THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Registered Company Number.. 01503040 Registered Charity Number: 326279 CONCORD COLLEGE i!,1
THE BELL CONCORD EDUCATIONAL TRUST CONTENTS Page TrLJStees' Annual Report Independent Auditors, Report Consolidated Statement of Financial Activitiès Charity & Con501idated Balance Sheets Cash Flow Statemènt Note5 to the Financial Statements 19-32
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT FOR THEYEAR ENDED 31 AUGUST2023 The Board of Trustee5 of the Bell Concord Education Trust prèsént their report and the audited financial statements for the year ended 31 August 2D23 under the Charities Act 2011 and the Companies Act 2006, thus including the Directors, Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year. OBJECTIVES AND AcfiviTIES Purpo#• of the Bell Concord Educatlonal Trust The purpose of the Bell Concord Educational Trust I'the Trust'l is to promot* and provide lor 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. Main aSm$ and activities The Trust is responsible for the governance of Concord College, Acton Burnell, Shrewsbury, Shropshire. SY5 7PF I'the College'l. The Collégé is an independent boarding school responsible for the delivery of the GCSE and A-level curriculum. Sn addttion the College also delivers educational courses durin9 the summer months. The primary objective of the Trust is to set the very highest stsndards in the provision of the education delivered. Concord 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 our staff strive to develop a sense of community, to engender a respert for each other's cultures and beliefs and to provide a wide range of activities to broaden their outlook and wellbeing. The short term aim of Concord College is to continue with the provision of high-quality education, the development of independent learning and confidence building to en3bl& 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 Brttlsh value5. 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 universities. Their experience in Concord should benefit intercultural and busin&ss relations between their home country and the United Kingdom for the benefit of both. The medium to long term aim is the Continuous improvement in the provision of education to enable all students to compete with the very top of their international peer group and 9ain entry into the world's leading universities. The strategy for achieving these aim5 will be the continued recruitment, selection and retention of the highest quality staff and the development of facilities to ensure the delivery of academic and non- academic education in the best possible environment. Public benefit The Board ol Trustees 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 back9rounds as possible and seeks to admit all who meet our academic standards rre5pective of their financial status. The Trustees have given due regard to the public benefit guidance issued by the Charity Commission and continue to work to support the local community, widen access to education and facili(ies, and provide employment opportunities.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES. ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Publ1¢ benefit {continuedl During the past year a range of activr(ie5 have taken place that contribute to public benefit. These activities include academic OLJtrÈach to support local schools, making our recreational facilities available to the local community and to other schools, opening up key event5 such as the Medical Futures Conlerence to other schools, and providing facilities for community events such as the vi1109e feto. A local shop and post office is provided at a subsidised rent. The Trust aims to rnake it P055ible for young people who may not normally be able to afford the full fees to benefit from attending Concord at reduced fees, either through scholarships or means-tegted bursaries in order to attract the most able students irrespective of background. In 2022123 scholarships to the value of £258k1£328k in 20211221 were awarded on academic merit and bLJrsaries to the value of £585k1£521 k in 20211221 were awarded to 30 student5 based on a means test of their parents134 in 20211221. In addition to scholarships and bursaries, the Trust ha5 set the fees for day students at Concord College to ensure affordability in the local market for parents. The Trustee5 continu& to look for opportunities to s(Jpport disadvantaged student5 and are exploring ways to work with charities such as Springboard, as well as utilising the Anthony Morris Scholarship Fund to support students who may not normally be able to afford to attend Concord College. ACHIEVEMENTS AND PERFORMANCE During 2023124 Concord College had a total of 571 students on roll, including students from more than 40 countries. Of th& total students, 467 were boarders and 104 were day student5. 571 68% of A-level grades were orA More than 1CO places atwodd Top 100 univer51ties Nufflberof students Acadomic achiovaments 2023 Excellent acadernic re5uIt5 continue to be achieved by Concord Students. Grade boundaries for public exams returned to their pre-pandemic levels and so in full context Concord's results were excellent. Most notably, 1 % of all the students in England who achievod A'A'A. at A-level were Concord students. A-Level8ndASLevtrl At A-Level 31% of grades were A. 68% of grades were A'IA and 87% of grades were A'_B. 90 students achieved AAA or better, 33 achieved A'A'A" or better and 14 achieved A'A"A'A'. The A" rate wa5 surpassed in individual depanments includinq Enqlish158%1 and Maths144%1. At AS-Level Concord students eqLJalled our best ever results with 82% at A grade. I/GCS5 At IIGCSE it was Concord College's best ever set of re5uIt5'. 55% at grade 9, 77% at grade 8-9, and 90% at grade 7-9. The 8-9 rate was surpassed in individLJal departments including Chemistry 184%), StatlStics 187%), Computer Science 197%1, French 187%), Further Maths198%1. Geography181 %), History 182%), Maths187%1, Physic$182%1 and Spanish192%1.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORTlcontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 ACHIEVEMENTS AND PERFORMANCE Icontinu•dl University destinations In terFn5 of university clestinations, over 100 student5 secured places at World Top 100 universiries, including 37 students achieving a place at a Wtsrld Top 10 university. Five Concord students hÈve gone to Oxford. seven stLJdents to Cambridge and one to Cornell University. 