## **THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT AND ACCOUNTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
**Haysmacintyre LLP Chartered Accountants Registered Auditors**
**Registered Number: 01503040**
**Registered Charity Number: 326279**
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and Administration Details|3|
|Annual Trustees’ Report|4|
|Independent Auditors' Report|13|
|Consolidated Statement of Financial Activities|16|
|Charity & Consolidated Balance Sheets|17|
|Cash Flow Statement|18|
|Notes to the Financial Statements|19-32|
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **REFERENCE AND ADMINISTRATION DETAILS**
|**PATRON**|Datuk Lim Chee Wah|
|---|---|
|**TRUSTEES**|Dr I M Bride, Chairman|
||Mr A F S Donovan|
||Mr R G Dyson|
||Mr T C Hughes (resigned 23/11/2022)|
||Ms J Krasocki|
||Mrs R M Mannell|
||Mr P S Ruben|
||Dr C A Stanford|
||Mr B R Yates|
||Mr P Yong|
|**OFFICERS**|Mr N G Hawkins, Principal (resigned 31/08/2021)|
||Dr M R Truss, Principal (appointed 01/09/2021)|
||Miss B M Dean, Bursar & Clerk to the Trustees|
|**REGISTERED &**|Acton Burnell Hall|
|**PRINCIPAL OFFICE**|Acton Burnell|
||Shrewsbury|
||Shropshire|
||SY5 7PF|
|**BANKERS**|Barclays Bank PLC|
||44-46 Castle Street|
||Shrewsbury|
||Shropshire|
||SY1 2BU|
|**AUDITORS**|Haysmacintyre LLP|
||Registered Auditors|
||10 Queen Street Place|
||London|
||EC4R 1AG|
|**SOLICITORS**|Farrer & Co|
||66 Lincoln's Inn Fields|
||London|
||WC2A 3LH|
|**INVESTMENT**|Cazenove Capital (from 07/04/2022)|
|**MANAGERS**|Schroder & Co Ltd|
||1 London Wall Place|
||London|
||EC2Y 5AU|
||M&G Investments (to 20/01/2022)|
||4th Floor|
||Governor's House|
||Laurence Pountney Hill|
||London|
||EC4R 0HH|
3
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
The Trustees, who are also the directors, present their annual report, incorporating their strategic report, on the affairs of the charity, together with the accounts and auditors’ report for the year ended 31 August 2022.
## **CONSTITUTION POLICIES**
The Trust is a private company limited by guarantee. It is governed by its Memorandum and Articles of Association. It is registered as a charity (registered charity number: 326279).
## **OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES**
The objects of the Trust are to promote and provide for the advancement of education and in particular to carry on, acquire and develop in the United Kingdom or elsewhere any boarding or day schools or colleges.
The Trust is responsible for the governance of Concord College, Acton Burnell, Shrewsbury, Shropshire, SY5 7PF. The College is an independent boarding school responsible for the delivery of the GCSE and GCE A level curriculum. In addition, the College also delivers courses during the summer months to students wishing to develop their English, Mathematics and Science skills and knowledge.
The short term aim of the College is to continue with the provision of high-quality education, the development of independent learning and confidence building to enable students to gain excellent academic success and to strengthen the College’s financial position. Alongside this is an aim to develop in all students a moral code of responsibility and tolerance towards their fellows together with an understanding and appreciation of British values. Some 80% of the students will return home to a country other than the United Kingdom and many will become leaders in that country having completed degree studies in leading British universities. Their experience in Concord should benefit intercultural and business relations between their home country and the United Kingdom for the benefit of both.
The medium to long term aim is to continue improving the provision of education to enable all students to compete with the very top of their international peer group and gain entry into leading universities.
The strategy for achieving these aims will be the continued recruitment, selection and retention of the very best staff and the development of facilities to ensure the delivery of academic and non-academic education in the best possible environment.
The primary objective of the Trust is to set the very highest standards in the provision of the education delivered. The College is unusual in that the majority of the students are resident outside the United Kingdom, coming from over 40 countries. In addition to helping the students realise their academic potential the staff strive to develop a sense of community, to engender a respect for each other's cultures and beliefs and to provide a wide range of activities to broaden their outlook and wellbeing.
The Board is aware of the obligations placed upon it by the Charities Act 2011 and confirms that it has complied with the duty placed upon it by this Act and has paid due regard to the Charity Commission guidance on public benefit. The College strives to accept students from as wide a range of countries and backgrounds as possible and seeks to admit all who meet our academic standards irrespective of their financial status.
This year we have seen the lifting of the majority of restrictions which were required to safely manage and control the spread of coronavirus in our community and this has enabled the return of many of the events and activities previously enjoyed. It has been a pleasure to have been able to return to supporting local schools through our academic outreach initiatives and sharing our recreational facilities once again with local schools and our local community. We were delighted that we were able to run a July summer school this year which, although smaller than in previous years, brought together children between the ages of 10 and 17 from over 25 different countries, including a small number of refugees who were supported by the College. Having been unable to hold summer courses for the last two years due to the pandemic, it was a joy to see students participating once again.
4
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
We offer both scholarships and means tested bursaries in order to attract the most able students irrespective of background. In 2021/22 scholarships to the value of £328k (£310.1k in 2020/21) were awarded on academic merit and bursaries to the value of £521.5k (£527.4k in 2020/21) were awarded to 34 students based on a means test of their parents (39 in 2020/21). This included support to those who had been severely affected by the coronavirus pandemic. Further funds have been earmarked in the coming year which will be promoted as widely as possible to market their availability.
It is particularly gratifying that many of those students awarded bursaries for full fee remission are the most successful in their achievements.
## **Section 172 statement**
Directors' duties under Section 172(1) of the Companies Act require that a director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard to:
- the likely consequences of any decision in the long term
- the interests of the company’s employees
- the need to foster the company’s business relationships with suppliers, parents, the community and others
- the impact of the company’s operations on the community and the environment
- the desirability of the company maintaining a reputation for high standards of business conduct
- the need to act fairly between members of the company
The Trustees of the Company have acted in good faith in a manner most likely to achieve the long-term success of the College in achieving its charitable objectives as described in the objects, aims, objectives and activities section of this report.
The Trustees have regard to the College's employees’ interests as described in the statement of engagement with employees, below.
Where possible, the College forms long-term relationships with suppliers to enable the College and its suppliers to have a more certain environment in which to operate. Further details are included in the statement of engagement with suppliers, customers and others, who are in a business relationship with the College, on page 6 of this report.
The Trustees have considered the impact of the College on the community in complying with the public benefit requirement as described in the objects, aims, objectives and activities section of this report.
The Trustees have considered the impact of the College on the environment as outlined in the carbon and energy reporting statement on pages 6 and 7 of this report.
The primary objective of the College is to set the very highest standards in the provision of the education delivered and is reflected in the achievements of the College during the year as detailed in the objects, aims, objectives and activities section of this report.
