THE BELL CONCORD EDUCATIONAL TRUST CONCORD COLLEGE TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2024 5> rv Registered Company Numbei: 01503040 Registered Charity Number: 326279
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 CONTENTS Page AnnualTrustees' Report Independent Auditors, Report Consolidated Statement of Financial Activities 16 Charity & Consolidated Balance Sheets 17 Cash Flow Statement Notes to the Financial Statements 19-31 Page 1 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES The Board of Trustees of the Bell Concord Education Trust present their report and the audited financial statements for the year ended 31 August 2024 under the Charities Act 2011 and the Companies Act 2006, including the Directors, Report and Strategic Report under the 2006 Act. together with the audited financial statements for the year. OBJECTIVESAND ACTIVITIES PURPOSE OF THE BELL CONCORD EDUCATIONAL TRUST The purpose ofthe Bellconcord Educational Trust I'the Trust'} is to promote and provide forthe advancement of education anci in particular to carry on. acquire and develop in the Unitecl Kingoom or elsewhere any boarding or day schools or colleges. MAIN AIMS AND ACTIVITIES The Bell Concord Educational Trust is a charitable company limited by guarantee (company number 015030401 and registered in England. Itis registeredwith the Charitycommission in Engiand8ndWales under charity number 326279. The Trust is responsible for Concord College, Acton Burneu. Shrewsbury, Shropshire, SY5 7PF I'the College'l. The College is an independent boarding school responsible for the delivery of the GCSE and A-level curriculum. This year marks Concord College's 75 anniversary. The origins of Concord College date to 1949, when Paul Oertel 8nd Monica Carr-Taylor set up a small privately-owned language school that was to become Concord College. This was a response to the hatred and bitterness of war by using language teaching and personal warmth to break down barriers and misunderstanding between peoples. These founding principles remain central to our values of rigour. creativity and kindness. The primary objective of the Trust is to set the very highest standards in the provision of the education delivereLI. Concord College defines itself as an international school. and the majority of our Students are resident outside the United Kingdom. typically coming from over 40 countries. We help our students realise their academic potentl81, develop their sense of community. promote respect for other cultures and beliefs, and provide a wide range of activities to broaden oullook and maintain wellbeing. We deliver this through 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 of 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 acceptstudents from a range of countries and backgrounds and seeks to admit all who meet our academic standards irrespective of their financial status. The Trustees have given due regard to the public benefit guidance issued by rhe Charity Commission and continue to work to suppori the local community. widen access to education and facililies, and provide employment opportunities. During the past year a range of activities have taken place that contribute to public benefit. These activities include academic outreach to support local schools. making our recreational facilities available to the local community and to other schools. opening up key events such as the Medical Futures Conference to other Page 2 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES schools, and providing facilities for community events such as the village fete. A local shop and post office is provided to the local community at a subsidised renl. The Trust aims to make it possible for young people who tnay not normally be able to afford the full fees to benef it f rom attending Concord at reduced fees. either through scholarships or means-tested bursaries in order to attract the most able students irrespective of background. In 2023124 scholarships to the value of £242k1£258k in 20221231 were awarded on academic merit and bursaries to the value of £666k1£585k in 20221231 were awarded to 31 students based on a means test oftheii parents130 in 2022123}. In addition to scholarships and bursaries, the Trust has set the fees for day students at Concord College to ensure affordability in the local market for parents. The Trustees continue to look for opportunities to support disadvantaged students 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 575 students on roll. including students from more than 40 countries. Of the total students, 464 were boarders and 17 1 were day students. OBIECTIVES AND PERFORMANCE The objectives for the year and the Trust's achievements against these are set out below: Approve 8 new strategic ptan for the Trust. A newstrategic Plan was considered bythe Board duringthe year. which sets outthe aspiration to be the schoolof choice for parents of bright children, wherever they are in the world. The following strategic goals and themes are outlined in the strategy: Educational excellence Kindness and individuality A sustainable. ethical future An international focus. Begin the construction of a new 60-bed boarding residenceand a newsports hallon the campus. Planning permission has been granted for the new 60-bed boarding residence and for a new sports and examinations h811. Construction on both projects has commenced. Complete the review of key systems. including MIS and finance. anol implement a smooth transition. The first phase of our transition to a new MIS system is in progress with the goal of a go-live date in early 2025. The newfinance system is already operalive and other areas are expected to move in 2025. Develop a holistic approach to dealing with EDI issues and inclusion. A member of the Senior Team has been allocated responsibility for EDI and is leading various groups to look 8t howthe College can address inclusion and other EDI issues. Develop and approve supporting strategies and plans for finance, IT and sustainability. Workstreams have been established for the development of plans to undefpin the strategic goals. Page 3 of 31
