. FIXED ASSETS COST & VALUATION At 1st January 2021 Additions Revaluation surplus Disposals At 31st December 2021 DEPRECIATION At 1st January 2021 Charge for the year Disposals At 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020	Freehold land & buildings Furniture & equipment Total £ £ £ 160,000 11,574 172,574 - - - - - - - - -
	160,000 11,574 171,574
	- 7,050 7,050 - 2,320 2,320 - - -
	- 9,370 9,370
	160,000 2,204 162,204
	160,000 4,524 164,524

FOR THE YEAR ENDED 31 DECEMBER 2021

6. UNITS HELD IN POOLED INVESTMENT FUND

6. UNITS HELD IN POOLED INVESTMENT FUND
a) Number of units held ENDOWMENT FUNDS Wilmslow Fund Darlington College Building Fund Alfred Bourne British School Charity Old British School 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 2021 purchased sold 31 Dec 2021 No. No. No. No. 2,360 - - 2,360 2,112 - - 2,112 315 - - 315 2,917 - - 2,917 2,161 - - 2,161 788 - - 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

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 (2020: £1).

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

5a RENTS RECEIVABLE

2021 2020 £ £ George Dent Nursery, Darlington 16,000 16,000

Value of units held
ENDOWMENT FUNDS Wilmslow Fund Darlington College Building Fund Alfred Bourne British School Charity Old British School 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 2021 (redeemed) in fund value 31 Dec 2021 in year £ £ £ £ 263,723 - 25,897 289,620 235,983 - 23,173 259,156 35,208 - 3,456 38,664 325,934 - 32,006 357,940 241,496 - 23,714 265,210 88,093 - 8,651 96,744
	1,190,437 - 116,897 1,307,334 184,545 - 18,122 202,667 38,384 - 3,774 42,158 43,481 - 4,269 47,750 140,579 - 13,803 154,382
	406,989 - 39,968 446,957 25,109,728 - 2,465,726 27,575,454
	25,109,728 - 2,465,726 27,575,454
	26,707,154 - 2,622,591 29,329,745
	*111.73* *122.70*

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7. POOLED INVESTMENT FUND Opening value at 1 January 2021 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 Exchange rate differences 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 2021 UK fxed interest Overseas fxed interest UK equities European equities US equities Other worldwide equities Managed funds Emerging economies UK 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 £ 26,403,040 7,918,669 (8,396,812) 505,486 2,633,515 (2,946) - - -	Un-invested cash Total £ £ 304,114 26,707,154 (7,918,669) - 8,396,812 - - 505,486 - 2,633,515 (4,539) (4,539) - (2,946) 629,262 629,262 (126,187) (126,187) (1,012,000) (1,012,000)
	2,657,912	(35,321) 2,622,591

	29,060,952	268,793 29,329,745
	Investments 881,982 812,117 10,194,482 1,513,796 8,091,328 3,240,295 556,117 1,335,732 2,213,253 221,850 -	Cash Total - 881,982 - 812,117 - 10,194,482 - 1,513,796 - 8,091,328 - 3,240,295 - 556,117 - 1,335,732 - 2,213,253 - 221,850 268,793 268,793
	29,060,952	268,793 29,329,745
		2021 2020 £ £ 2,633,515 1,071,556 505,486 (842,564)
		3,139,001 228,992 629,262 565,731 (110,309) (98,077)
		3,657,954 696,646

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.