The Trustees recognise the importance of acting in good faith and fairly between the Trustees and other stakeholders of the College in a manner most likely to achieve the long-term success of the College in achieving its charitable objectives as described in the objects, aims, objectives and activities section of this report.
## **Statement of engagement with employees**
The Trustees have regard to the College's employees' interests and meet regularly with the Senior Management Team. The Senior Management Team play an active role in the various Trustees' sub-committees and academic and support staff also participate.
5
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
The Trustees are made aware of any employee issues at their regular Board and committee meetings and Trustees visit the College and meet with staff. Both Board and committee meetings have now resumed on a face-to-face basis and they are generally held at the College, providing many opportunities for Trustees to meet with staff and visit various departments.
The College has an inclusive policy for disabled employees and applications for employment are considered without reference to disability. Training and career development are also awarded without reference to disability.
The Trustees continue to monitor the current pension provision for academic staff and will be engaging with advisers in the next few months with regard to future plans.
## **Statement of engagement with suppliers, parents, the community and others**
The Trustees have regard to the need to foster the company's business relationships with its suppliers. The Trustees review the payment practices reports and are content that suppliers are paid on a timely basis.
The Trustees have regard to the need to foster relationships with the parents of students, being the College's customers. For a second year running, at the end of the autumn term, approximately 125 students were unable to travel home to their own countries to be with their families for the Christmas holiday period, due to coronavirus related restrictions. They were accommodated at the College and provided with a full programme of activities. This required additional staffing and the Trustees were particularly grateful for the commitment shown by staff to ensure that the welfare of these students was prioritised. In February 2022 the College community was affected by the Russian invason of Ukraine. Historically we have had many students from both countries and in 2021/22 they numbered 15 from Ukraine and 17 from Russia. The families of many students had to flee their country, but despite the worries, uncertainties and tragedies experienced, the students have all shown remarkable courage and consideration to one another during these incredibly difficult times.
## **Fundraising**
Very little fundraising is undertaken by the College. The main fundraising purpose is to develop a scholarship/bursary fund for future students and our main contacts in this regard are members of our alumni. No member is contacted regarding fundraising without their express permission and we have received no complaints during the year regarding our fundraising activities.
We are not registered with the Fundraising Regulator.
## **Carbon and energy reporting**
In the reporting of carbon and energy the Trust has used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition). Further emission factors were used from UK Government’s GHG Conversion Factors for Company Reporting 2022.
The College’s energy use for 2021/22 has decreased when compared to the previous year, and in a year when student numbers were higher and attendance was consistent throughout the year, with no periods of school closure as in 2020/21 and a return of our summer course programme.
6
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
The table below shows the key metrics that are being reported for Streamlined Energy and Carbon Reporting in the financial year 1 September 2021 to 31 August 2022.
**----- Start of picture text -----**
Summary for 1 September 2021 to 31 August 2022 Value
Total Energy Use 7,527,700 kWh
Total Greenhouse Gas Emissions (mandatory & voluntary) 1,804.95 tCO2
Total Students 599
Intensity Ratio 3.01 tCO2 per student
**----- End of picture text -----**
The table below provides a comparison of current emissions relative to the previous financial years. It is clear that there has been a decrease in emissions and this is as a result of both grid decarbonisation activities and the implementation of energy efficiency projects within the College.
**----- Start of picture text -----**
Area of FY 1 Sept 2019 to FY 1 Sept 2020 to FY 1 Sept 2021 to Variance to
measurement 31 Aug 2020 31 Aug 2021 31 Aug 2022 previous year
5.0%
Energy Use 6,878.5 MWh 7,921.4 MWh 7,527.7 MWh decrease
Greenhouse Gas 7.4%
1,730.0 tCO2 1,949.3 tCO2 1,804.9 tCO2
Emissions decrease
2.96 tCO2 per 3.32 tCO2 per 3.01 tCO2 per 9.3%
Intensity Ratio
student student student decrease
**----- End of picture text -----**
Over the last year, the College has invested in numerous projects, aimed at improving efficiency and reducing energy consumption. These activities are summarised below:
- upgrading of existing fluorescent and tungsten lighting across the College with new LED fittings and PIR sensors in
- areas of low use;
- general good housekeeping on energy equipment and lighting across all areas.
The aforementioned projects are projected to save circa 142,603 kWh per annum, representing some 1.9% of total energy consumption.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Organisational management**
The business of the Trust is managed by the Board of Trustees and the Articles of Association stipulate that their number must not be less than four nor more than twelve. New Trustees are nominated and elected by the members of the Board of Trustees on the basis of professional qualities, experience, personal competence and availability and appointed where they have the necessary skills to contribute to the charity’s development. The Board of Trustees meets five times a year.
7
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
There is an Executive Committee which meets with senior management to discuss policy and strategic matters. The Executive Committee reports to the Board. There is a Finance and Estates Committee which meets as necessary and with external advisers, from whom reports are received, as required. The Finance and Estates Committee reports to the Board. The Board ratifies the decisions of the Executive and Finance and Estates Committees. There is an Academic Committee, a Welfare Committee, a Marketing and Summer School Committee, an International Development Committee and a Compliance and Health and Safety Committee, all of which meet a number of times a year. The Board approves each year the delegated powers given to the Principal and Bursar to enable them to administer the daily working of the Trust. They are also supported by senior management personnel, namely the Vice Principal (Academic), Vice Principal (Pastoral) Head of Lower School and three Assistant Principals and they, together with the Principal and Bursar, comprise the Senior Management Team and the key management personnel.
New Trustees are inducted through meetings with the Chairman, the Principal, the Bursar and other members of the Senior Management Team, including an introduction to College policies and procedures. Training is provided both internally and through external sources and Trustees are regularly invited to attend courses designed to keep them informed and updated on current issues in the sector and regulatory requirements.
Remuneration for the key management personnel is set by the Board. Appropriate incentives are considered to encourage enhanced performance and for rewarding fairly and responsibly individual contributions to the College’s success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Company’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.
## **Corporate governance**
The Board of Trustees seeks to have a governance framework that is fit for purpose, compliant and efficient. The Board supports the Charity Governance Code and has carried out a review which found that, with a small number of limitations, we apply the code and the Board is satisfied that our governance framework is both robust and fit for purpose. The areas in which we currently do not fully comply are recruitment processes, diversity, term limits and a triennial external review of Board performance, all of which are currently being considered.
Trustees who served during the year are: Dr I M Bride, Mr A F S Donovan, Mr R G Dyson, Mr T C Hughes, Ms J Krasocki, Mrs R M Mannell, Mr P S Ruben, Dr C A Stanford, Mr B R Yates and Mr P Yong.
## **Group structure**
During the year the Trust had one wholly owned subsidiary, Concord College International Limited (non-charitable), whose activities are covered later in this report.
## **STRATEGIC REPORT**
## **ACHIEVEMENTS AND PERFORMANCE**
2021/22 has been a successful year on all levels. Student recruitment was strong and we started the academic year with 474 full boarding students and 118 day students, rising to 488 full boarders with our additional January intake. In July we relaunched our summer school programme and welcomed 125 students onto the campus to participate in courses in English, Mathematics and Science and a wide variety of extra curricular activities.