22 students gained place5 at UCL, eiyht students at Imperial College and twelve at Warwick University. There is a continued trend lor a large number ol students to 5tLsdy mediCine1231. along with four students studying dentistry and two veterinary. Overseès place5 were taken up at Waseda lJap3nl. Dublin. Fudan (Chinal, HKUST (Hong Kongl, Ann Arbor, Chicago. Cornell. UCSD. UW IUSAI, Melbourne IAustTalial, Atnsterdam, Toronto, UBC (Canada), KMITL, Ladkrabang (Thailandl. Summer School In SLJmmÈr 2023 the College successfully ran two Summer School sessions for 272 ehildren from all around the World including Italy. Turkey. China, Thailand and Spain. For the first tirne a new set of programmes was introdu¢ed to help diversify the Summer School academic offering and to Provide wider market appeal. These new streams were offered as Discovery Workshop5 for children aged l 0-12 and Academic Projects for 13-17 year olds. Fundralsing The Anthony Morri5 Scholarship Fund was set up in 2016 to encourage donations to a fund that supports academically gifted students who may rlot be able to afford to attend Concord College. While the Trustees continue to weScome donations to the Anthony Morris Scholarship Fund, there has been no artive fundraising activity in the year. The Trust has not used a commercial fundraiser or commercial participator and there have bene no complaint5 qardinq fundraisinq activities. Carbon and enorgy reporting During the year the Trust took the following energy efficiency actions.. Upgrading of existing fluorescent and tungsten lighting 4¢ross the college upon failure, with new LED fittings and PIR sen50rs in areas ol low use. b. General good housekeeping on energy equipment and lighting across all areas ¢. New Building Mana9ement System IBMSI for space heating control. The Trust's emissions for 2022123 are set in the table below with a comparison to the previous year. JnJ-.I i()i Ener8y use 6,990.3 Mwh 7.527.7 Mwh Associated greenhouse gas emissions Tonnes C02 equivalent Intenslty ratio Erni55ions per stvdent 1,691.9 tC02 1.804.9 tC02 2.97 tC02 per student 3.01 tC02 per student In the reporting of carbor) ancl energy the Trust has used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition). Further emission factors were used from UK Governmenys GHG Conversion Factors for Company Reporting.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORTlcontinuedl FOR THE YEAR ENDED 31 AUGUST2023 FINANCIAL REVIEW Income and expondituro The details of income and expenditure are shown in the Consolidated Statement of Financial Activities on page The Trvst achieved net income in the year of £2.6 million12022.. £3.6 millionl. Total revenue in 2022123 was £27.5 million12022.. £26.2 million). Income from school fees, net of bursaries, scholarships and other rÈmissi(>ns was £23.3 million12022.. £23.6 millionl. The College saw a small decrease in demand for places from students wilh the right level of academic ability and this has theref(>re Imparted our school lee income. Total revenue wa5 also contributed to by a recovery in Sumrner School numbers and the two se55ion5 run in 2023 generated net income of £1.2 million12022.. £0.5 million). Income from investmenis and other bank deposits was £852,116 12022.. £81,708). The performance of the investment portfolio was sluggish during the year, but the College was able to benefit from increases in the Bank of England base rate and the impatt of this on deposit accounts. Income from donations to the Anthony Morris Scholarship Fund was £141.29312022..£4,8571, and the Trust was fortunat8 to benefit from a sin9le large anonymous donation during the ye4r. How we Spent our money in 2022123 During 2022123 cost5 incurred in operating thÈ charitable adivities increased to £24.5 million12022.- £22.9 million). Othèr academic costs. 3% upport, 16% The increase in our expenditvre was primarily driver) by wider inllationary pressures. Particularly on energy and food. Active management of costs during the year helped control expenditure below bud9Èted levels. Tèaching* 40% remises, 18% Studerrt The chart opposite shows the proportion of expenditure across e3ch area of the Trust's operations. Consolidated net assets were £7.1 tnillion12022.. £3.5 millionl. The Trust's cash reserves in¢reas$d in the period by £5.6 million12022.' increase of £4.6 million). R•s•N•s polic The Trust's policy is to maintain èdequate reserves for the following purposes.. 1. to provide the liquidity needed to enable the Trust to 5U5tsin its high academic and norn-academic standards in the evenl of a temporary fall in student number5,' 2. to provide the funds needed lor continuing capital expenditure on enhanced teaching, domestic and recreational facilities.. and 3. to provide bursaries for student5 frorn families who would not normally be able to alford to attend Concord College. Total lund5 as at 31 August 2023 were £48.7 million1£46.1 million in 20221. Of these funds. £816.428 wa5 held iri restricted funds12022.. £675,135), with the reTnaining funds invested in fixed assets. The Trust doe5 not hold free general reserves.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW {conlinu#dl Inv•stm•nts Ai 31 August 2023 the investments were £6.7 mi15ion 12022.. £6.7 million). The Trust's total portfolio ol investments is held in the Cazellove Charity Responsible Multi-Asset Fund. The objective of the fund is lorig- term investment with a diversified strategy investing in equities, bonds, property and alternative assets to deliver a return of 4% pèr annum and managed with a long term performance target relative to inflation. It adopts a responsible investment approach seeking sustainable long-term returns, u51n9 exclusion5, the integration of environmental, social and governance considerations In equities and engagement throLJghout share ownership. Con¢ord College Intsrnation•l The Trust's trading subsidiary, Concord College International Limited, made a gift aid contribution to the Trust of £294,02312022.. £334.8281. Concord College International has two principal activities.. to license the Concord brand to sister schools in other countries". and to develop online learning through the Virtual Exam Tutor pSattorm. The Shanghai Concord Bilingual School now operates two campuses in Shanghai, the most recent oper)Ing in September 2023. A new school is being constructed in Sunsuria City Malaysia and will oDen in Sentember 2024. an¥ for the fvture and 901119 concern Objective5 for the coming year are as follows.. 1. Approve a new strategic plan for the Trust and Concord College,. 2. Begin the construction of a new 60-bed boarding residence and a new sports hall on the campus- 3. Complete the review of key 5y5tems, including MIS and finance, and implement a Smooth trallsition,. 4. Develop a holistic approach to dealing with EDI issues and inclusion., 5. Develop and approve supporting strategies and plans for finance, IT and sustainability. As part of their strategic review the Trustees have approved a major capital programme for the next five years based around a revised campus plan for Concord College which creates campu5 zones for key activities - learning, sport and activtties, and boarcling. Plans are being developed for new boardin9 houses nd a permanent replacement to the temporary extension to the sports hall. In addition, there are plans for a nÈw dining hub at the cenire ol the campus. Funding for the projects will come through reinvestment o* surpluses. The bank loan of £5m will be utilised as required to support this investment in the campu5. 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 concem basis in preparing the linancial statement5.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES. ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Rlsk management and prindple ri$k5 and uncertainties The Trustees have reviewed the major strategic, bu5ine5s and operational risks which the Trust faces. Systems have been e5tabli5hed to enable regular reports to be produced so that necessary st&ps can be taken to mitigate these risks. A risk register is in place and is fully reviewed by the Trustees on an annual basis. The risk factor of each risk is reviewed alongside the correspondin9 control measures. Risk management is also discussed regularly at Board meetings. The controls used by Concord College to rninimise risk include.. Safeguarding procedures as required by law for the protection of children and wider stskeholders,- b. Terms of reference, together with formal agendas, for committee and Board meetings., Careful Trustee recruitment, wtth appropriate skills, to ensure all risks are covered.. d. Established organi5ational structures and lines of reporting., e. Formal written policies., f. Appropriate regulatory vetting, safeguarding procedures and re9lSters as required by law and regu18tion,' g. Continued professional development and training,. h. Use of an independent Health & Safety consultant who reviews arrangements for Health & Safety,. Other independent contractors and experts are used as reqLJired to bring in specialist advice to address risks-, j. Comprehensive budgeting and monitoring including th8 preparation of sensitivity analysis. Kèy areas of risk that are considered by the Board and the Concord Senior Team include-. l. Threats related to regulatory compliance with the requirements of lamongst others) the Independent Schoo15 Inspectorate, UK Visas and Immigration, HM Revenue and Customs and the Charttie5 Commission, which may in turn impact the College's reputstion and/or financial position,. 2. Maintaining recruitment of suficient students of high academic ability.. 3. Threats to the independent school secror as a whole, including political volatility. These may include changes to taxation of school ees or taxation matters affecting College employees.. 4. Security of IT system5 and the risk of cyber attack., 5. Market dependence and the risk of loss of a key market,. 6. Threats impacting on the wellbeing of students and other stakeholders. These encompass the risk of physical or ment31 harm arising from the artions of staff, pupils or persons external to the organisation. Equality, Diverslty and In¢lu8lon The Trustees have a commitment to challenge and address inequality. A Trustee has been given responsibility for the ov&rsight of EDI, and initatives are being led by a named member of the Concord Senior Team. The Trust recognises that while it does deliver some good work to address EDI. +urther efforts are needed to bring this together into a comprehensive plan and actions.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 sfRUCTURE. GOVERNANCE AND MANAGEMENT ConstitLrtion The Trtjst is a private Cofnpany limited by gLJarantee. It is governed by its Memorandum and Articles of Association. It is reglstered as a charity (registered charty number.. 3262791. Organisational management The business of th& Trust is managed by the Board of Trustees and the Articles of Association stipulate that their number must not be less than lour nor more than twelve. New Tru5tee5 are recommended to the Board by the Governance & Nominations Committee and are nominated and are selerted on the basis of professional qualities, experience, personal competence and availability and appointed where they have the necessary skills to contribute to the Trust's development. The Board of Trustees meets five times a year. The Trustees determine the strategy and policies of Concord College. The Board of Trustees delivers its responsibilities through sub-committees which report to the Board. These committees are a5 follows.. A Finance & Estates Cornmittee which meets as necessary and with external adviser5, from whorn report5 are received as required. The Board ratifies the decision5 of the Finance & Estates Committee. There is also an Academic Committee, a Welfare Committee, a Marketing Committee, a Governance & Nomination5 Committee and a Compliance and Health & Safety Commtttee, all of which meet a nufnber of times a year. In addition there is an advisory committee for the Anthony Morris Foundation and the artivities of Concord College International are overseen by the directors of CCIL Ltd. Board of Trustoes contDrd i.olloR Academic Cornmitteo tsovernancÈ & Norriniirions Finance & Wèlfare (ommiiro Marketing Commiiroè co1p11anCe and Health & 53fely comtniLiee CommittÈe The Board approves each year the dele9ated powers given to the Principal and Bursar to enable them to administer the daily working of the Trust. They are 2150 5UPPOrted by the Vice Principal IAcademicl, Vice Principal IPastorall Head of Lower School and Assistant Principals and they, together with the Principal and Bursar, comprise the Concord Senior Team and the key management personnel. New Trustees are inducted through meetings with the Chair, the Principal, the Bursar and other members of the Concord Senior Team, includin9 an introduction to college policies 8nd procedures. Training is provided both internally and through exterrlal sources such as AG81S 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 lor rewarding fairly and responsibly individual contributions to the College's succes5. 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 Trust's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largèst singlè elèmènt of our charitable expenditure.
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES. ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 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 is aware that the areas in which we currently do not fu51y comply are recruitment processes, diversity. term limits and revTew of Board performance. Subsequent to the year end the Board has establishèd a Governance & Nominations Committee which 15 tasked with enhancin9 governance arrangements, Promotion of the success of the organisation to benefit its members The Board of Trustees confirffl that in accordance wtth Section 172111 of the Companies Act it acts in a way it considers most likely to achieve the purposes of the Bell Concord Educational Trust. In rnaking thi5 assessment the Trustees consider the following.. rh8 likely consequ8nc8s ol&ny decision iii the long term The long-term sustainability of the operating model 15 considered by the Board through Short and long term financial projections and key risks that could negatively impact the SLJStainability of the Trust. The Board and its committees review management information, budgets, cashflow projections, forecasts and pro9ress against objectives on a regular basis. b. The inter8sts ofthe frusts employ8es The Board and its committees receive regular reports from management on staff matters including turnover and staff morale. Selected staff are invited to meet Trustees at social events four times a year. The College has an inclusive policy for disabled employees and application5 for employrrent are considered without reference to disability. Training and career development are also awarded without reference to disability. Employment, staff welfare and other policies are reviewed and updated regLJlarly. The Principal and Bursar hold regular meetings Wlth their team5, both individually and collectively. c. Ihe iieed ro rfoster rhe Irusrs relationship with suppliers, customers andstakeholders The Trust works with supplier5 to build strong relationship5, and our terrlls are that supplier payment is dLJe within 30 days after the invoice is received from the supplier. High value contracts require a tender proce55. In addition, the Trustees have regard to the need to foster relationships with the parents of the College stLJdents, being our ¢ustomÈrs and stakeholders. d. The impact oCth8 frust on the commtsnityandthe environment An independent review of energy use has been commissioned and a review of greenhouse gas emissions is provided on page 6 in line with the Streamlined Energy and Carbon Reporting requirements. The work done by the Trust in support of the community is set out in the section on Public Benefit on page 3. The desir8bi/ity olth8 Trustmèintaining a reputation brhigh standards ofbusiness conducr The Trust tskes a zero tolerance approach towards fraud, bribery and corruption. It is committed to applying all applicable laws and regulations relating to fraud, bribery and corruption. Expectations of employees are clearly set out in the Staff Code of Condutt and the related policies. Gender pay gap Concord College publishes its gender pay 9ap report on its website. All applicants, regardless of gender, are encouraqed to apply for senior positions when th8se become available. Staffing During the yeaT two long serving rnernbers of stsff took retirement. Mr Tom Lawrence served as Vice- Principal (Academic) and was well known to many students and staff following his long career at Concord. Mrs Barbara Belfield Dean retired a5 Bursar after working for Concord College since 1979, and guiding the College to growth and success over this period. 10
