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 su*ficient 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
co￿1p11anCe 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 D￿AlLs
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 De￿Mber2O22j
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.
AUD￿ORs
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 athen￿lse 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
cH￿RmAN 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$h providod by operating activities
5,008,617
4.575,437
C•¥h flows from investing actyvities:
Investment InCOTne- bank Interest and other incorne
Sale oftangible fixed a53ets
Purchase of investments
Disposal of investments
Disposal ol tangible lixed assets
Purchase of tangible fixed asset5
852,116
12,000
81,7Q8
3.QQO
[6.605.OOOJ
6.605.005
543.584
1 207 697
1449. fDSJ
NOt￿sh provided by inv85ting activ￿85
200,003
1304.395)
Cash Ilow¥ from financing actwities..
Incre3se in bank loan
N•t ta5h provid•d in linancing aclivitlgs
Change in cash and cash equivalents in the
reporting period
5.208.620
4.211,042
Cash and cash equivalents at the beginning of the
reporting period
23.047.668
18.836,620
Cash and cash equivalents atthe end olthe
reporiin9 period
28.256.288
23.Q47,608
Notes..
lil Reconciliation of Thfyt incorne to notca¥h flow Irorn operating activitiey
2023
2022
Ngt movernent in fur*d8
Adju8tm•nts for..
Depreciation
(Profit) I loss on sale of fixed assets
Investment income- bank interest
Netlgainl I loss on investments
IIDcreasel I decrease in debtor5
(Decrease) l increase in creditor5
Ilncreasel I dècreasé in siocks
2.567.397
3.646.580
1,799,055
112.0001
1852,1161
117,6261
1137.3791
1,659,230
1. 956.472
{3,000)
81.708
1397.069)
1127.059J
(435,962)
2 441 220
928.857
Not &75h provid¥d by operating a¢tivitle8
5.008,617
4.575.437
1111 Analysi$ 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 art￿ltie¥
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 rosOur￿l 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 oper￿Ing 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 a￿ets 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$5gS
31 AugU¥t
2023
Ineom•
Exp•ndrf(uro
Desi9n8tsd funds
Fixed assets fund
General fund
45.415.433
2,426.104
12.952.0621
47.841.537
27.398.880
124.446.8181
Total u￿re￿rICted funds
45,415.433
27.398.880
124,446,818)
525.958
47.841,537
Restri¢t•d funds
675.135
141.293
816.428
Total funds
46.090,568
27,540,173
124,446.8181
525,958
48,657,965
Comparisons to 2022:
1 StrptpmbeT
2021
Tran8f¥rn/
gain￿10￿8•
31 August
Incom•
EX￿nd￿Ur•
2022
Designated funds
FixÈd a55ets fund
Gèn&ral fund
41.773.710
3,641.723
13.244,6541
45.415,433
26.214.645
122.96P.9911
Total unre8tricl8d fund$
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 Rese￿e5 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$0ts ba￿een funds ofthè charity and group
Unrestricted
Fund$
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