The parents of our students have remained consistently supportive and our staff have worked hard all year to provide an environment in which each student could flourish.
8
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
With regard to examination successes, the College has enjoyed another excellent year. The students' achievements were very strong and they were pleased to be assessed on examination performance once more, rather than assessed grades as in the previous two years.
In A level examinations, 93% of grades awarded were A*, A or B, while 81% were A* or A.
Of the 189 graduating students, 82% were admitted to their first choice university with 6 going on to Oxford or Cambridge and 78 to University College London, London School of Economics, Imperial College and Warwick University.
GCSE examinations were also excellent with 88% of grades awarded being Grade 7-9.
Equally important to the College is the emphasis placed on developing the broader aspects of education and many students participate in sporting activities as well as a wide range of outdoor education and team building skills and in voluntary work. Many take part in Art and Music in addition to their academic studies and this is reflected in the large numbers taking part in productions to support nominated charities.
It is particularly satisfying that so many speak of the maturity and personality which is manifested by our students.
The College continues its investment in improving its facilities and has undertaken refurbishment projects in a number of areas.
The undoubted success of the College is due to it having a team of highly committed and very able staff – academic, pastoral and support.
## **PLANS FOR THE FUTURE & GOING CONCERN**
During the year the Trustees have been kept regularly updated on all College matters. They have regularly reviewed monthly financial management reports which include income and expenditure reports on actuals, variances to budget, comparisons to the previous year and forecasts, together with operating and projected cash flows which support a positive financial position. The year ahead is likely to present new challenges. With inflation continuing to rise and energy costs spiralling, careful cost management will be essential. Recruitment for September 2023 is already very strong and we expect to be at capacity. Our 2023 summer course programme has been launched on our website and our target is to recruit upwards of 350 students. Our summer courses are being redeveloped to ensure we continue to deliver high standards and interesting and challenging content and we will continue to research new markets to extend our reach globally.
Due to the uncertainties of the coronavirus pandemic, the Board put on hold the next phase of the accelerated programme of capital developments to ensure that it protected its position of financial strength. As reported last year, two projects are now being revisited – an extension of the Bursary to allow expansion and create offices to support its international development staff, and an extension to and redesign of its main kitchen and dining hall. The bank loan facility, of which £7.5m of the original £12.5m remains undrawn, will be utilised as needed. Taking all these factors into account, the Board has a reasonable expectation that the College has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing the financial statements.
The Trustees continue to look for alternative income streams and discussions with a number of interested parties are ongoing to explore the setting up of overseas schools. Work on the provision of bespoke online courses is also continuing.
9
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **RISK MANAGEMENT & PRINCIPAL RISKS & UNCERTAINTIES**
The Trustees have reviewed the major strategic, business and operational risks which the Trust faces. Systems have been established to enable regular reports to be produced so that necessary steps can be taken to mitigate these risks.
Risks are managed under the following headings: Board of Trustees, management and structure, financial management, staffing, facilities provision and maintenance, academic standards, marketing, health and safety, reputation, information systems, regulatory requirements and overseas campuses. A risk register is in place and is fully reviewed on an annual basis. The risk factor of each risk is reviewed alongside the corresponding control measures. It was last reviewed on 17 June 2022. Risk management is also discussed regularly at Board meetings.
Principal risks and mitigations are as follows, which include risks relating to the coronavirus pandemic:
**Coronavirus and its impact on the recruitment of students.** Almost all restrictions have been lifted and education fairs in key markets across the world are now being attended in person to promote the College and engage with prospective students and their parents. Overseas students are now able to travel freely, with minimum testing required, which the College assists in arranging, and quarantine only in a small number of countries. The College continues to provide strong medical care and support, with isolation arrangements available to protect against the spread of the virus, which provides reassurance to both students and their parents that risks are minimised.
**Coronavirus and the control of infection in the College community.** Risks have reduced following the extensive vaccination programme within the UK and overseas. Enhanced hygiene procedures continue to be encouraged and practices and procedures monitored to protect everyone in the community, with the reintroduction of protective measures as necessary. Guidance from government sources and other regulatory/advisory bodies continues to be followed.
**Coronavirus and its financial impact.** The reduction in student recruitment for 2022/23 is likely to be a result of the pandemic as families re-assess priorities as life returns to a new normal. The situation will continue to be monitored and costs will be tightly controlled.
**Increase in taxation, removal of charitable status and uncertainties for the future of independent education.** These are being monitored and guidance sought from legal and professional consultants.
**Market dependence, loss of a key market, global economic fluctuations and the affordability of fees.** The marketing strategy includes actively promoting the College with visits by senior management personnel to all the main countries from which it recruits students and also visiting other countries to explore the development of new markets. A contingency plan is in place to counteract the immediate effect of the loss of a key market. Fee increases are carefully considered to take into account the strength of sterling in the countries from which the College recruits. Discounts and bursaries are awarded to enable students who fulfil the College’s academic criteria to attend, regardless of their ability to pay fees. Attendance at education fairs has returned following the lifting of travel restrictions imposed by the coronavirus pandemic. The College is actively marketing all courses to maximise exposure and protect its income stream.
**Loss of key personnel.** Terms and conditions of employment are regularly reviewed and provision is made to encourage professional development and enhanced skills through training.
**Security of IT systems.** An ICT strategy has been developed to improve the ICT network and its protection through improved firewalls, antivirus and malware protection. A cyber security review has been undertaken by an independent consultant and measures will be implemented during the course of the year in line with his recommendations to improve the College's position.
**The effect of regulation and legislation.** Internal processes have been developed to address legal and regulatory compliance including the allocation of responsibility and accountability to key personnel. The management of legal and regulatory compliance for boarding schools is further supported by the Senior Management Team to aid the College’s self-assessment and enable a plan of continuous improvement.
10
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **FINANCIAL REVIEW**
The results for this year provide a strong position following the impact of the pandemic over the last two years.
Regular meetings of the Board have been held throughout the year to enable the Trustees to regularly review income and expenditure against budget provisions and monthly cash flow analysis against projections as part of the robust financial controls in place. The Trustees also review each year the delegated powers given to the Finance and Estates Committee with regard to financial controls.
The financial statements reflect the activities and results of the Trust and its subsidiary, Concord College International Limited.
The group achieved net income of £3,646,580 for the year (£3,683,342 in 2021). Fee income increased by £2,886,018 and investment returns contributed £397,069.
Main term student numbers have been comparable to 2020/21 and despite the impact of the coronavirus on the global economy, the bad debt position has again been very low. A healthy cash flow position has been maintained throughout the year.
Revenue expenditure was 9.1% higher overall than in 2020/21. The main contributors were increases in the cost of food (c40%), electricity (c120%), heating oil (c50%), LPG (c70%), marketing with the return to attendance at exhibitions, summer course expenses (having been cancelled in the previous two years), fuel for fleet vehicles and the hire of coaches for student transportation.