THE BELLCQNCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT REFERENCE AND ADMINisfRATIVE DAlLs Patron Datuk Lim Chee Wah Truste•s Dr l M Bride - Chairman lunti123 Ortober2023J Dr C A Stanford- Chairman (from 23 October2023J Mr B R Yate5- Vice-chairman Miss F Akinlose (from S Septemb8r2023J Mrs F Brown (from 8 Septemb&r2023J Mr A F S Donovan Mr R G Dyson Mr T C Hu9hes (until g D&cember2022J M5 J Kr850cki Mrs R M Mannell Mr P S Ruben MrPYong Six Trugtéèg have servedmore than nineyears, Iheirre-election being on the basis oftheirskills 3ndcontribution to the Boèrd. Officem Dr M R Tru55. Principal Mrs B M Belfield Dean. Bursar & Clerk to the Trusiees (unti131 DeMber2O22j Mr M Z Hodge, Bursar & Clerk to the Trustees (from l J3nuary2023) Registsred & Prlndp•l Office Acton Burriell Hall Acton Burne15 Shrewsbury 5hropshire SY5 7PF Bankers Barclays Bank PLC 44-46 Castle Street Shrewsbury Shropshire SY128U Audltors Hay5macintyre LLP Registered Auditors 10 Queen StrÈÈt Place London EC4R IAG Solicitor8 Farrer & Co 66 Lincoln's Inn Fields Londo WC2A 3LH Investment Managers Cazertove Capital Schroder & Co Ltd 1 London Wall Place London EC2Y SAU
THE BELL CONCORD EDUCATIONAL TRUST TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF TRusfEES' RESPONSIBILITIES The Trustees, who are also the direciors of the charitable company, are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounlinq Standards Iunited Kinqdom Generally Accepted Accountinq Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs ol the charitable company and of the incoming resources and application of resources. including the income and expendtture, of the charitable company for that year. In pieparinq these financial statements, the Trustees are required to". seSect suitable accountln9 policies and then apply them consistently,. obseNe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudenl., state whether applicable UK Accounting Standards have been followed, SLJbject to any material departures disclosed and explained in the financial statements,. pr&pare the financial statements on the going concern basis Ljnless rt is inappropriate to presume that the company will continue in bu5ines5. The TrLJStees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the tinancial 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 step5 for the prevention and detection of fraud and other irreqularities. 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 un8ware', and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant èudit inform3tiofj and to establish that the auditors are aware of that information. AUDORs The Auditors, Haysmacintyre LLP, have expressÈd their willingness to be re-appointed a5 ayditor5 of the Trust in accordance with Section 485 of the Companies Act 2006. The Trustees have approved and authorised the Trustees Annual Report at its meeting on 1 December 2023 it was signed on it5 behalf by.. Dr C A Stanford 1 December 2023 12
INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE BELL CONCORD EDUCATIONAL TRUST Opinion We have audited the financi815tatements of The Bell Concord Educational Trust for the year ended 31 August 2023 which comprise the Con501idated Ststement of Financial Activities, the Consolidated and Charity Balance Sheets. the Consolid3ted Cash Flow Statement and notes to the financial statements, including a surnEn3ry of Significant accounting policies. The financial reporting Iramework 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 Kinqdom Generally Accepted Accountinq Practice). In our opinion, the financial statemenis.. give a true and lair view of the stste of the group'5 and the parent charitable company's affairs as ai 31 August 2023 and of thÈ group's net movement fuTid5, 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 PTepared in accordance with the reqUIremeT ofthe Companies Act 2006. Basls for oplnlon We conduLted our audit in accordance with International Standards on Auditing IUKI 11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sectitrn of OLJr report. We ar& 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 £udit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statemer)t5, we have concluded that the tru5tee5' Use of the going concern basis ol accounting in the preparation ol the financial stitements 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 c85t 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 ststements are authorised for i55ue. Our responsibilities and the responsibilitie5 of the trustee5 Wlth respect to going concern are described in the relevant settions of this report. Oth•r information The trustees are responsible for the other informatior). The other information comprise5 the information included in the TriJ5tees' Annual Report. Our opinion on the financial statements does not cover the other inlortnation and. except to the extent athenlse 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 io read the other information and, in doing 50, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise 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 perforTned, we conclude that there is a material misstatement of this other information, we are required to report that lact. 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.. Ihe information given in the Trustees, Annu31 Report Iwhich includes the straiegic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial stateTnents are prepared is ¢on51Stent 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 requirement5.