FOR THE YEAR ENDED 31 DECEMBER 2021

7b. INVESTMENT INCOME UK fxed interest Overseas fxed interest UK equities European equities US equities Other worldwide equities UK property Alternative assets Other Income from pooled investments 8. DEBTORS AND PREPAYMENTS Due within one year Sundry debtors and prepayments 9. CREDITORS AND ACCRUALS Grants payable Rent received in advance Other creditors	2021 2020 £ £ 14,680 40,023 7,646 15,519 373,448 316,765 23,719 17,400 46,011 26,665 27,594 18,572 53,607 51,495 80,452 77,229 2,105 2,063
	629,262 565,731
	2021 2020 £ £ 2,519 3,196
	2021 2020 £ £ 80,742 109,720 4,000 4,000 19,473 35,765
	104,215 149,485

10. FINANCIAL COMMITMENTS

a) Other grants

At the year end the BFSS has the intention to pay grants totalling £1,147,687 (2020:£933,440) 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 BFSS.

b) Leases

BFSS is currently located in shared offices in London with an annual licence fee of £4,750. Service costs are based on usage and charged quarterly in arrears. The licence is terminable at three months notice giving a commitment of £1,188.

c) Archive

By Deed of Covenant and Gift signed on 11 December 2013 BFSS 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

BFSS has no capital commitments at 31 December 2021 (2020: £ nil).

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

The trustees budgeted to spend from the investment returns detailed above £1,398,014 (2020: £1,025,632) to cover the spending requirements of the charity in the year. The remainder of the investment returns are to remain invested.

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11. RESTRICTED FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY BFSS

Total restricted funds	Richard Pain Trust	BFSS Trust	Alfred Bourne
2021 2020 £ £ - 58,616 15,280 21,387 19 225 14,011 -	2021 2020 £ £ - 58,616 - - - - - -	2021 2020 £ £ - - 4,348 3,909 5 41 - -	2021 2020 £ £ - - - 746 - 7 1,365 -
29,310 80,228 86,694 73,577 1,681 1,495 5,888 5,528	- 58,616 31,609 17,481 - - - -	4,353 3,950 6,000 4,000 761 678 1,076 1,010	1,365 753 2,000 2,000 - - 205 193
94,263 80,600	31,609 17,481	7,837 5,688	2,205 2,193
(64,953) (372) 3,672 - 47,838 8,657	(31,609) 41,135 - - - -	(3,484) (1,738) - - 21,690 1,582	(840) (1,440) - - - 302
(13,443) 8,285 559,252 550,967	(31,609) 41,135 41,135 -	18,206 (156) 196,065 196,221	(840) (1,138) 5,902 7,040
545,809 559,252	9,526 41,135	214,271 196,065	5,062 5,902

FOR THE YEAR ENDED 31 DECEMBER 2021

11. RESTRICTED FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY BFSS (continued)

Berridge Trust	British School Charity	South Church Educational Fund	Sarah Walker and Spafford Memorial Fund	Old British School
2021 2020 £ £ - - 906 814 1 8 - -	2021 2020 £ £ - - - 6,904 - 73 12,646 -	2021 2020 £ £ - - 1,024 921 1 10 - -	2021 2020 £ £ - - 3,312 2,977 4 32 - -	2021 2020 £ £ - - 5,690 5,116 8 54 -
907 822 4,000 5,500 159 141 224 210	12,646 6,977 22,085 31,567 - - 1,902 1,785	1,025 931 5,000 - 180 160 253 238	3,316 3,009 - 1,029 581 516 819 770	5,698 5,170 16,000 12,000 - - 1,409 1,322
4,383 5,851	23,987 33,352	5,433 398	1,400 2,315	17,409 13,322
(3,476) (5,029) - - 4,518 330	(11,341) (26,375) - - - 2,795	(4,408) 533 - - 5,110 373	1,916 694 - - 16,520 1,205	(11,711) (8,152) 3,672 - - 2,070
1,042 (4,699) 43,934 48,633	(11,341) (23,580) 42,816 66,396	702 906 55,885 54,979	18,436 1,899 159,690 157,791	(8,039) (6,082) 13,825 19,907
44,976 43,934	31,475 42,816	56,587 55,885	178,126 159,690	5,786 13,825

Restricted funds represent the income of other charitable trusts which are administered by BFSS 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.

Name of Fund

The Berridge Trust (subsidiary of Charity number 314286)

The British School Charity (subsidiary of Charity number 314286)

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

South Church Educational Fund (subsidiary of Charity number 314286)

Old British School (Charity number 309444)

Purpose of Fund

To promote the training of cookery teachers.