Capital expenditure during the year was very low at £449.1k in line with initial design work on new projects currently being revisited.
The Trust's main source of income is through the charging of fees and its charitable status ensures that parents have the assurance that all income is reinvested in the College for the benefit of current and future students.
The College's scholarship fund remains in place with the specific aim of providing scholarships and bursaries to academically bright and financially poor students. The fund is administered by a committee of selected Trustees and alumni. The fund is a restricted fund and is managed in a separately identifiable account. Donations during the year to the Anthony Morris bursary and scholarship foundation amounted to £4,857 (£79,150 in 2021). Appeals to alumni continue.
The Trust’s trading subsidiary, Concord College International Limited, continued as its trading arm. Any profits made by the Company, in excess of operating needs, are gift aided to the Trust. The Shanghai Concord Bilingual School, which opened in September 2017, has had a successful fourth year and student numbers have increased further. The construction of a new school in Sunsuria City in Malaysia has commenced and it is due to open in September 2024. Opportunities to create other international schools continue to be explored.
## **Reserves policy**
The College, in common with other independent schools, does not now have free general reserves. The day to day operations of the College are controlled by careful management of both income and expenditure and cash requirements. These are monitored by the Trustees at regular Board meetings. The Trust also maintains a portfolio of investments to provide the liquidity needed to sustain high standards in the event of a temporary fall in student numbers. These investments could be liquidated quickly should the need arise.
Total funds as at 31 August 2022 were £46,090,568 (£42,443,988 in 2021). Of these, £675,135 (£670,278 in 2021) was held in the restricted fund highlighted above, with the remaining funds of £45,415,433 invested in fixed assets (£41,773,710 in 2021).
11
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **TRUSTEES' REPORT (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Following a review of investment manager during the year, Cazenove Capital was appointed in October 2021 and all investments held with M&G were sold. The Trust's total portfolio of investments is currently held in the Cazenove Charity Responsible Multi-Asset Fund. The objective of the fund is long term investment with a diversified strategy investing in equities, bonds, property and alternative assets to deliver a return of 4% per annum and managed with a long term performance target relative to inflation. It adopts a responsible investment approach seeking sustainable long term returns, using exclusions, the integration of environmental, social and governance considerations in equities and engagement throughout share ownership. Given the short period of time that our investments have been managed by Cazenove, it is not possible to measure performance to the year end against their objectives.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees, who are also the directors of the charitable company, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures
- disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
- company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the Trustees is aware at the time the report is approved:
- there is no relevant audit information of which the company's auditors are unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
- information and to establish that the auditors are aware of that information.
## **AUDITORS**
The Auditors, Haysmacintyre LLP, have expressed their willingness to be re-appointed as auditors of the Trust in accordance with Section 485 of the Companies Act 2006.
The Trustees have approved and authorised the Trustees Report including the Strategic Report at its meeting on 9 December 2022 and it was signed on its behalf by
Dr I M Bride 9 December 2022
12
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF**
## **THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **Opinion**
We have audited the financial statements of The Bell Concord Educational Trust for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and 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 group’s and the parent charitable company’s affairs as at 31 August 2022 and of the group’s net movement in funds, including its income and expenditure, 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 Companies Act 2006.
## **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 group 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**
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.
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 charitable company'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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
## **Opinions on other matters prescribed by the companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Trustees’ Annual Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements.
13
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF**
## **THE BELL CONCORD EDUCATIONAL TRUST LIMITED (continued)**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company; or
- the parent charitable company financial statements are not in agreement with the accounting records and
- returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s and the parent charitable company’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 liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
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.
Irregularities, including fraud, are instances of non-compliance 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:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to ISI regulations, safeguarding regulations, health and safety law, GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- inspecting correspondence with regulators and tax authorities;
- discussions with management including consideration of known or suspected instances of non-compliance with
- laws and regulation and fraud;
- evaluating management's controls designed to prevent and detect irregularities;
14
**INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF**
## **THE BELL CONCORD EDUCATIONAL TRUST LIMITED (continued)**
## **Auditor’s responsibilities for the audit of the financial statements (continued)**
- identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by
- unusual users or with unusual descriptions; and
- challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Weaver (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP (Statutory Auditors)
Date: 13 December 2022
10 Queen Street Place London EC4R 1AG
15
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **(INCORPORATING INCOME & EXPENDITURE ACCOUNT)**
|Notes
**Income from:**
**Charitable activities**
School fees receivable
1
Other academic income
**Other College activities**
Rental income and sale of fixed assets
2
Furlough grants
2
**Other trading activities**
Concord College International Limited
3
**Investments**
Bank and other interest
**Donations**
Donations
**Total income**
**Expenditure on:**
4
Raising funds
Charitable activities
Trading activities
Corporation tax liability on trading activities
**Total expenditure**
Net gain on investments
11
**Net income and net movement of funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
17
**Operating result for the year before**
**gains/losses on investments**|Unrestricted
Funds
£
24,937,675
748,547
4,200
-
442,515
81,708
-
26,214,645
**-**
22,825,315
144,676
-
22,969,991
3,244,654
397,069
3,641,723
41,773,710
45,415,433|Restricted
Funds
£
-
-
-
-
-
-
4,857
4,857
-
-
-
-
-
4,857
-
4,857
670,278
675,135|**2022**
**Total**
**£**
**24,937,675**
**748,547**
**4,200**
**-**
**442,515**
**81,708**
**4,857**
**26,219,502**
**-**
**22,825,315**
**144,676**
**-**
**22,969,991**
**3,249,511**
**397,069**
**3,646,580**
**42,443,988**
**46,090,568**|_2021_
_Total_
_£_
_22,051,657_
_646,822_
_11,600_
-
_378,085_
-
_79,150_|
|---|---|---|---|---|
|||||_23,167,314_|
|||||_515_
_20,936,301_
_43,257_
_-_|
|||||20,980,073|
|||||_2,187,241_
_1,496,101_|
|||||3,683,342
_38,760,646_|
|||||_42,443,988_|
No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.
There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.
The accompanying notes form an integral part of this Statement of Financial Activities.