THE BELL CONCORD EDUCAONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES ACADEMIC ACHIEVEMENTS 2024 Excellent academic results continue to be achieved by Concord students. A-Level and AS Level Overall results for A-Level show a pleasing improvement when compared to the previous year. The A. rate goingup byover 7Okn and theA"IA rate byover5%. AtA-Leve13896 ofgradeswereA"12023: 31961. 73% ofgr8des were A*IA12023: 68%) and 94% of grades were A"_B {2023: 87%). Foty of the forty-two students taking the Extended Project Qualification IEPQI received an A" or A gracie. Individually. 19 students received four A"s at A-Level. At AS Level. the achievement of A-gr8des was one of the highest for Concord College. Just under three- quarters of the students taking A-Level Mathematics a year early got their A". 69% of students were awarded A-grades or better. Six of the seven students taking the Advanced Extension Award for Maths achieved Distinction. IIGCSE At IIGCSE it was a strong set of results: 53% at grade 912023= 55%). 79% at grade 8-912023.. 77961, and 89% at grade 7-912023- 90%). 26 students {2996 of the year} achieved nine or more grade 9$ {19 in 20231. and 49 students155% of the yearl achieved nine or more grade 819s143 in 20231. University destinations In terms of university destinations over 100 of our students secured places at World Top 100 universities. including 45 students achieving a place at a Worl(J Top 10 university137 in 20231. Nine Concord students have gone to Oxford and Cambridge. 21 students gained places at UCL, 14 students at Imperial College and nine atwarwick University. We continue to see a large numberofstudents studyingmedicine1231, alongwith three students studying dentistryand twoveterinary. Overseas piacesweretaken up at Bentley IUSAI, Pennsylvania IUSAI. University of Hong Kong. Hong Kong University of Science & Technology, UC Berkeley {USAI, Waseda (Japanl. Sydney (Australia). John Hopkins {USA) and Wisconsin Madison IUSAI. SUMMER SCHOOL Summer School ran successfully across summer 2024, followingthe revised format that Was first introduced in 2023. In total, 201 students joined one of two sessions. coming from over20 countries around the world. FUNDRAISING The Anthony Morris Scholarship Fund was set up in 2016 to encourage donations to a fund that supports academically gifted students who may not be able to afford to attend Concord College. Trustees continue to welcome donations to the Anthony Morris Scholarship Fund, butthere has been no active fundraising activity in theyear. The Trust has not used a commercial fundraiser or commercial participator and there have been no complaints regarding fundraising activities. CARBON AND ENERGY REPORTING During the year the Trust took the following energy efficiency actions: a. Upgrading of existing fluorescent and tungsten lighting across the college upon failure. with new LED fillings and PIR sensors in areas of low use. Page 4 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES b. Utilisation of the Building Management System IBMS) for space heating control. c. General good housekeepingon energyequipment anol lightingacross all areas. The Trust's emissions for 2023124 are set out in the table belowwith a comparison to the previous year. 2024 6,746.5 Mwh 1.636.7 tC02e 2023 6.990.3 Mwh 1.691.9 tC02e UK Energy Use Associated greenhouse gas emissions Tonnes C02 equivalent ItC02el Intensity ratio Emissions per student 2.84 tC02e per student 2.97 tC02 per student In the reporting of carbon and energy the Trust has used the GHG Protocol Corporate Accounting and Reporting Standard {revised edition). Further emission factors were used from UK Government's GHG Conversion Factors for Company Reporting. FINANCIAL REVIEW AND RESULTS FOR THEYEAR ENDED 31 AUGUST 2024 INCOMEAND EXPENDITURE The details of income and expenditure are shown in the Consolidated Statement of Financial Activities on page 16. The Trust achieved net income in the year of £6.1 million12023- £2.6 million). Total revenue in 2023124 was £30.3 million {2023: £27.5 million}. Income from school fees, net of bursaries. scholarships and other remissionswas £25.9 million12023: £23.4 fflillioni. Summer Schoolgenerated £0.9m 12023.. £1.2ml. Income from investments and other bank deposits was £1.4m12023= £0.9ml. The College benefited from the Bank of England base rate and the impact ol this on deposit accounts, as well as an improvement in the pertormance of the investment portfolio. Income from donations to the Anthony Morris Scholarship Fund totalled £7.13712023'. S141.2931. Consolidated net assets were £10.3 million12023= £7.1 million). The Trust's cash reserves increased in the period by £3.0 million {2023: increase of £5.2 million). Capital expenditure in 2023124was £3.6m12023: £1.2ml. principally on planningfor the new boarding house and sports and on an extension to Orchard boarding residence. RESERVES POLICY The Trust's policy is to m8int8in adequate reserves for the following purposes- to provide the liquidity needed to enable the Trust to sustain its high academic and non-academic standards in the event of a temporaryfall in student numbers. to provide the funL1s needed for continuing capital expenditure on enhanced teaching. domestic and recreational facilities: and to provide bursariesforstudentsfromfamilieswho would notnormally be able to affordto attend Concorcl College. Page 5 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES Total funds as at 31 August 2024 were £54.7 million1£48.7 million in 20231. Of these funds. £809,694 was held in restricted funds (2023: £816.4281. with the remaining tunds invested in fixed assets. The Trust does not hold free general reserves. INVEStMENTS At 31 August 2024 the investments were £7.6 million {2023- £6.7 million). The Trust's total portfolio of investments is held in the Cazenove Charity Responsible Multi-Asset Fund. The objective of the fund is long- term investment with a diversified strategy investing in equities. bonds, propety and alternative assets to deliver a return of 4% per annum and managed with a long-term performance target relative to inflation. It adopts a responsible investment approach seeking sustainable long-term returns, using exclusions, the integration of environmental, social an(i governance considerations in equities and engagement throughout share ownership. CONCORD COLLEGE INTERNATIONAL The Trust's trading subsidiary, Concord College International Limited. made a gift aid contribution to the Trust of £261.011 12023- £294,023). Concord College International's principal activity IS to license the Concord brand to sister schools in other countries. Concord College Malaysia opened in September 2024 and there are plans for further Concord College schools in Malaysia. PLANS FOR THE FUTURE AND GOING CONCERN Objectives forthe comingyear are as follows: Assess the opportunities for raising funds through donations that Can be applied to the Trust's development and public benefit objectives. Ensure that opportunities to control costs are considered while at the saTne time maintaining the highest standards for our students. 3. Complete the roll out of new IT systems across the College's cofe processes. 4. Make further progress across the workstreams and development of supporting plans that underpin our strategic goals. 