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

To provide grants for educational travel for young people.

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

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.

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12. ENDOWMENT FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY BFSS

Total endowment funds 2021 2020 £ £ 10,584 - 13 - (17,428) -	Wilmslow 2021 2020 £ £ - - - - - -	Darlington 2021 2020 £ £ - - - - - -
(6,831) - 4,917 4,372	- - 1,089 968	- - 975 867
(11,748) (4,372) (11,270) - 139,915 (4,304)	(1,089) (968) (4,011) - 30,997 (954)	(975) (867) (3,588) - 27,736 (853)
116,897 (8,676) 1,190,437 1,199,113	25,897 (1,922) 263,723 265,645	23,173 (1,720) 235,983 237,703
1,307,334 1,190,437	289,620 263,723	259,156 235,983

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12. ENDOWMENT FUNDS

TRUSTS AND OTHER FUNDS ADMINISTERED BY BFSS (continued)

Alfred Bourne 2021 2020 £ £ 829 - 1 - (1,365) -	British School Charity 2021 2020 £ £ 7,679 - 9 - (12,645) -	Old British School 2021 2020 £ £ - - - - - -	West Street 2021 2020 £ £ 2,076 - 3 - (3,418) -
(535) - 145 129	(4,957) - 1,347 1,197	- - 997 887	(1,339) - 364 324
(680) (129) - - 4,136 (127)	(6,304) (1,197) - - 38,310 (1,179)	(997) (887) (3,671) - 28,382 (873)	(1,703) (324) - - 10,354 (318)
3,456 (256) 35,208 35,464	32,006 (2,376) 325,934 328,310	23,714 (1,760) 241,496 243,256	8,651 (642) 88,093 88,735
38,664 35,208	357,940 325,934	265,210 241,496	96,744 88,093

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 BFSS. Endowment funds share in the total return from the investment funds. This allows trustees to invest endowment funds to maximise total return and to apply an appropriate proportion of the total return to income for the year and so be available for expenditure. BFSS has two types of endowment fund, permanent and expendable endowment funds.

Expendable endowments income can be spent as unrestricted funds, unless the charity is restricted to the areas in which the income and capital can be spent. Where the charity holds permanent endowments there is no ability to spend the original capital funds. Having considered their obligations under the duty of even-handedness the trustees made a transfer of £11,270 of the total return from the expendable endowment funds to income funds and a transfer of £17,428 of the total return from the permanent endowment funds to income funds. In making these decisions the trustees have taken into account the current investment climate, the return on investment for the year and the income needs of BFSS.

Name of Fund

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

Darlington College Building Fund

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, BFSS continues to apply the clear income of this fund for its general purposes.

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, BFSS continues to apply the clear income of this fund for its general purposes.

Name of Fund

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

The British School Charity (subsidiary of Charity number 314286)

Old British School (Charity number 309444)

West Street Old British School, Wareham (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 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.

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

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

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment funds Wilmslow Fund - expendable endowment Darlington College Building Fund - expendable endowment Alfred Bourne- permanent endowment British School Charity- permanent endowment Old British School- 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 Wilmslow Fund - expendable endowment Darlington College Building Fund - expendable endowment Alfred Bourne- permanent endowment British School Charity- permanent endowment Old British School- 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	Tangible fxed assets and investment property Pooled funds Net current assets Total 2021 £ £ £ £ - 289,620 - 289,620 - 259,156 - 259,156 - 38,664 - 38,664 - 357,940 - 357,940 - 265,210 - 265,210 - 96,744 - 96,744
	- 1,307,334 - 1,307,334 - - 9,526 9,526 - 202,667 11,604 214,271 - - 5,062 5,062 - 42,158 2,818 44,976 - - 31,475 31,475 - 47,750 8,837 56,587 - 154,382 23,744 178,126 - - 5,786 5,786
	- 446,957 98,852 545,809 162,204 27,575,454 (23,809) 27,713,849
	162,204 29,329,745 75,043 29,566,992
	Tangible fxed assets and investment property Pooled funds Net current assets Total 2020 £ £ £ £ - 263,723 - 263,723 - 235,983 - 235,983 - 35,208 - 35,208 - 325,934 - 325,934 - 241,496 - 241,496 - 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