16
## **THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **CHARITY AND CONSOLIDATED BALANCE SHEETS - COMPANY NUMBER 01503040**
## **AS AT 31 AUGUST 2022**
|**Note**
**Fixed assets**
Tangible fixed assets
10
Investments
11
**Current assets**
Stocks
Debtors
12
Cash at bank and in hand
**Creditors: due within**
13
**one year**
**Net current assets / (liabilities)**
**Bank loan**
14
**Net assets**
Represented by:
**Unrestricted (general) funds:**
Designated funds:
Fixed assets fund
17
**Restricted fund**
17|**s**
**£**
**£**
_£_
**40,913,761**
**6,716,938**
**47,630,699**
**60,005**
_77,788_
**501,743**
_374,084_
**23,047,668**
_18,836,626_
**23,609,416**
_19,288,498_
**(20,149,547)**
_(20,585,509)_
**3,459,869**
**(5,000,000)**
**46,090,568**
**45,415,433**
**45,415,433**
**675,135**
**46,090,568**
**Group**
**2022**
_20_|**s**
**£**
**£**
_£_
**40,913,761**
**6,716,938**
**47,630,699**
**60,005**
_77,788_
**501,743**
_374,084_
**23,047,668**
_18,836,626_
**23,609,416**
_19,288,498_
**(20,149,547)**
_(20,585,509)_
**3,459,869**
**(5,000,000)**
**46,090,568**
**45,415,433**
**45,415,433**
**675,135**
**46,090,568**
**Group**
**2022**
_20_|_£_
_42,421,125_
_6,319,874_
_48,740,999_
(1,297,011)
_(5,000,000)_
_42,443,988_
_41,773,710_
_41,773,710_
_670,278_
_42,443,988_
_21_|**£**
**£**
_£_
**40,913,761**
**6,716,939**
**47,630,700**
**60,005**
_77,788_
**539,896**
_416,920_
**22,705,973**
_18,458,961_
**23,305,874**
_18,953,669_
**(20,143,844)**
_(20,585,509)_
**3,162,030**
**(5,000,000)**
**45,792,730**
**45,117,595**
**45,117,595**
**675,135**
**45,792,730**
**2022**
_20_
**Charity**|**£**
**£**
_£_
**40,913,761**
**6,716,939**
**47,630,700**
**60,005**
_77,788_
**539,896**
_416,920_
**22,705,973**
_18,458,961_
**23,305,874**
_18,953,669_
**(20,143,844)**
_(20,585,509)_
**3,162,030**
**(5,000,000)**
**45,792,730**
**45,117,595**
**45,117,595**
**675,135**
**45,792,730**
**2022**
_20_
**Charity**|_£_
_42,421,125_
_6,319,875_
_21_|
|---|---|---|---|---|---|---|
|||||||_48,741,000_
(1,631,840)
_(5,000,000)_|
|||_19,288,498_
_(20,585,509)_|||_18,953,669_
_(20,585,509)_||
||||||||
|||||||_42,109,160_|
|||||||_41,438,881_|
|||||||_41,438,881_
_670,278_|
|||||||_42,109,159_|
APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD AND SIGNED ON ITS BEHALF ON 9 DECEMBER 2021 BY
DR I M BRIDE CHAIRMAN OF THE BOARD OF TRUSTEES
The accompanying notes are an integral part of these balance sheets.
17
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|Note
**£**
**£**
**Net cash outflow from operations**
**Net cash provided by operating activities**
(i)
**4,575,437**
**Cash flows from investing activities:**
Investment income - bank interest and other income
**81,708**
Sale of tangible fixed assets
**3,000**
Purchase of investments
**(6,605,000)**
Disposal of investments
**6,605,005**
Purchase of tangible fixed assets
**(449,108)**
**Net cash provided by investing activities**
**(364,395)**
**Cash flows from financing activities:**
Increase in bank loan
**-**
**Net cash provided in financing activities**
_-_
Change in cash and cash equivalents in the
**4,211,042**
reporting period
Cash and cash equivalents at the beginning of the
**18,836,626**
reporting period
Cash and cash equivalents at the end of the
(ii)
**23,047,668**
reporting period
**Notes:**
**(i) Reconciliation of net income to net cash flow from operating activities**
**£**
**£**
**Net movement in funds**
**3,646,580**
**Adjustments for:**
Depreciation
**1,956,472**
(Profit) / loss on sale of fixed assets
**(3,000)**
Investment income - bank interest
**(81,708)**
Net (gain) / loss on investments
**(397,069)**
(Increase) / decrease in debtors
**(127,659)**
(Decrease) / increase in creditors
**(435,962)**
(Increase) / decrease in stocks
**17,783**
**928,857**
**Net cash provided by operating activities**
**4,575,437**
**(ii) Analysis of cash to cash equivalents**
**2022**
**£**
Cash at bank and in hand
**23,047,668**
**2022**
**2022**|_£_
_£_
_5,693,781_
**-**
_11,000_
**-**
**-**
_(294,940)_
_(283,940)_
**-**
_-_
_5,409,841_
_13,426,785_
_18,836,626_
_£_
_£_
_3,683,342_
_2,023,558_
_(11,000)_
_-_
_(1,496,101)_
_258,192_
_1,207,813_
_27,977_
_2,010,439_
_5,693,781_
_2021_
_£_
_18,836,626_
_2021_
_2021_|_£_
_£_
_5,693,781_
**-**
_11,000_
**-**
**-**
_(294,940)_
_(283,940)_
**-**
_-_
_5,409,841_
_13,426,785_
_18,836,626_
_£_
_£_
_3,683,342_
_2,023,558_
_(11,000)_
_-_
_(1,496,101)_
_258,192_
_1,207,813_
_27,977_
_2,010,439_
_5,693,781_
_2021_
_£_
_18,836,626_
_2021_
_2021_|
|---|---|---|
|||_5,693,781_|
|||_2021_
_£_
_18,836,626_|
18
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **ACCOUNTING POLICIES**
A summary of the principal accounting policies adopted (which have been applied consistently, except where noted) is set out below.
## **Basis of preparation**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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.
The company has taken advantage allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities.
## **General information**
The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 01503040 and charity number: 326279. The Charity’s registered office address is: Acton Burnell Hall, Acton Burnell, Shrewsbury, Shropshire, SY5 7PF.
The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.
## **Going concern**
Having reviewed the funding facilities available to the College together with the expected ongoing demand for places and the College’s future projected cash flows, the Board has a reasonable expectation that the College has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the College’s financial viability. Accordingly, the Board continues to adopt the going concern basis in preparing the financial statements.
## **Public benefit**
The Company, incorporated on 19 June 1980, is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee.
## **Trading subsidiary**
The wholly owned trading subsidiary of the Trust, Concord College International Limited, has been active during the year in exploring opportunities for the development of international schools overseas and in the UK. The results of the year for assets and liabilities for the Company have been consolidated into these accounts on a line by line basis.
## **Critical accounting judgements and estimates and key sources of estimation uncertainty**
In the application of these accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates.
19
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. The Trustees consider the following items to be areas subject to estimation and judgement:
Depreciation:
The useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required.
The following principal accounting policies have been applied:
## **Income and endowments**
All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied. Tuition and boarding fees, less any allowances, bursaries or scholarships awarded, are recognised in the period in which they are received. There is no advanced fee fund scheme in place; on occasion, some parents may attempt to pay for fees in advance but they are free to utilise their account balances as they see fit which may include the anticipation of future invoices or the immediate need for school trips and visits. Consequently, the most appropriate method to treat fee income is to allocate it in the period it is received.
Donations and legacies are recognised when the conditions of entitlement, probability and measurement are met. Where the probability and/or measurement criteria for legacies and donations are not satisfied as at the balance sheet date but subsequent events resolve the uncertainty such that the criteria are met, an adjustment is made to recognise the income.