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BELL CONCORD EDUCATIONAL TRUSTlcontinuedl Matters on which w8 are required to report by exception In the light of the knowledge ènd understanding of the group and the parent charitable company and its environrnent obtsined in the course of the audit, we have not identified materi31 misstatements in the Trustees, Annual Report (which incorporates the strateqic report and the direttors, reportl. We have nothin9 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 record5 and returns,. or certain disclosures of trustees. remuneration specified by law are not made,. or we have not received oll the information and explanation5 we require for our audit. Responsibilities of trustees for the financial Statements As explained more fully in the trustees, re5pon5ibilities statement set out on page 12, the trustees (who are a150 the directors of the charitable company for the purposes of company lawl are responsible for the preparation o the financial statements and for being satlgfied 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 misststement whether due to fraud or erTOr. In preparing the financial statements, the trustees are responsible for assessing the group'5 and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern ar)d 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 butto do $0. Auditor's responsibilities for the audit of the financial statement5 Our objective5 are to obtain reasonable 6s5urance about whether the financial ststements 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 condurted in accordance with ISAS IUKI 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 basi5 of these inancial statement5. Irre9ularitie5, including fraud, are instances of non-compliance wtth laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deterting irregularities, includino fraud is detailed below.. Based on our understanding of the charitable company and the environment in which fc operates, we identified that the Principal risks of non-compliance with law5 and regulations rèlated to ISI regulations, safeguarding regulations. health and safety13w. GDPR and 2mployment 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 regLJlations that have a direct impact on the preparation of the financial statements such as thè 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 th8t the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the enqaqement team included.. inspecting correspondence wr(h regulators and tèx 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. REPORTTO THE MEMBERS OF THE BELL CONCORD EDUCATIONAL TRUST Icontinuedl Auditor's responsibilities for the audit of the financial statements {continuedl identifying and testing jOUfna15, in particular journal entries posted with unusual account combinations, postings by unusual Ljsers or with unusual descriptions,. and challenging ass(Jmptions and judgements made by management in their critical accounting estimates. Because of the inherent lirnitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material mi5Statement in the financial statements or non-compliance with re9ulation. This risk increase5 the more that compliance with a law or regulation is rernoved from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to *raud 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.uklauditorsresponsibilities. 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. Vikram Sandhu (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP (Statutory Auditors) Date.. 18 December 2023 10 Queen Street Place London EC4R IAG 15
THE BELL CONCORD EDUCATIONAL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 IINCORPORATING INCOME & EXPENDITURE ACCOUNTI Unrestricted Funds Restricted FuTids 2023 Total 2022 Total Notes Ineome frorn: Charitable adivilies School fees receivable Other academic income Other College activities Rental income and sale ol fixed assets Oth•rtrading aetMti•s Concord College International Limited Inv8Stm8nts Bank 8nd other interest Donations Donations 25.107.660 930.029 25.107.660 930,029 24. 937.075 745.547 13,800 13.800 4,200 495,275 495.275 442,515 852.116 852.116 81,708 141,293 141.293 4,857 Totsl income 27.398,880 141.293 27.540,173 26,279.502 Expenditur• on.. Raigin9 funds Charitable aciivities Tr8ding attivitie5 Corporation tax liabilty on trading activities 24,214,659 232,1 $9 24.214,659 232.159 22,825,315 144,676 Total 8xp•nditure 24,446,818 24.446.818 22,969,991 Op8ratin9 re8uFtfor th• y•ar b•foro gaiMno8se5 on inv8Strnents 2.952,062 141.293 3.093,355 3,249,511 Net Ilossl / gain on investments Net1105sI 1 gain on disposal ol assets t 7.626 1543,5841 17.626 1543,5841 397,06P Net income and net movemant of fund8 2,426,104 141.293 2.567,397 3,646,580 Re¢on¢iliation of fvnd$ Total funds brought forward 45,415,433 675,135 46.090,568 42,443,988 Total fund8 carrled forward 47,841,537 816.428 48,657.965 4&.090.56B No 5urnmary income and expenditure account has been prepèred because thi5 information is cltrarly identified in the above statement. There were no recognised 98ins and losses otherthan th058 shown in the above Statement of Financial Artivities. Th* accompanyin9 notes forrn an integral part of th1s Staternent of Financial ActiVltiÉS. 16
THE BELL CONCORD EDUCATIONAL TRUST CHARITY AND CONSOLIDATED 8ALANCE SHEETS AS AT31 AUGUST2023 Group Ch&rty 2023 2022 2023 2022 Tangible Iixvd 455ets Investmems 39,178.819 6,734.564 40.913.767 6.716.938 39.778.819 6,734,565 40,913.761 0.710.939 46.513.383 47,630.099 46.513.384 4Y.030.700 OJrmntas••ty Stocks Oebtor5 Cash at bank and in hand 57.949 639.122 28.256.288 60.m5 501.743 23.042008 57.949 711.152 27.904.620 539,$90 22.705. 973 28.953.359 23.6OP.416 28,650.721 23.305,874 Cnditvrs.. du• within gn•y•ar 121,808.7771 120. 149.547J 121.803.0711 130. 143.844J 7,144.582 3.459.869 6,877.650 3.162.030 B*nkloan Is,000,0001 (S.(JOO,OOQI 15.000.000) 15.LW.OOQJ N•taM•ty 48,6S7.96S 46.OPO.568 48.391.034 45.792.730 Represented by.. UnT•Strt£t•d Ig•nerallfun D8signat@d fund5-. Fixed a55ets fund 47,841.537 45.4r5.433 47.574.006 45. 117.595 47.841.537 45,415.433 47.574,606 45. lff7.595 Re5trict•d fund 816.428 675. T35 816,428 615. 135 48,657.965 46.090.568 4a,391.034 45.792.730 APPROVED AND AUTHORISED FOR ssuE BY THE BOARD AND SIGNED ON rrs BEHALF ON I DECE ER 023 BY DR C A STANFOfiD cHRmAN OFTHEBOARDOF TRUSTEES The accompanying notes are an integral part olthese balance sheets. 17
THE BELL CONCORD EDUCATIONAL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 Note 2023 2022 Net cash outhow from opgratlons Not ¢a$h providod by operating activities 5,008,617 4.575,437 C•¥h flows from investing actyvities: Investment InCOTne- bank Interest and other incorne Sale oftangible fixed a53ets Purchase of investments Disposal of investments Disposal ol tangible lixed assets Purchase of tangible fixed asset5 852,116 12,000 81,7Q8 3.QQO [6.605.OOOJ 6.605.005 543.584 1 207 697 1449. fDSJ NOtsh provided by inv85ting activ85 200,003 1304.395) Cash Ilow¥ from financing actwities.. Incre3se in bank loan N•t ta5h provid•d in linancing aclivitlgs Change in cash and cash equivalents in the reporting period 5.208.620 4.211,042 Cash and cash equivalents at the beginning of the reporting period 23.047.668 18.836,620 Cash and cash equivalents atthe end olthe reporiin9 period 28.256.288 23.Q47,608 Notes.. lil Reconciliation of Thfyt incorne to notca¥h flow Irorn operating activitiey 2023 2022 Ngt movernent in fur*d8 Adju8tm•nts for.. Depreciation (Profit) I loss on sale of fixed assets Investment income- bank interest Netlgainl I loss on investments IIDcreasel I decrease in debtor5 (Decrease) l increase in creditor5 Ilncreasel I dècreasé in siocks 2.567.397 3.646.580 1,799,055 112.0001 1852,1161 117,6261 1137.3791 1,659,230 1. 956.472 {3,000) 81.708 1397.069) 1127.059J (435,962) 2 441 220 928.857 Not &75h provid¥d by operating a¢tivitle8 5.008,617 4.575.437 1111 Analysi$ of u#h to cash •quivalènts 2023 2022 Cash at bank and ln hand 28.256.288 23.047.668