MEMBERS OF THE GRANTS COMMITTEE

Prof Joy Palmer Cooper (Chair) Peter Miller

Karen Hughes Vic Craggs Leslie Stephen Charlotte Cashman Jane Creasy

MEMBERS OF THE FINANCE AND INVESTMENTS

COMMITTEE

David Baron (Chair) Janice Miller Peter Miller Karen Hughes

DELEGATES OF BFSS TRUST FUNDS

The Alfred Bourne Trust Fund Officers of BFSS

Berridge Trust Officers of BFSS

The British School Charity

Jo Durning Claire Cameron Diana Hoy Matthew Blayney Ann Geeves Alison Stewart

Sarah Walker & Spafford Memorial Fund Officers of BFSS

South Church Educational Fund Officers of BFSS

TRUSTEES OF THE BFSS TRUST

BFSS Council

TRUSTEES OF THE OLD BRITISH SCHOOL

BFSS Council

REPRESENTATIVES SERVING ON OUTSIDE BODIES

TRUSTEES:

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

Great and Little Leighs Educational Charity, Essex No representative during 2021

Prior’s Charity, Chesham

Tim Andrew

Steeple Bumpstead Educational Charity Rosemarie O’Hare

GOVERNORS:

Isleworth and Syon School for Boys Dr Emily Tomlinson

BRITISH & FOREIGN SCHOOL SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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 2022 Registered Charity no. 314286

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

BRITISH & FOREIGN SCHOOL SOCIETY

PRESIDENT

VICE-PRESIDENT

COUNCILLORS

Vice-Chair of Council

Treasurer

CONTENTS

Director and principal office address

PROFESSIONAL ADVISORS

Investment Manager

Bankers

CAF Bank Ltd

Independent Auditor

Accountant

Property Consultant

Solicitor

ANNUAL REPORT

1. Introduction

2. Our heritage that guides us

3. Objectives and activities for the public benefit

3.1 Vision

3.2 Mission

3.3 Values

3.4 Objectives

3.5 Grant giving policy

3.5.1 UK main fund priorities

Our UK grant aims are to:

3.5.2 International main fund priorities

Our international grant aims are to:

4. 2021 achievements and future plans

4.1 Grant giving Overview

4.2 Main fund grants

4.3 Emergency support grants

4.4 Restricted funds

4.5 Building capacity among our grant recipients

4.6 Sharing the impact of our grant-giving

4.7 Developing our Membership

4.8 Impact of Covid-19 pandemic

4.9 Future plans

5. Structure, governance and management

5.1 Membership

5.2 Governance and structure

5.3 Robust and effective grant-giving

6. Financial review

6.1 Reserves policy

6.2 Risk Management Policy

6.3 Pension Policy

6.4 Financial results

6.5 Income

6.6 Property

6.7 General expenditure other than grants

6.8 Responsibilities of the Council in relation to the financial statements

Peter Miller

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

7.1 Opinion

7.2 Basis for opinion

7.3 Conclusions relating to going concern

7.4 Other information

7.5 Matters on which we are required to report by exception

7.6 Responsibilities of Trustees

7.7 Auditor's responsibilities for the audit of the financial statements

7.8 Extent to which the audit was capable of detecting irregularities, including fraud

7.9 Use of our report

Katherine Dee FCA (Senior Statutory Auditor)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

BALANCE SHEET

AT 31 DECEMBER 2021

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2021

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

g) Investment income

1. ACCOUNTING POLICIES

a) Basis of preparation

b) Fixed assets

c) Investment properties