Investment income from dividends, bank balances and fixed interest securities is included when receivable and the amount can be measured reliably by the College. Dividends are recognised once the dividend has been declared and notification has been received that the dividends are due.
## **Expenditure**
Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably, expenditure is allocated to the appropriate headings relevant to the charitable activities. Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s). Expenditure on raising funds comprises commissions, advertising and marketing and associated travel and subsistence. Expenditure on charitable activities comprises personnel, catering and domestic, property, repairs and maintenance, rent, rates, light and heat, student supplies and services, depreciation, motor and travel, office overheads and insurance.
Support costs represent indirect costs relating to raising funds and the Charity’s charitable activities. Support costs, including governance costs, are allocated to activities on bases that represent the Trustees’ best estimate of actual use. The bases used to allocate costs to the above categories of expenditure are set out in note 5.
Governance costs comprise the costs of running the charity, including strategic planning for its future development, auditors’ remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as costs of Board meetings and preparing the statutory accounts and are included in note 6.
20
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **Pension costs**
Retirement benefits to employees of the College are provided through two pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:
(a) The Teachers’ Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the College’s share of the underlying assets and liabilities of the Teachers’ Pension Scheme on a consistent and reasonable basis and therefore, under FRS 102, the scheme is accounted for as if it were a defined contribution scheme. The College’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.
(b) The Pensions Trust Flexible Retirement Plan - The plan is a multi-employer defined contribution money purchase scheme. All contributed costs are accounted for on the basis of charging the cost of providing pensions over the period when the College benefits from the employees’ services. The College has no further liability under the scheme.
## **Operating leases**
Rentals under operating leases are charged on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
## **Tangible fixed assets**
Assets are capitalised if they have a value over £2,500, with occasional variations (eg computers).
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|Freehold property|2% straight line (except new sports hall six years, temporary classrooms three|
|---|---|
||years)|
|Plant and machinery|20% straight line|
|Motor vehicles|20% straight line|
|Fixtures and fittings|20% straight line|
|Computers|20% - 33.33% straight line|
No depreciation is provided on freehold land.
## **Investments**
Investments held for the long-term to generate income or capital growth are carried at fair value as fixed assets. Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquired during the year. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments. Realised and unrealised gains are accounted for within the Statement of Financial Activities.
## **Stock**
Stock represents goods for resale and is valued at the lower of cost and net realisable value.
## **Financial instruments**
Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis:
21
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
_Cash and cash equivalents_
Cash and cash equivalents includes cash in hand, deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.
## _Debtors and creditors_
Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure.
## **Fund accounting**
The charitable trust funds of the College are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Designated funds are funds set aside by the Trustees for particular purposes where their use remains at the discretion of the Trustees.
Restricted funds represent amounts donated to the College for specific purposes such as funding building developments, scholarships, bursaries and prizes.
22
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **1. Charitable activities - fees receivable**
|Fees receivable consist of:
Gross fees: main term
Gross fees: charges for half terms, Christmas & Easter
Gross fees: summer courses
Less: total bursaries, scholarships and allowances|**2022**
**£**
**24,918,800**
**626,225**
**562,860**
**(1,170,210)**
**24,937,675**|_2021_
_£_
_23,374,804_
_521,125_
_58,135_
_(1,902,407)_|
|---|---|---|
|||_22,051,657_|
Scholarships, bursaries and allowances were paid to 118 pupils (138 pupils in 2020/21). Within this, means tested bursaries totalling £521,487 were paid to 34 pupils (£527,368 to 39 pupils in 2020/21).
## **2. Other College income**
|Rental income
Profit on sale of fixed assets
Furlough grants|**2022**
**£**
**1,200**
**3,000**
**4,200**
-|_2021_
_£_
_600_
_11,000_|
|---|---|---|
|||_11,600_|
|||-|
## **3 Income from subsidiary's trading activities**
|Turnover
Costs of trading
Gross profit
Administrative expenses
Operating profit
Retained profit
Current assets
Current liabilities
Net assets/(liabilities)|**2022**
**£**
**442,515**
-
**442,515**
**(144,676)**
**297,839**
**297,839**
**366,480**
**(68,641)**
**297,839**|_2021_
_£_
_378,085_
-|
|---|---|---|
|||_378,085_
_(43,257)_|
|||_334,828_|
|||_334,828_|
|||_378,245_
_(43,416)_|
|||_334,829_|
The Trust owns the whole of the £1 ordinary share capital of Concord College International Limited, incorporated in England. The principal activity of the Company is to provide business and consultancy services. Its trading results for the period, as extracted from the audited accounts, are summarised above.
The management charge from The Bell Concord Educational Trust Limited to Concord College International Limited was £144,676 (£43,257 in 2021).
23
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**4.**
**Analysis of total resources expended**
**Total expenditure**
**Cost of raising funds**
Fundraising
Total for the charity
**Trading costs of subsidiary activities**
**Total for the group**
**Charitable expenditure**
Teaching costs
Welfare
Premises
Other academic costs
Support costs of schooling
(including governance)
**Total charitable expenditure**
**Total resources expended for the group**
**Comparisons to 2021:**
**_Cost of raising funds_**
_Fundraising_
_Total for the charity_
**_Trading costs of subsidiary activities_**
**_Total for the group_**
**_Charitable expenditure_**
_Teaching costs_
_Welfare_
_Premises_
_Other academic costs_
_Support costs of schooling_
_(including governance)_
**_Total charitable expenditure_**
**_Total resources expended for the group_**|Staff costs
(note 8)
£
-
-
-
-
7,129,349
3,570,043
1,214,061
-
1,639,318
13,552,771
13,552,771
_Staff costs_
_£_
_-_
_-_
_-_
_-_
_7,199,142_
_3,181,657_
_1,172,881_
_-_
_1,554,880_
_13,108,560_
_13,108,560_|Depreciation
(note 10)
£
-
-
-
-
686,636
87,143
1,182,693
-
-
1,956,472
1,956,472
_Depreciation_
_£_
_-_
_-_
_-_
_-_
_653,482_
_92,461_
_1,277,615_
_-_
_-_
_2,023,558_
_2,023,558_|Other
£
-
-
144,676
144,676
1,337,523
1,643,610
1,887,311
667,384
1,780,244
7,316,072
7,460,748
_Other_
_£_
_515_
_515_
_43,257_
_43,772_
_911,230_
_1,480,033_
_1,365,187_
_558,936_
_1,488,797_
_5,804,183_
_5,847,955_|**Total**
**2022**
**£**
-|
|---|---|---|---|---|
|||||-
**144,676**|
|||||**144,676**|
|||||**9,153,508**
**5,300,796**
**4,284,065**
**667,384**
**3,419,562**|
|||||**22,825,315**|
||||||
|||||**22,969,991**|
|||||**_Total_**
**_2021_**
**_£_**
**_515_**|
|||||**_515_**
**_43,257_**|
|||||**_43,772_**|
|||||**_8,763,854_**
**_4,754,151_**
**_3,815,683_**
**_558,936_**
**_3,043,677_**|
|||||**_20,936,301_**|
||||||
|||||**_20,980,073_**|
24
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **5. Analysis of direct and allocated costs**
Support costs all relate to the direct operating costs of the College and principally comprise the following:
|Administration and related costs
Promotion and related costs
Governance (see note 6)
**6. Governance**
Trustees' travel
Trustees training
Audit and accountancy
Professional and registration fees
**7. Grants, awards and prizes**
_From unrestricted funds:_
Bursaries
Scholarships
Discounts
Summer course reductions
**8. Staff costs**
Salaries and wages
Social security costs
Pension contributions
BUPA
PHI, DIS & personal accident
Other staff related costs|**2022**
**£**
**2,447,661**
**916,709**
**34,764**
**3,399,134**
**2022**
**£**
**3,898**
**585**
**29,660**
**621**
**34,764**
**2022**
**£**
**521,487**
**327,972**
**283,941**
**36,810**|_2021_
_£_
_2,075,677_
_944,756_
_23,244_|
|---|---|---|
|||_3,043,677_|
|||_2021_
_£_
_471_
_50_
_22,170_
_553_|
|||_23,244_|
|||_2021_
_£_
_527,368_
_310,069_
_1,064,970_
_-_|
||**1,170,210**
**2022**
**£**
**10,632,999**
**1,148,054**
**1,517,080**
**36,220**
**125,413**
**93,005**
**13,552,771**|_1,902,407_|
|||_2021_
_£_
_10,311,376_
_1,068,809_
_1,459,377_
_62,152_
_128,092_
_78,754_|
|||_13,108,560_|
25
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
||**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Aggregate employee benefits of key management personnel|**1,036,053**|_1,088,018_|
Neither the Trustees nor persons connected with them received any remuneration or other benefits from the College. 8 Trustees (2021: 2) were reimbursed travel, accommodation and other expenses relating to their duties as Trustees during the year amounting to £3,898 (2021: £522) which includes amounts paid directly to third parties on behalf of Trustees during the year totalling £2,169 (2021: £50).