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES A summary of the principal accounting policies adopted (which have been applied consistently, except where noted) is set out below. B•$ls of pr¢paratl¢n The financial staternent5 have been prepared in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFR51021, 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 IFRS 1021- effective l January 2019. The company has taken advantage allowed under section 408 of the Companie5 A¢t 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 reglstered office address is.. Acton Burnell Hall, Acton Burnell, 5hrewsb(Jry, Shropshire, SY5 7PF. The accounts are drawn up on the historical cost basis of accountin9. as modified by the revaluation of invèstments. 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 &xpectalion that the College has adequate resources to continue Its attivitie5 for the foreseeable futur& and consider that there were no rnaterial uncertainties over the College's financial viability. Accordingly, the Board continues to adopt the going concern basis in preparin9 the financial statements. Public bonofit The Company, incorporated on 19 June 1980, is a Public Benefit Entity registered as a charity in England and Wales and a cornpany limited by 9uarantee. Trading subsidiary The wholly owned trading subsidiary ol the Trust, Concord College International Limited, has bf en active during the year in exploring opportunities for the development of internation315chools overseas and in the UK. The results of the year for assets and liabilities for the Company have been consolidated into these account5 on a line bv line basis. Critical accounting jLtdgements 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 baged 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 rnanagemenes best knowledge of the amount, events or actions, actual results may ultimately differ from those estimate5. 15
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Revisioris 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 affect5 current and future period5. The Tiustees consider the following items to be areas subject to estimation and judgement.. Depreciation= The useful economic lives of tangible fixed assets arè based on management's juolgement and experience. When mana9ement 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 uselul economic lives will not have a material impact on the operating results. Historically, no changes have been required. The folltswing principal accounting policies have been applied.. Incomg and endowments All inctsme and endowment5 are recognised when the criteria of entitlement, measuremeffl and probability of receipt have been satisfied. Tuition and boarding fees, less any allowances, bursèries or scholarships awarded, are reco9nised in the period in which they are received. There is no advanced fee fund scheme place., on occasion, some parer)ts may attempt to pay for fees in advance but they are free to utilisÈ their atcount balances as they see fit which may include the anticipation of future invoices or the immediate need for school trips and visits. Consequently. the m05t appropriate method to treat fee income 15 lo allocate it in the period it 15 received. Donations and legacies are recognised when the conditions of entitlement, probability and measurement are met. Where the probability andlor measurement criteria for lega¢ies and donations are not satisfied as at the balance shÈet clate but subseqLJent evÈnts resolvÈ 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 reteivèblÈ 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 dividend5 are due. Expgnditure Expenditure is accounted for on an accruals basis where therè is a legal and constructive obligation to make payment to a third party and the amount of the obligation can be measured reliably, expÈnditure 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 a5 soon as there is a legal or constrLJCtive obligation committing the Charity to the expenditure. Employment benefits, including holiday pay, are reco9nised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicaied to the relevant employeelsl. Expencliture on raising funds comprises cotnmi55ions. advertising and marketin9 and associated travel and subsistence. ExpenditLJrÈ on charitèble activitiÈs ¢omprise5 personnel. catering and domestic. property, repairs and maint Support costs represent indirert costs relating to raising funds and the Charity's charitable activitie5. Support costs. including 9overnance c05t5, are allocated to activitie5 on bases that represent the Trustees, best estimate of actual use. The bases used to allocate costs to the above cètegories of Èxpenditure arÈ set OLrt in note S. 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 Wlth constitutional and statLrtory requirements, such as costs of Board meetings and preparing the statutory account5 and are included in notè 6. 20
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 P•nsion Costs Retirement benefits to employee5 of the College are provided through two pension schemes. The pension C05t5 charged in the Statement of Financial Attivitie5 are determined as follows.. lal The Teachers, Pension Scheme- This scheme is a multi-employer pension scheme. It is not Possible to identify the Colloge's share olthe underlying assets and liabililies of the Teacher5, Pension Scheme on consistent and reÈsonable basis and therefore. under FRS 102. the scheme is accounted for as If it were a dèfined contribution scheme. The College's contributions, which are in accordance with the recommendation5 of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Ibl The Pensions Trust Flexible Retirement Plan The plan is a multi-employer defined ¢ontributiori money purchase scheme. All contribLJted costs are accounted for on the basis ol 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. The College ha5 implemented a phased withdrawal from the Teachers, Pension Scheme. From the I st January 2024 TPS will be closed to new members. New teaching staff will be eligible to join the Aviva Pensions Trust for Indopendent Schools l APTIS I scheme. Opgrating leases Renla15 under operating leases are charged on a straight-line basis overthe lease term. Benefits received and receivable as an Incentive to sign an operating lease are similarly spread on a straight-line ba515 over the lease term. Tan9ible fix•d auets Assets are capitsli5ed if they have a value over £2,500, with occasional varialion5 leg. computersl. Tangible fixed a5set5 are stated at cost les5 depreciation. Depreciation is provided at rates calculated to write 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 IT Equipment 20%- 33.33% straight line No depreciation is provided on freehold land. Invostmènts Investments held lor the long-term to genorate income or capital growth are carried at fair value a5 fixed assets. Realised gains are the difference bÈtwÉen 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 ir)vestments after taking into account any tnovements in investment holdings such as purchases and disposals of investments. Reali5ed and unreali5ed gains are accounted for within the Stat6meNt of Financial Activttie5. Stock Stock represents goods for resale and is valued at the lower of cost and net realisable value. 21