5. Continue the M major capital programmes- the new boarding residence and the new sports and exams hall. 6. Finalise options for further development ofthe campus. The Board has a reasonable expectation that the College has adequate resources lo continue in operational exi5tenGe for the foreseeable futuie and therefore continues to adopi Ihe going concern basis in preparing the financial statements. RISK MANAGEMENT AND PRINCIPLE RISKS AND UNCERTAINTIES TheTrustees have reviewed the majorstrategic. business and operational riskswhich theTrust faces. Systems have been established to enable regular reports to be produced so that necessary steps 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 corresponding control measures. Risk management is also discussed regularly at Board meetings. The controls used byconcord College to minimise risk include- Safeguarding procedures as required by law for the protection of children and wiLler stakeholders- b. Terms of reference, togetherwith formal agendas. forcommittee and Board meetings- Careful Trustee recruitment, with appropriate skills. to ensure all risks are covered- Established organisational structures ancl lines ot reporting: Page 6 of 31
THE BELL CONCORD EDUCATSONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES Formal written policies: Appropriate regu18tory vetting. safeguarding procedures and registers as required by law and regulation: g. Continued professional development and training- Use of an independent Health & Safety consultantwho reviews arrangements for Health & Safety; Other independent contractors and experts a used as required to bring in specialist advice to address risks: Comprehensive budgeting and monitoring including the preparation of sensitivity analysis. Key areas of risk that are considered bythe Board and the Concord SeniorTeam include- Threats related to regulatory compliance with the requirements of {amongst others) the Independent Schools Inspectorate. UK Visas and Immigration. HM Revenue and CLJStoms and the Charities Commission. which may in turn impact the College s reputation andlor f inancial position: Maintaining recruitment of sufficient students of high academic ability- 3. Threats to the independent school sector as a whole. including political volatility. These include changes to taxation of school fees ortaxation matters affecting College employees.. 4. Security of IT systems and the risk of cyber attack: 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 mental harm arising from the actions of staff. pupils or persons external to the organisation. EQUALITY. DIVERSITY AND INCLUSION The Trustees have a commitment to challenge and address inequality. A Trustee has been given responsibility for the oversight of EDI. and initiatives ale 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. further efforts are needed to bring this together into a comprehensive plan and actions. STRUCTURE, GOVERNANCEAND MANAGEMENT CONSTITUTION The Trust is a private company limited by guarantee. It is governeol by its Memorandum and Articles of Association. It is registered as a charity (registered charity number= 326279). ORGANISATIONAL MANAGEMENT The business of the Trust is managed by the Board of Trustees and the Articles of Association stipulate that their number must not be less th8n four nor more than Ie1Ve. New Trustees are recommended to the Board by the Governance & Nominations Committee and are nominated and are selected 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 reportto the Board. These committees are as follows: A Finance & Estates Committeewhich meets as necessaryandwith external advisers. fromwhom reports are received as required. The Board ratifies the decisions of the Finance & Estates Committee. There is also an Academic Committee, a Welfare Committee, a Marketing Committee. a Governance & Nominations Committee and a Compliance and Health & Safety Committee. all ofwhich meet a number of times a year. In Page 7 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES addition. there is an advisory committee for the Anthony Morris Foundation and the activities of Concord College International are overseen by the directors of CCIL Ltd. Board of Tiustee i oncoro CoiieRe Internatiofial Academic Commiitee Governance 8 Nominations Finance & Estates Wellare Commillee Marketing Commiitee Complfance an Healih & Saletv The Boar(i approves each year the (ielegated powers given lo the Principal and Bursar to enable them to administer the daily working of the Trust. They are also supported by the Vice-Principal (Academic), Vice- Principal (Pastorall. Head of Lower School and Assistant Principals and they, together with the Principal and Bursar, comprise the Concord SeniorTeam 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, including an introduction to College policies and procedures. Training is provided both internally and through external sources such as AGBIS and Trustees are regularly invited to attend courses designed to keep them informed and updated on current issues in the sector and regu18tory requirements. Remuneration for the key management personnel is set bythe Board. Appropriate incentives are considered to encourage enhanced performance and for rewarding fairly and responsibly individual contributions to the College's success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Trusr's charitable vision and purpose is primarily dependent on our key management personnel and Siaff costs are the largest single element ol our charitable expenditure. Dr lain Bride During the year Dr lain Bride stepped down as a Trustee of the Bell Concord Educational Trust. Dr Bride was the second Chairman of the Trust and he guided Concord College to growth and success during his long association with the College. The Board would like to use this opportunity to thank Dr Bride for his outstanding contribution to Concord College. CORPORATE GOVERNANCE The Board of Trustees seeks to have a governance framework that is fit for purpose, compli8nt and efficient. The Board supports the Charity Governance Code and has established a Governance & Nominations Committee ro review and enhance governance arrangements. PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS The Board of Trustees confirm that in accordance with Section 172{1) of the Companies Act it acts in a way it considers most likely to achieve the purposes of the Bell Concord Educational Trust. In making this assessment the Trustees considerthe following= Page 8 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OFTHETRUSTEES a. The likely consequences of any decision in the longterm The long-term sustainability of the operating model is considered by the Board through