|mber of higher|paid|employees in bands of:|**2022**|_2021_|
|---|---|---|---|---|
|£60,001|to|£70,000|**18**|_14_|
|£70,001|to|£80,000|**2**|_4_|
|£80,001|to|£90,000|**6**|_4_|
|£120,001|to|£130,000|**1**||
|£140,001|to|£150,000|**-**|_1_|
|£150,001|to|£160,000|**1**||
|£200,001|to|£220,000|**-**|_1_|
Number of higher paid employees in bands of:
The average weekly number of full-time equivalent employees during the year was made up as follows:
|Teaching
Teaching support
Welfare
Premises
Support (including management and administration)
Premises
Average headcount:
Teaching
Teaching support
Welfare
Support (including management and administration)|**No of**
**FTEs**
**92**
**13**
**83**
**29**
**41**
**258**
**98**
**21**
**125**
**32**
**40**
**316**|_No of_
_FTEs_
_91_
_13_
_84_
_30_
_35_|
|---|---|---|
|||_253_|
|||_99_
_24_
_122_
_32_
_36_|
|||_313_|
26
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**9. Net income**|**2022**|_2021_|
|---|---|---|
||**£**|_£_|
|Net income includes:|||
|Auditors’ remuneration (including VAT) for:|||
|Audit|**25,040**|_24,000_|
|Other services|**4,620**|_3,450_|
|Depreciation|**1,956,472**|_2,023,558_|
|Operating lease costs|**46,647**|_44,120_|
|**10.Tangible fixed assets**
**Group and Charity**
**Cost**
At 1 September 2021
Additions
Disposals
At 31 August 2022
**Depreciation**
At 1 September 2021
Charge for the year
Disposals
At 31 August 2022
**Net carrying value**
**at 31 August 2022**
Net carrying value
at 31 August 2021|**Freehold**
**Land and**
**Buildings**
**£**
51,308,648
90,920
51,399,568
10,814,721
986,542
11,801,263
**39,598,305**
40,493,927|**Plant,**
**Machinery &**
**Equipment**
**£**
5,442,478
166,200
5,608,678
4,298,140
507,677
4,805,817
**802,861**
1,144,338|**Motor**
**Vehicles**
**£**
258,385
50,988
(15,236)
294,137
175,753
25,432
(15,236)
185,949
**108,188**
82,632|**Furniture**
**and Fittings**
**£**
4,647,802
141,000
4,788,802
3,947,574
436,821
4,384,395
**404,407**
700,228|**Total**
**£**
61,657,313
449,108
(15,236)|
|---|---|---|---|---|---|
||||||62,091,185
19,236,188
1,956,472
(15,236)|
||||||21,177,424
**40,913,761**|
||||||42,421,125|
On 20 April 2017 the College entered into a loan agreement with Barclays Bank Plc. There is legal charge over the freehold of various properties (land and buildings) owned by the College on the College site and in the village of Acton Burnell (see note 14).
27
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **11. Investments**
|**Investments**|||
|---|---|---|
|Market value brought forward
Additions
Disposals
Net gain on investments
Cash on deposit
Market value carried forward
Historical cost
**Investments comprise:**
Listed investments in the UK
Unlisted investments in the UK|**2022**
**£**
**6,319,875**
**6,605,000**
**(6,605,005)**
**397,069**
**6,716,939**
**-**
**6,716,939**
**6,605,000**
**2022**
**£**
**6,716,938**
**1**|_2021_
_£_
_4,823,774_
_1,496,101_|
|||_6,319,875_
_-_|
|||_6,319,875_|
|||_3,678,665_|
|||_2021_
_£_
_6,319,874_
_1_|
Unlisted investments relate to the charitable company holding a £1 share in the wholly owned subsidiary, Concord College International Limited, registered in the UK (company number 10783635) and incorporated on 22 May 2017.
|**Debtors**
Tuition fees
Prepayments
Other debtors
Amount due from trading subsidiary|**2022**
_2021_
**£**
_£_
**105,065**
_61,491_
**396,678**
_312,593_
**-**
-
**-**
-
**501,743**
_374,084_
**Group**|**2022**
_2021_
**£**
_£_
**105,065**
_61,491_
**393,193**
_312,013_
**-**
_-_
**41,638**
_43,416_
**539,896**
_416,920_
**Charity**|**2022**
_2021_
**£**
_£_
**105,065**
_61,491_
**393,193**
_312,013_
**-**
_-_
**41,638**
_43,416_
**539,896**
_416,920_
**Charity**|
|---|---|---|---|
||||_416,920_|
## **12. Debtors**
28
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **13. Creditors: due within one year**
|Trade creditors
Accruals and other creditors
Fees received in advance
Deposits
Other taxes and social security
Capital expenditure|**2022**
_2021_
**£**
_£_
**239,373**
_345,428_
**630,145**
_644,344_
**13,088,989**
_13,205,907_
**5,850,727**
_6,056,723_
**270,158**
_251,398_
**70,155**
_81,709_
**20,149,547**
_20,585,509_
**Group**|**2022**
_2021_
**£**
_£_
**239,373**
_345,428_
**624,442**
_644,344_
**13,088,989**
_13,205,907_
**5,850,727**
_6,056,723_
**270,158**
_251,398_
**70,155**
_81,709_
**20,143,844**
_20,585,509_
**Charity**|**2022**
_2021_
**£**
_£_
**239,373**
_345,428_
**624,442**
_644,344_
**13,088,989**
_13,205,907_
**5,850,727**
_6,056,723_
**270,158**
_251,398_
**70,155**
_81,709_
**20,143,844**
_20,585,509_
**Charity**|
|---|---|---|---|
||||_20,585,509_|
## **14. Long term loan**
On 20 April 2017 the College entered into a loan agreement with Barclays Bank Plc for £12,500,000 repayable over 25 years. Interest charged is linked to SONIA. As at 31 August 2021 £5,000,000 had been utilised.