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Finanaal Instruments Basic financial instruments iransactioris that result in the recognition of financial assÈts and liabilitie5 like trade and other accounts receivable and payable 6re accounted for oll the following basis.. Cash Bndcash equivalents Cash and cash equivalents includes cash in hand, deposits held at banks. other short-term highly liquid investments with ori9inal maturities of thrèe months or less and bank overdrafis. Bank overdrafts, when applicable, are shown within current liabilities. Debtors andcreditors Debtors and creditors are measur8d at the transaction price less any provision for impairment. Any losses rising from impairment are recognised as eypenditure. Fund accounting The charitable trust funds of the College are accounted for as unrestricted or restricted income in èccordance with the terms of trust imposed by the donors or any appeal to which they may have responded. General funds ar6 unrèsiricted funds which are available for use at the discretion of the Trustees in furtherance ol 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 distrÈtion ol the Trustees. Restricted funds represent amounts donated to the College for specific purposes such as funding building development5, scholarships, bursaries and prizes. 22
THE BELL CONCORD EDUCATIONAL TRUST NOTE5 TO THE FINANCIALSTATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Charitable activrties- fees receivable 2023 2022 Fees receivable consist of.. GFOS5 fees.. Main term Gross fees.. charges for half term$, Christmas & Easter Gross fees.. Summer courses Less.. total bursaries, scholarships and è11owances 24,522.271 522.217 1,203.790 1 1406181 25.107.660 24,918,800 620,225 562,860 (1, 170,2IQJ 24. 937.675 Mèin term scholarships, bursaries and allowances were paid to 121 pupils1118 pupils in 20211221. Within this, means tested bursaries totalling £584,932 were paid to 30 pupils 1£521.487 to 34 pupils in 20211221. Othgr College irKome 2023 2022 Rentsl income Profit on sale of fixed assets 1,800 1.200 3,000 4.200 13.800 ncom• from subsidiary'8 trading activities 2023 2022 Turnover Costs of trading Gross profit Administrative expense5 Operating profit Retained profit 495.275 442,515 495,275 232,1 S9 263,116 263 116 442,515 1144,670 297.839 297,539 Current assets Current liabilities 368,731 1101,7991 266,933 366,480 168.6411 297,839 The Trust owns the whole of the £1 ordinary Share capital of Concord College Intematic>nal Limtted, incorporated in En9land. The principal activity ol the Company is to provide busines5 and consultancy 5etvices. Its tracling results lorthe period, as extracted from the audited accounts, are summ8rised above. ThÈ tnanagement charge from The Bell Concord Educational Trust Limited to Concord Colle9e Intemètional Limited was £232.1581£144.676 in 20221. 23
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of total ourt•S •xp•ndod Ttxal oxpenditurè Stall cost5 lfjote 81 Depreciation Inoie 101 Other 2023 Cost of raising fvnds Fundraisin9 Total lor the tharity Trading costs of subsidiary activitie$ Total for th8 group 232 159 232.159 232 159 232 159 Ch8rltsbl• 8XPtnditur• Teaching cosis Welfare Premises Other academic costs Support CQ5ts 015chooling (including govornancol 7,507,365 3.849.013 1.263,712 600.068 69.463 1.129.524 1.463.364 1.776.086 1.992,084 800.032 1.906.560 9,570.197 5,694,562 4,385.320 800.032 3,763,948 1,857,388 Totsl charitabl• •xponditL¢re 14.477 478 1 799 055 7.938.126 24214659 Total r•Bourc8s 8xpond•d fof th• group 14,477 478 1 799.055 8.170.285 24440818 Comp•riwn$ to 2022= Staff costs Depre(iation Other Tot81 2022 Cost of raising fvnd5 Fundra151n9 T¢tal forthe charty Trading costs 018ubs¢diary artltie¥ Totr+l for the group 144.676 144.676 Charitsbl• w•ndlturg Teaching COSt5 Welfare Pretnises Other academic Costs Support CQ5t5 of schooling (including governance) 7.129.349 3,570,043 1.214.061 686,636 87.143 1.182.693 1.337.523 1.643,610 9,153,508 5.300,796 4.284,065 067,384 3,419,562 667,384 1.780.244 1.639.318 Total ¢haritsbl• oxpanditure 13.552.771 .956.472 7.316.072 22825315 Totsl rosOurl expended for the 9roup 13.552.771 .956.472 7.460.748 22 969 991 24
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 5. An8ly3is of direct and allocatsd costs Support Costs all relate to the direct operIng costs of the College and priNcipalSy comprise the following.. 2023 2022 Administration and related costs Promotion and related costs Governance (see note 61 2,663.582 1,043.176 55,346 3 762104 2,447,60 1 9T6,709 34,764 3,399, 134 6. Governance 2023 2022 Trustees, travel Trustees trainin9 Audit and accountancy Professional and registration fees 27.863 2.074 24,748 661 55,346 3,898 585 29,660 621 34, 764 7. Grants. awards and priz•s From unrestrict8dlunds.' Bursaries Scholarships Other fee remission Summer Course reductions 2023 2022 584.932 257,776 262.509 35.401 1,140,618 527,487 327, 972 283, 941 36,810 1. 770.270 8. Staff ¢o¥ts 2023 2022 Salaries and wages Soci31 security costs Pension contributions Health insurance PHI, DIS & personal accident Other staff related costs 11,400.800 1.201,043 1,596,075 44,353 128,508 106.699 14,477,478 70,632, 999 1. 148,054 1,517.080 36.220 125,413 93. 005 13,552,771 25
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Aggregate employee benefits of key management personnel 1,072,502 1,036.053 Neither the Trustees noT persons connected with them received 8Try remuneration or other benefits from the College. 8 Trustees12022.. 81 were reimbursed tr3vel, accommodation and other expenses relating to their dutie5 as Trustees during the year amounting to £27,99612022.. £3,898) which intludes amounts paid directly to third parties on behalf of Tru5tee5 during the year totalling £5,30612022.. £2,169). Number of higher paid employees in bands of= 2023 2022 £60,001 £70,001 £80,001 £90,001 £120,001 £130.001 £150.001 to to £70,000 £BO,000 £90,000 £100,000 £130,000 £140.000 £160,000 24 to to to to to The average weekly number of full-time equivalent employees during the year was made up as follows.. Noof FfEs 91 11 86 30 43 Noof FfEs 92 13 63 29 41 Teaching Teaching support Welfare Premises Support lincluding management and admini5trationl 261 258 Average headcount.. Teaching Teaching support Welfare Premises Svpport (including management and administration) 96 24 125 30 46 98 27 125 52 40 321 316
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST2023 9. Net incomg 2023 2022 Net income include5'. Auditots, remuneration (including VATI IDr'. Audit Other services Depreciation Operating lease costs 29.658 4.086 1.799.055 48.980 25,040 4.JEO 1, 950,472 46,647 10. Tangible fixed assets Group and Charity Freehold Land and Buildings Plan¢ Machinery & Equbpment Motor Vehicles Fumiture and Fittings Total Cost At I September 2022 Addition5 Disposa15 51,399,568 885,075 1543.5841 5,608,678 266,824 294,137 36,689 157,1481 4,788,802 19,109 62,091,185 1,207,697 1600.7321 At 31 August 2023 51,741,059 5,875,502 273,678 4,807,911 62,698,150 Depreciation At 1 September 2022 Charge for the ye3r Disposals 11,801,263 989.208 4,805,817 531.226 185,949 33.589 157,1481 4.384,395 245.032 21,177,424 1,799.055 157,1481 At 31 August 2023 12,790,471 5,337,043 162,390 4,629,427 22,919,331 N•t carrying value at 31 August 2023 38,950,588 538,459 111.288 178,484 39,778.819 Net carrying value at 31 August 2022 39,598,305 802,861 108,188 404,407 40,913.761 On 20 April 2017 the College entered into a loan a9reement with Barclays Bank Plc. There Is legal charge over the freehold of various properties Iland and buildings) owned by the College on the College site and in the village of Acton Burnell (see note 141. 27