short- and long-term financial projections and key risks that could negatively impact the sustainability of the Trust. The Board and its committees review management information. budgets. cashflow projections, forecasts and progress against objectives on a regular basis. b. The interests of the Trust's employees The Board and its committees receive regular reports from management on staff matters including turnover and staff morale. Staff are invited to meet TTUStees at social events four times a year. Trustees with specific areas of responsibility such as safeguarding and health & safety are invited to the College on a regular basis. The Trust is an equal opportunities employer and has an inclusive policy for disabled employees and applications for employment are considered without reference to disability. Training and career development are also awarded without reference to disability- Employment. staff welfare and other policies are reviewed and updated regularly. The Principal and Bursar hold regular meetings with their teams. both individually and collectively. c. The need to foster the Trust's relationship with suppliers. customers and stakeholders The Trust works with suppliers to build strong relationships. and our terms are that supplier payment is due within 30 days after the invoice is received from the supplier. High value contracts require a tender process. In addition, the Trustees have regard to the need to foster relationships with the parents of the College students, beingourcustomers and stakeholders. d. The impact of the Trust on the community and the environment An independent review of energy use has been commissioned and a review of greenhouse gas emissions is provided on page 5 in line with the Streamlined Energy and Carbon Reporting requirements. The work done bythe Trust in support ofthe community is set out in the section on Public Benefit on page 2. e. The desirability of the Trust maintaining a reputation for high standards of business conduct The Trusttakes a zero-tolerance approach towards fraud, bribery and corruption. It is committed to applying 8118pplicable laws and regulations relating to fraud. bribery and corruption. Expectations of employees are clearly set out in the Staff Code of Conduct and the related policies. f. The need to act fairly as between members of the charitable company The Board understands the need to avoid and manage potenti81 conflicts of interest. The register of interests is reviewed annually and declarations of interest is a standing agenda item for Board meetings. GENDER PAY GAP Concord College publishes its gender pay gap report on its websiie. All applicants, regardless of gender, are encouraged to apply for senior positions when these become available. Page g of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OFTHE TRUSTEES REFERENCE AND ADMINISTRATIVE DEtAILS Patron Trustees Datuk Lim Chee Wah Dr C Astanford Mr B R Yates Chairman Vice-chairman Ms FAkinlose Dr l M Bride Mrs F Brown Mr A Currie MrAFS Donovan Mr R G Dyson Mr C Gkosdis Ms l Krasocki Mrs R M Mannell Mr IL Mccaghety Mr P S Ruben Mr P Yong {from 8 September2023) luntil 19 April 20241 Ilrom 8 September 20231 (from 12 June 20241 (from 1 December20231 {until 19 April 20241 {from 1 October 2024) Officers Dr M R Truss Mr M Z Hodge Acton Burnell Hall Shrewsbury Shropshire SY5 7PF Barclays Bank PLC 44-46 Castle Street Shrewsbury Shropshire SY1 2BU Haysmac LLP. Registered Auditors 10 Queen Street Place London EC4R 1AG Principal Bursar & Clerkto the Trustees Registered & Principal Office Bankers Auditors 'On 79November2024 rhe Trus[> audArorchangeditS name from h&ysm8GirJtyre LLP to Haysmac LLP. Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Cazenove Capital Management 1 London Wall Place London EC2Y SAU Solicitors Investment Managers Page 10of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 REPORT OF THE TRUSTEES STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors ofthe charitable company. are responsible for preparingthe Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs ot the charitable company and of the incoming resources and application of resources. including the income an(1 expenditure. of the charitable company for thatyear. In preparing these financial statements. the Trustees are required 10: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting standards have been followed. subject to any material departures disclosed and expiaine(i in the financial statements- prepare the f inancial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements complywith the Companies Act 2006. Theyare also responsible forsafeguardingthe assets ofthe charitable company and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Trustees is aware atthe time the report is approved: there is no relevant audit information ofwhich the company's auditors are unaware- and the Trustees have laken all steps thattheyought to have taken to make themselves aware of any relev8nt audit information and to establish that the auditors are aware of that information. AUDITORS The Auditors, Haysmac LLP, have expressed their willingness to be re-appointed as auditors of the Trust in accordance with Section 485 of the Companies Act 2006. The Trustees have approved and authorised the Trustees Annual Report at its meeting on 6 December 2024 signed on its behalf by: Dr C A Stanford 6 December 2024 Page 11 of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITORS. REPORT INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OFTHE BELL CONCORD EDUCATIONAL TRUST OPINION We have audited the financial statements ofThe Bellconcord EducalionalTrust forthe year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated and Charity Balance Sheets. the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable taw and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportingstandard applicable in the UK 8nd Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 August2024 and ofthe group's net movement in funds. including its income and expenditure. forthe year then en(ied,' have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements ofthe Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on ALJditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that the trustees, use of the going concern basi3 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, inciividually or collectively. may casl significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Page 12of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST2024 INDEPENDENT AuDoRs, REPORT OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this iegard. OPINIONS ON OTHER MAftERS PRESCRIBED BYTHE COMPANIESACT 2006 In our opinion. based on thework undertaken in the course