|**15.**
**Financial instruments**
**2022**
**£**
Financial assets measured at amortised cost (a)
**23,152,733**
Financial assets measured at fair value (b)
**6,716,939**
Financial liabilities measured at amortised cost (c)
**(19,879,389)**
Net financial assets measured at amortised cost and fair value
**9,990,283**
(a) Financial assets include cash, trade and fee debtors, other debtors, accrued income
(b) Financial assets held at fair value include assets held as investments
(c) Financial liabilities include deposits, fees in advance, trade creditors, accruals and other creditors|_2021_
_£_
_18,898,117_
_6,319,875_
_(20,334,111)_|
|---|---|
||_4,883,881_|
|||
Impairment losses charged to financial assets measured at amortised cost in the year amounted to £34,338 (2021: £69,358).
## **16. Leases**
At 31 August 2022, the College had the following future minimum operating lease commitments:
|up to 1 year
between 1 - 5 years
more than 5 years
Total|**2022**
**£**
**48,980**
**25,714**
**-**
**74,694**|_2021_
_£_
_44,426_
66,639
_-_|
|---|---|---|
|||_111,065_|
Amounts charged to the Statement of Financial Activities are £46,647 (2021: £44,120)
29
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **17. Statement of funds: movements in the year**
|**Designated funds**
Fixed assets fund
General fund
**Total unrestricted funds**
**Restricted funds**
**Total funds**
**Comparisons to 2021:**
**_Designated funds_**
_Fixed assets fund_
_General fund_
**_Total unrestricted funds_**
**_Restricted funds_**
**_Total funds_**|**1 September**
**2021**
**£**
41,773,710
-
41,773,710
670,278
**42,443,988**
**_1 September_**
**_2020_**
**_£_**
_38,169,518_
_-_
_38,169,518_
_591,128_
**_38,760,646_**|**Income**
**£**
-
26,214,645
26,214,645
4,857
**26,219,502**
**_Income_**
**_£_**
_-_
_23,088,164_
_23,088,164_
_79,150_
**_23,167,314_**|**Expenditure**
**£**
-
(22,969,991)
(22,969,991)
-
**(22,969,991)**
**_Expenditure_**
**_£_**
_-_
_(20,980,073)_
_(20,980,073)_
_-_
**_(20,980,073)_**|**Transfers/**
**gains/losses**
**£**
3,641,723
(3,244,654)
397,069
**-**
**397,069**
**_Transfers/_**
**_gains/losses_**
**_£_**
_3,604,192_
_(2,108,091)_
_1,496,101_
**_-_**
**_1,496,101_**|**31 August**
**2022**
**£**
45,415,433
-|
|---|---|---|---|---|---|
||||||45,415,433
675,135|
||||||**46,090,568**|
||||||**_31 August_**
**_2021_**
**_£_**
_41,773,710_
_-_|
||||||_41,773,710_
_670,278_|
||||||**_42,443,988_**|
Designated funds have been set aside by the Trustees as described in the Reserves Policy on page 12.
The transfer from the Reserves Fund to the Fixed Asset Fund represents the investment in fixed assets during the year or such lesser amount as is available from free reserves.
## Restricted funds:
Scholarship fund - the scholarship fund was set up during 2016 to receive donations for the funding of scholarships and bursaries for deserving students.
## **18. Taxation**
The Trust is a registered charity and no taxation is payable on its charitable income.
## **19. Capital commitments**
At the year end, commitments for future capital expenditure totalled £nil (£nil in 2021).
30
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
|**20.**
**Analysis of net assets between funds of the charity and group**
**Unrestricted**
**Funds**
**2022**
**£**
Tangible fixed assets
40,913,761
Fixed asset investments
6,716,938
Current assets
23,609,416
Creditors due within one year
(21,191,162)
Creditors due in more than one year
(5,000,000)
**Total for charity**
**45,048,953**
Subsidiary
366,480
**Total for group**
**45,415,433**
**Comparison to 2021:**
**_Unrestricted_**
**_Funds_**
**_2021_**
**_£_**
_Tangible fixed assets_
_42,421,125_
_Fixed asset investments_
_6,319,874_
_Current assets_
_18,239,975_
_Creditors due within one year_
_(20,585,509)_
_Creditors due in more than one year_
_(5,000,000)_
**_Total for charity_**
**_41,395,465_**
_Subsidiary_
_378,245_
**_Total for group_**
**_41,773,710_**|**Restricted**
**Funds**
**2022**
**£**
-
-
675,135
-
-
**675,135**
-
**675,135**
**_Restricted_**
**_Funds_**
**_2021_**
**_£_**
_-_
_-_
_670,278_
_-_
_-_
**_670,278_**
_-_
**_670,278_**|**Total**
**Funds**
**2022**
**£**
40,913,761
6,716,938
24,284,551
(21,191,162)
(5,000,000)|
|---|---|---|
|||**45,724,088**
366,480|
|||**46,090,568**|
|||**_Total_**
**_Funds_**
**_2021_**
**_£_**
_42,421,125_
_6,319,874_
_18,910,253_
_(20,585,509)_
_(5,000,000)_|
|||**_42,065,743_**
_378,245_|
|||**_42,443,988_**|
31
**THE BELL CONCORD EDUCATIONAL TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE YEAR ENDED 31 AUGUST 2022**
## **21. Pensions**
The company contributes to two pension schemes for the benefit of staff as follows.
## **Teachers' Pension Scheme**
The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,152,469 (£1,112,160 in 2020/21) and at the year-end £138,894 (£132,770 in 2020/21) was accrued in respect of contributions to this scheme.
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.
The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.
On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgement that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards.
In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.
Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.
## **Group Personal Pension Plans**
The company operates group personal pension plans for its non-teaching staff. Contributions are made to separately administered funds managed by The Pensions Trust.
Contributions charged to the Statement of Financial Activities during the year totalled £364,611 (£347,217 in 2020/21). Amounts outstanding at the year-end totalled £51,977 (£50,560 in 2020/21).
## **22. Events after balance sheet date**
There were no events after the balance sheet date which would have had a material effect on the accounts.
## **23. Related party transactions**
There were no related party transactions in the year.
32