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 11. Investm•nts 2023 2022 Market value brought forward Additions Disposa15 Net gain on invèstmènts 6,716.939 6,319,875 0,605,000 16,605,005} 397.069 17,626 6,734%65 6,716. 939 Cash on deposit Markèt valuè tarried forward 6.734,S65 6.716.939 Historical cost 6,605,000 0.605,000 Investments Compri.. 2022 2022 sted investments in the UK Unlisted investments in the UK 6.734.564 6,716, 938 Unlisted investment5 relate to the charitable company holding a £1 share in the wholly owned subsidiary, Concord College International Limited, registered in the UK Icompany nurnber 107836351 and incorporated on 22 May 2017. 12. DebtOT¥ Group 2023 CharÉty 2023 2022 2022 Tuition fees Prepayrtients Other debtors Amount due from trading subsidiary 50.967 574,255 13.900 105.005 390.678 50,967 571.092 105.065 393. 193 96.093 41,038 639.122 5LII,743 718.152 539,896 28
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 13. Cr•dltors: due within on• yèar Group 2023 Charity 2023 2022 2022 Trade creditors Accruals and other credttor5 Fees received in advance Deposits Other tsxes and Social security Capital expenditure 388,231 602.611 14.186,640 6,287.985 290,046 53,264 239,373 630. 145 13.088, 989 5,850.727 270. 158 70. 155 388,231 596.905 14,186,640 6,287,985 290,046 53,264 239,373 624.442 13.085, 989 5,550,727 270, 158 70, 155 21.808,777 20. 149.547 21.803.071 20, 143.844 14. Long tsTm loan On 20 April 2017 the Colle9e entered into a loaTI agreement with Barclays Bank PIC lor £12,500.000 repayable over 25 years. Interesr charged is linked to SONIA. A5 at 31 August 2023 £5,000,000 had been utilised. On the 10th of August 2023 the College formally Surrendered the rerpaining undrawn facility of £7.500.000. 15. Ftnancial instruments 2023 2022 Financial assets measured at amortised cost lal Financial assets measured at fair value Ibl Financial liabilitie5 measured at amortised cost Icl 28,307,255 6,734,565 121.518,7311 23, 152,733 7, 114,003 119,879.389) Netlinancial aets rnea5ured at amortised cost and fair value 13,523,089 10,387,347 lal Financial assets include cash. tiade and fee debtors. othor debtors, accrued income Ibl Fin3ncial assets htrld at lair value include assets held as Investments Icl Financial liabilities include deposits. fees in adv8nce. trade creditors. accruals 3nd other creditors Impairment losses charged to financial asset5 measured at amortised cost iri the year amounted 10 £48,52912022.. £34,338). 16. Lease$ At 31 August 2022, the College had the followirig future rninimum operatirig lease commitment5'. 2023 3022 up tD l year between 1- 5 year5 more than 5 years Total 30,000 48, gso 25,714 74.694 Amounts charged to the Ststement of Financial Activitie5 are £48,980 12022.. £46.6471 29
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 17. Stat¢m•nt Liffunds: rnOV8m8nts in th* y••r 1 Soptgmber 2022 Transf•r51 g8in6110$5gS 31 AugU¥t 2023 Ineom• Exp•ndrf(uro Desi9n8tsd funds Fixed assets fund General fund 45.415.433 2,426.104 12.952.0621 47.841.537 27.398.880 124.446.8181 Total urerICted funds 45,415.433 27.398.880 124,446,818) 525.958 47.841,537 Restri¢t•d funds 675.135 141.293 816.428 Total funds 46.090,568 27,540,173 124,446.8181 525,958 48,657,965 Comparisons to 2022: 1 StrptpmbeT 2021 Tran8f¥rn/ gain108• 31 August Incom• EXndUr• 2022 Designated funds FixÈd a55ets fund Gèn&ral fund 41.773.710 3,641.723 13.244,6541 45.415,433 26.214.645 122.96P.9911 Total unre8tricl8d fund$ 41.773.710 26.214,645 122,969,991) 397.069 45.415.433 Restricted funds 670,278 4.857 675,135 Totsl funds 42.443.988 26219,502 122,969.9911 397.069 46,090,568 Dèst9nated funds have been set asido bythè Trugtees as doscriE>gd the Resee5 Policy on pag• 6. Th$ tran5ferfrom the Reserve5 Fund to th$ Fixed A55et Fund repre5ent5the investment in fixed a$sets during the year or such le55er amount as is available from Iree re5erve5. Restricted funds.. Scholarship lund - the scholarship fund was sei up during 2016 to receive donations forthe funding (rfscholarships and bursaries for de5ervin9 Students. IB. Taxation The Tiust is a reglstered charity 8nd notaxation is payablè on its Chaiitable income. 19. Capital cornrnitments Atthe year end. commitments for future capital expenditure totslled £nil l£nil in 20211.
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 20. Analysis of n•t a8$0ts baeen funds ofthè charity and group Unrestricted Fund$ 2023 Restricted Funds 2023 Total Fund8 2023 Tangible lixed a55ets Fixed ass investtnenls Current assets Creditors due within orle year Creclitors due in more than one year 39,778,819 6.734.564 28,953.359 122.991.6851 15,000,000) 39,778,819 6.734.564 29.769.787 122,991,685) 15,000,0001 816,428 Totsl for charlty 47,475,057 816.428 48,291,485 Subsidiary 366,480 366,480 Total for group 47,841.537 816.428 48.657.965 Comparison to 2022.. Unrestricted Funds 2022 R•stri¢ted Funds 2022 Totsl Fund5 2022 Tangible fixed assets Fixed asset investments Current assets Creditor5 due within one year Creditors due in more than one year 40,913,761 7,114.002 23,609,416 121,191,162) 15.000.0001 40,913,761 7,114.002 24,284,551 121.191,1621 15.000.0001 675,135 Total for charity 45,446.017 675.135 46.121.152 Subsidiary 366,480 366,480 Totsl for 9roup 45,812,497 675.135 46,487.632 31
THE BELL CONCORD EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2023 21. Pon8ions The Ctrllege contributes lo two pension schernes for the benefit of staff ès follows. Teachèrs, P•n$lon Schemo The College participates in the Teacher5, Pension ScheTne I'the TPS'I for its teaching stafF. In Spring 2023 the School implemented a phased withdrawal from the TPS and from the 1st January 2024 new teachers will be auto-enrolled into the Aviva Pensions Trust for IndependeTIt Schoo151"APTIS"I. The pension charge for the year includos contribution5 payable to the TFS of £1,152,469 (£1,112,160 in 20201211 and at the year-end £144,406 1£138.894 in 20211221 was accruod in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefit5 pension scheme governed by The TÈather5' Pension5 Regulations 2010 la5 amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis With contributions from mernbers arid the employer being crcdited to the Exchequer. Retirement and other pension benefit5 are paid by public IuTid5 provided by Parliament. The employer contribution rate 15 Set by the Secretary of State folltrwin9 scheme valuations undertaken by the Government Artuary's Department. The most recent actuarial valuation ol the TPS was prepared 8$ at 31 March 2020 and the related Valuation Report was published in October 2023. The valuation confirmed that the employer contribution rate for the TPS would increase Iroffl 23.6% to 28.6% fr¢)m 1 April 2024. Employers are a150 required to pay a scheme admiTliStratiori levy of 0.08% giving a total employer contribution rate 0128.68%. Following the Mccloud judgement, the remedy proposed that when benefit5 become payable, eligible members can select to receive thern from either the reformed or legacy schemes lor the period 1 April 2015 to 31 fvlarch 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits. and in preparing the 2020 valuation have valued the 'greater value, benefi'ts lor groups ol relevant members. GTroup Personal P•n$lon Plans The College operate5 group personal pension plans lor its non-teachiTig strff. Contributions are rnade to separately administered funds m8na9ed by The Pensions Trust. Contributions charged to the Ststement of Financial Activities during the year totalled E379,495 1£364.011 in 20211221. Amounts outstanding at the year-end totalled £55.3701£51,977 in 20211221. 22. Ev•nts after balan $h8ot date There were no events after the balance Sheet date. 23. R•latsd party transaclions There were no related party transactions in the year. 32