ofthe audit: the information given in the Trustees'Annual Report {which includes the strategic report and the directors. report prepared for the purposes of company lawl for the f inancial year for which the financial statements are prepared is consistent with the financial statements- and the strategic report and the directors. report included within the Trustees. Annual Report have been prepared in accordance with applicable legal requirements. MArrERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Annual Report Iwhich incorporates the strategic report and the directors. report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion= adequate accounting records have not been kept by the parent charitable company. or the parent charitable company financial statements are not in agreement with the accounting records and returns. or certain disclosures ot trustees. rernuneration specified ty law are not made- or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OFTRUSTEES FOR THE FINANCIAL STATEMENTS As explained more fully in the Trustees, responsibilities statement set out on page 11. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materi81 misstatement. whether due to fr8ud or error. In preparing the f inancial statements. the Trustees are iesponsible for assessing the group's and the parent charitable company's abilityto continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistlc alternative but to do so. Page 13of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITORS, REPORT AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance aboutwhetherthe financialstatements as a whole aretree from material misstatement. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordancewith ISAS IUKI will always detecta material misstatementwhen it exists. Misstatements can arise from f raud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect materi81 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understandingofthe charitablecompanyand the environment in which itopeiates, we identified that the principal risks of non-compliance with laws and regulations related to ISI regulations, safeguarding regulations, health 8nd safety law, GDPR and employment law and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. the Charities Act 2011. and payroll tax. We evaluated management's inceniives and opportunities for fraudulent manipulation of the financial statements lincluding the risk ot override of controls). and determined that the principal risks were related to posting inappropriate journ81 entries to revenue and management bias in accounting estimates. Audit procedures performed bythe engagementteam included= inspecting correspondence with regulators and tax authorities. discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; evaluating management's controls designed to prevent and detect irregularities. identifying and testing journals. in particular journal entries posted with unusual account combinations. postings by unusual users or with unusual descriptions. and challenging assumptions andjudgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the F1nancial Reporting Council's website at= www.frc.org-uklauditorsresponsibilities. This description forms part of our auditor's report. Page 14of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITORS. REPORT USE OF OUR REPORT This report is made solelyto the chaiitable 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 responsibilityto anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report. or forthe opinionswe have formed. Siobhan Holmes Isenior Statutory Auditor) For and on behalf of Haysmac LLP IStatutoryAudttorsi Date.. 13 December 2024 10 Queen Street Place London EC4R 1AG Page 15of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Restricted Funds 2024 Total 2023 Total Notes Income from: Charltable activities School fees receivable Other academic income Other College activities Rental income and sale of fixed assets Othertrading activities Concord College International Limtte(I Investments Bank and other interest Donations Donation5 27,293,040 858,652 27.293.040 858.652 25,707,660 930.029 7,873 7.873 13.800 685.466 685.406 495,275 1,386,274 48,885 1.435.159 852,116 7,137 7.137 741,293 Total income 30.231.305 56.022 30,287.327 27,540.173 Expendlture on: Raising funds Charitable activities Trading activities Corporation tax liabilty on trading activities 24,665,860 293,503 62,756 24.728.616 293,503 24.274,659 232.159 Total expenditure 24,959,363 62,756 25.021119 24,446,818 Operating r•sult for th• year before gainsllosses on investments 5,271,942 16,7341 5.265.208 3,093,355 Net1105sI / gain on investments Net Ilossl / gain on disposal of assets 823.230 823.230 17,626 (543.584) Net Income and n•t movement of funds 6.095,172 16,734) 6.088,438 2.567,397 Reconciliation of funds Total funds brought forward 47.841,537 816,428 48.657.965 46.090.568 Total funds caffied forward 53.936,709 809,694 54.746.403 48.057,965 No summary income and expenditure account has been prepared because this information is clearly identified in the above statement. There were no recognised gains and losses other than those shown in the above Statement of Financial Activities. The accompanying notes form an integral part of this Statement of FinancialActivities. Page 16of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 CHARrrY AND CONSOLIDATED BALANCE SHEETS Group Charty 2024 2023 2024 2023 Flxed assets Tangible fixed assets Investments 10 41.873,470 7.557.794 39.778.819 6.734.564 41.873.470 7.557.795 39.778,819 6. 734.505 49.431.264 46,513,383 49.431.265 46,513,384 Current assets Stocks Debtors 64.353 578,433 31.280.811 57.949 639. 722 28,256,288 64.3S3 556.504 30.897.213 57,949 718,152 27.904.620 12 Cash at bank and in hand 31.923.597 28.953.359 31.518.070 28,680,727 Creditors: due within oneyear 13 (21.608.458) (27.808.777) 121.600.816) (27,803.071J Net current assets 10.315.139 7. 144.582 9.917.254 6.877.650 Bank loan 14 (5.000.000) (5,000,000) 15.000.000) (5,000,000) Nrt a$ts 54.746.403 48.657.905 54.348,519 48,391.034 Represented by: Unrestricted (general) funds: General fund Fixed assets fund 17 12.063.239 41,873.470 8,062.718 39.778,879 11.665.355 41.873,470 8,062,718 39,517,888 53.936.709 47,841,537 53.538,825 47,574,606 Re¥tri¢td fvnd 809.694 816,428 809.694 816,428 54.746A03 48.057.905 54.348.519 48.397,034 APPRO AND AUTHORISED FOR ISSUE BYTHE BOARD AND SIGNED ON ITS BEHALF ON 6 DECEMBER 202 DR C A STANFORD CHAIRMAN OFTHE BOARD OFTRUSTEES The accompanying notes are an integral part of these balance sheets. Page 17of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 CASH FLOW STATEMENT Note 2024 2023 Net cash oufflt>wfrom operations Net cash provided byop•rating acti¥itses 5,191682 5.008.617 Cash fl¢)ws from inv•sling artivitie&' Investment Income- bank interest and other incomè Sale of tangible fixed assets Purchase of investments Disposa5 of investments Disposal ol tan9ible fixed assets Purchase oftangible fixed assets 1.386.274 110(10 852.116 72,000 543.584 fl,207.697) (3.$06.432) Net ¢•sh providèd by invesliry activili•s (2.168.158) 200,003 Cash flow5 fvom financin9 KtilieS. Increase in bank loarF N•t cash pro¥id•d in financing a¢tiviti•s Change in cash and cash equivalents in the reporting period 3.024.524 5,208,020 Cash and cash equivalents at the beginning of the reporting period 28,256.288 23,047,668 Cagh and cash equivalents atthe end of the reporting period 31.280.811 28,256,288 Not•s: {•) Reconrilialion ol n•t Income to net cash flowfyom op•rnting actitI•$ 2023 Net m0m•Tht in funds Adjuslm¢ntsfor. Depreciation (Profttl I Ios5 on Sale of fixed assets Investment income- bank interest Net Igèinl I loss on investments Ilncreasel / decrease in debtors (Decrease) / Increase in credrcors Ilncreasel I decrease in 5tock5 6.088A38 2,567,397 1,466,455 (6.673) (1.386.274) (823.230) 1.799,055 (12.000) (852, 7 76J (7 7.626) (137.379) 1,659,230 2,056 1200.319} {0.404) (895.7561 2.441,220 N•t cash provid•d byop•rating acti¥its•$ 5.191682 5,008,617 (ill Analysis of cash to cash •quival•nts 2024 2023 Cash at bank and in hand 31.280.811 28,256,288 Page 18of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES Asummary ofthe principal accountingpolicies adopted {which have been applied consistently. exceptwhere noted) is set out below. BASIS OF PREPARATION The financial statements have been prepad in accordancewith the Financial Reportingstandard applicable in the UK and Republic of Ireland IFRS1021. 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 1 January 2019. The Trust has taken advantage allowed undef section 408 ofthe Companies Act 2006 and has not presented its own Statement of Financial Activities. GENERAL INFORMATION The Charity is a company limited by guarantee. incorporated in England and Wales (company number: 01503040 and charity number: 326279. The Charity's registered office address is- Acton Burnell Hall. Acton Burnell. Shrewsbury. Shropshire. SY5 7PF. The accounts are drawn up on the historical cost basis of accounting. as modified by the revaluation of investments. GOING CONCERN Having reviewed the funding facilities available to the Trust together with the expected ongoing demand for places and the Trust's future projected cash flows, the Board has a reasonable expect8tion that the Trust has 8clequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the Trust's financial viability. Accordingly. the Board continues to adopt the going concern basis in preparing the financial statements. PUBLIC BENEFIT The Trust, incorporated on 19 June 1980. is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. TRADING SUBSIDIARY The wholly owned trading subsidiary of the Trust, Concord College International Limited, has been active during the year in exploring opportunities for the development of international schools overseas and in the UK. The results of the year for assets and liabilities for the subsidiary cotnpany have been consolidated into these accounts on a line-by-line basis. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of these accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carryingvalue ot assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluated and are b8seol on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge ofthe amount. events or actions. actual results may ultimately differ from those estimates. Page 19of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revision and future periods if the revision affects current and future periods. The Trustees consider the following items to be areas subject to estimation and judgement= Depreciation: The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required. The following principal accounting policies have been applied: INCOMEAND ENDOWMENTS All income and endowments are recognisedwhen the criteria of entitlement. measurement and probability of receipt have been satisfied. Tuition and boarding fees. less any allowances, bursaries or scholarships awarded, are recognised in the period in which they are received. There is no advanced fee fund scheme in place. on occasion. some parents may attempt to pay for fees in advance but they are free to utilise their account balances as they see fit which may include the anticipation of future invoices or the immediate need for school trips and visits. Consequently. the most appropriate method to treat fee income is to allocate it in the period it is received. Donations and legacies are recognised when the conditions of entitlement. probability and measurement are met. Where the probability andlor measurement criteria for legacies and donations are not satisfied as at the balance sheet date but subsequent events resolve the uncertainty such that the criteria are met. an adjustment is made to recognise the income. Investment income from dividends, bank balances and fixed interest securities is included when receivable and the amount can be measured reliably by the College. Dividends are recognised once the dividend has been declared and notification has been received that the dividends are due. EXPENDITURE Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a paymentto a third paty and the amountofthe obligation can be measured reliably. expenditure is allocated to the appropriate headings relevant to the charitable activities. Expenditure is recognised a8 soon as the related liability is incurred and has been classified under headings that aggregate att costs relating to that category. Liabilities are recognised as goon as there is a legal or constructive obligation committing the Charity to the expenoliture. Employment benefits. including holiday pay. are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employeels). Expenditure on raisingfunds comprises commissions, advertising and marketing and associated travel and subsistence. Expenditure on charitable activities comprises personnel, catering and domestic, property, repaiis and maintenance. rent. rates. light and heat. student supplies and services. depreciation. motor and travel. office overheads and insurance. Support costs represent indirect costs relating to raising funds and the Charity's charitable activities. Support costs, including governance costs. are allocated to activities on bases that represent the Trustees, best estimate of actual use. The bases used to allocate costs to the above categories of expenditure are set out in note 5. Page 20 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS Governance costs comprise the costs of running the charity. including strategic planning for its future development. auditors, remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements. such as costs of Board meetings and preparing the statutory accounts and are included in note 6. PENSION COSTS Retirement benefits to employees of the College are provided through three pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows: la} The Teachers, Pension Scheme-This scheme is a multi-employer pension scheme. It is not possible to identifythe College's share of the underlying assets and liabilities of the Teachers. Pension Scheme on a consistent and reasonable basis and therefore. under FRS 102. the scheme is accounted for as if it were a def ined contribution scheme. The College's contributions, which are in accordance with the recommendations of the Government Actuary. are charged in the peiiod in which the salaries to which they relate are payable. This scheme is closed to new employees Ibl The Aviva Pension Trust for Independent Schools IAPTISI This is a defined contribution pension scheme offered to teaching staff who joined the Trust after 1" January 2024. Icl The Pensions Trust Flexible Retirement Plan The pian is a multi-employer defined contribution money purchase scheme. All contributed costs are accounted for on the basis of charging the cost of providing pensions over the period when the College benefits from the employees. se¢vices. The College has no further liability underthe scheme. OPERATING LEASES Rentals under operating leases are charged on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the Lease term. TANGIBLE FIXED ASSETS Assets are capitalised if they have a value over £2.500. with occasional variations le.g. computers). Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value. over their expected useful lives on the following bases: Freehold property - 2Wo Straight line Plant and m8chinery- 20% straight line Motor vehicles - 2096 straighl line Fixtures and fittings - 20% straight line IT Equipment- 2096 to 33.33% straight line No depreciation is provided on freehold land. INVESTMENTS Investments held for the long-term to generate income or capital gr0h are carried at fair value as fixed assets. Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning ol the year or the purchase cost where the investment was acquired during the year. Unrealised gains are the change in value of investments aftertaking into account any Page 21 of31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS movements in investment holdings such as purchases and dispos81s of investments. Realised and unreatised gains are accounted for within the Statement of Financial Activities. STOCK Stock represents goods tor resale and isvalued atthe lower of cost and net realisable value. FINANCIAL INSTRUMENTS Basic financial instruments transactions that result in the recognition of f inancial assets and liabilities like trade and other accounts receivable and payable are accounteLI for on the following basis- Cash and cash equivalents Cash and cash equivalents includes cash in hand. deposits held at banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities. Debtors and creditors Debtors and creditors are measured at the transaction price less any provision for impairment. Any losses arising from impairment are recognised as expenditure. FUND ACCOUNTING The charitable trust funds of the College are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed bythe donors or any appealto which they may have responded. General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have nol been designated for other purposes. Designated funds 8re funds set aside by the Trustees for particular purposes where their use remains at the discretion of the Trustees. Restricted funds represent amounts donated to the College for specific purposes such as funding building developments. scholarships. bursaries and prizes. Page 22 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS Charitable artivities- fees recetvable 2024 2023 Fees receivable consist of. Gross fees- Main term Gros5 fees.. charges for half term5. Christmas & Easter Gross fees.. Summer courses Les5'. total bursaries, scholarships and allowances Plus: payments made from restrictedfunds 26.986.535 430.200 968.590 (1,155.040) 62,755 27.293,040 24,522,271 522,27 7 7,203.790 (1.140,678) 25.7 07.660 Main term scholarships, bursaries and allowances were paid to 121 pupils1121 pupils in 20221231. Wtthin this, means tested bursaries totslling £666,046 were paid to 31 pupils 1£584.932 to 30 pupils in 20221231. Other College income 2024 2023 Rental income Profit on sale of fixed assets 1,200 6.673 7.873 7,800 12,000 13,800 Income from subsidiarfs trading actiVTties 2024 2023 Turnover Costs oftrading Gross profit Admin istrative expenses Operating proftt Retsined profrt 685.466 495,275 685.466 {293.503} 391.963 391.963 495,275 (232,159) 263,176 263,116 Current assets Current liabilities Net assets1lliabilitiesl 368.731 (101.799) 266,933 368,731 1101,7991 266,932 The Trust owns the whole of the £1 ordinary share capital of Concord College International Limited, incorporated in England. The principal acttvity of the Company is to provide business and consultancy services. Its trading results for the period, as extracted from the audited accounts. are summarised above. The management charge from The Bell Concord Educational Trust Limited to Concord College International Limited was £293.5031£232.158 in 20231. Page 23 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS Anatysls of total resour¢es expended Totsl expenditure Staff costs (note 81 Depreciation her (note l 01 2024 Cost ¢rf rai5iDg funds Fundraising Total for the charity Tiading ¢05ts of SubsidlaC10vlI0es T¢>tsl forth• gY•up 293,503 293,503 293.503 293.503 Charltabl• •xpendityf* Teaching costs Welfare Premises Other academic costs Support costs lincludit)g goverrb3ncel 7.922.558 4.053,944 1.371.458 333,767 49,574 1.083,114 1,503.702 1,818,398 1,769.900 677,345 2,178,372 9.760.027 5.921.916 4.224.472 677.345 4.082.100 1.903.728 Total chavitable •xpendlture 15.251.688 1.466.455 7.947.717 24.665.860 Total resouK•s •xp•nd•d forth• glOIIP 1 5,25 1,688 1,466,455 8,241,220 24.959.363 Comparfsonsto 2023: Stsff costs Depreciation Other Ttstsl 2023 Cost of Alslng fvnds Fundraising Total for the charty Trading costs of subsIdi•¢IlvtsIe$ Totsl forthe group 232,159 232,159 232.159 232.159 Charitable expendituve Teaching costs Welfare Premises Other academic c05t5 Support costs ol schooling lincluding governance) 7.507J65 3.849,013 1.263,712 600,068 69,463 1.129.524 1,463.364 1,776.086 7.992.084 800.032 1,906,560 9.570.797 5.694.502 4.385.320 800.032 3.763.948 1.857.388 Total chathabl• •xp•ndltsrn 14.477.478 1,799,055 7.938,126 24214.659 T¢)tal resoyrce5 expended forihe 9roup 14,477,478 1.799,055 8,170,285 24446.818 Page 24 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 5. Analysis of direct and all¢xated costs Support costs all relateto the direct operating costs of the College and principally comprise the following- 2024 2023 Administration and related costs Promotion and related costs Governance (see note 6) 2.754,941 1.249.893 49,186 4,054,020 2,663,582 7.043, 7 76 55,346 3,762, 7 04 6. Governance 2024 2023 Trustees, travel Trustees training Auditand accountancy Professional and registration fees 8.889 3.057 36.678 562 49,186 27,863 2,074 24,748 667 55,346 7. Grants. awards and prizes From unrestricted funds.. Bursaries Scholarships Other fee remission Summer Course reductions 2024 2023 666.046 241.500 211.229 36.265 1.155.040 584,932 257,776 262,509 35,401 1,740,618 8. Staff costs 2024 2023 Salaries and wages Social security costs Pension contributions Health insurance PHI, DIS & personal accident Other staff related costs 11.802.370 1.247.346 1.920.764 56,053 83,043 141.360 15.251.536 11.400.800 1,201,043 1,596,075 44,353 728,508 106,699 14,477,478 Page 25 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2023 Aggregate employee benefits of key management personnel 1.089.562 1.072.502 Neither the Trustees nor persons connected with them received any remuneration or other benefits from the College. 10 Trustees12023- 81 were reimbursed travel, accommodation and other expenses relating to their duties as Trustees during the year amounting to £8,889 {2023- £27.9961 which includes amounts paid directly to third parties on behalf of Trustees du ring the year totallin9 £4.71812023- £5,306). Number of higher paid employee5 in bands of: 2024 2023 £60,001 £70.001 £80,001 £90,001 £120,001 £130.001 £150,001 to £70,000 £80.000 £90,000 £100,000 £130,000 £140.000 £160.000 33 11 24 to to to to to to The average weekly number of full-time equivalent employees during the year was made up as follows= Noof FfEs 89 12 89 30 42 Noof FfEs 91 Teaching Teaching support Welfare Premises Support (including mana9ement and administration) 86 30 43 262 261 Average headcount". Teaching Teaching support Welfare Premises Support(includin9 management and administration} 97 23 129 32 96 24 725 30 46 327 327 During the year there were redundancy or termination payments recognised which amounted to £6.230. Page 26 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 9. Net income 2024 2023 Net income includes.. Auditors, remuneration {including VAT) for: Audit Other services Depreciation Operating lease costs 30.078 29,658 4,086 7,799.055 48,980 1,466.455 50.185 10. Tangible fixed assets Group and Charity Freehold dand Buildings pi Mxhinery & Equipment Motor Vehicles Furniture and knings Total Cost At 1 September 2023 Additions Disposals 51,741,059 3.342,986 (5,220) 5,875.502 198.127 159,145) 273,678 4,807,911 25.319 118,3931 62,698,150 3,566.432 {82,7581 At31 August2024 55,078.825 6.014,484 273,678 4,814,837 66,181,824 Depreciation At I September 2023 Chargefor theyear Disposals 12.790.471 991,451 5,337,043 350.285 159,039) 162.390 34,132 4,629,427 90,587 118,3931 22,919,331 1,466,455 {77,4321 At 31 August2024 13,781,922 5,628.289 196.522 4,701,621 24,308,354 Net carrying value at 31 August 2024 41.296.903 386.195 77,156 113.210 41.873.470 Netcarrying value at 31 August2023 38,950,588 538.459 111,288 178.484 39,778,819 On 20 Apfil 2017 the College entered into a loan agreementwith Barclays Bank Plc. There is legal charge over the freehold of various properties (land and buildings) owned by the College on the College site and in the village of Acton Burnell {see note 14 Page 27 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 11. Investments 2024 2023 Marketvalue broughtforward 0.734.565 6,716,939 Net gain on investments 823.230 17,626 Market value carried forward 7.557.795 6,734,565 Historical c05t 6.605.000 6,605,000 Investm•nt$ compriso: 2024 2023 Listed investments in the UK 7.557.794 6,734,564 Unlisted investments in the UK Unlisted investments relate to the charitable company holding a £1 share in the wholly owned subsidiary. Concord College International Limited, registered in the UK (company number 107836351 and incorporated on 22 May2017. 12. Debtors Group 2024 Charity 2024 2023 2023 Tuition fees Prepayments Other debtors Amount due from trading subsidiary 15.860 529.825 32.748 50.967 574,255 13.900 15.860 526.873 50,967 577,092 13.771 96,093 578.433 639,122 556.504 718,752 Page 28 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 13. Creditors: due within one year Group 2024 Charity 2024 2023 2023 Trade credttors Accruals and other creditors Fees received in advance Deposits Othertaxes and social securty Capital expenditure 307.096 641.619 13,961,602 6.297.908 294.990 105.237 388.231 602,617 14,186.640 6,287,985 290.046 53.264 307.090 633.977 13.961.602 6.297.908 294.996 105.237 388,23 7 596,905 74,186,640 6,287,985 290,046 53,264 21.608.458 21.808.777 21.000.816 27,803,077 14 Long terni loan The College has a revolving creditfaciltywtth Barclays Bank for £5,000,000. 15. Financial instruments 2024 2023 Financial assets measured at amortised costla) Financial assets measured at fair value Ib} Financial liabilities measured at amortised cost (c) 31.296.671 28,307,255 7.557.795 6,734.565 (21.313,462) (27,518,731) Net financial assets measured at amortised cost and fair value 17.541.004 13.523,089 lal Financial assets include cash. trade and fee debtors. other debtors, accrued income Ib) Financial assets held at fair value include assets held as investments Icl Financial liabilr(ies include depostts. fees in advance, trade creditors, accruals and other creditors Impairment losses charged to financial assets measured at amortised cost in the year amounted to £57.78812023= £48,529). 16. Lea$0$ At 31 August 2024, the College had thefollowing future minimum operating lease commitments.. 2023 2023 upto 1 year between 1- 5 year5 morethan 5 years Total 50.105 13.489 30,000 63.654 30.000 Amounts charged to the Statement of Financial Activities are £50,185 12023: £48,980) Page 29 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 17. Stst•mert of funds: movements in the year 1 Septemb•r 2023 Transfeysl gainsll¢)sse$ 31 August 2024 In¢¢)me Expend}1• Designated funds Fixed assets fund General fund 39.778.819 8,062.718 2,094,651 12,094.6511 41.873,470 12,063,239 31.054.535 124.959.3631 Totsl unrestrirted fund$ 47,841,537 31,054,535 {24.959.3631 53,936,709 R•strict•d funds 816.428 56.022 162,7561 809,694 Totsl fund$ 48.657.965 31.110,557 (25.021119) 54,746,403 Compari%m5 to 2023: 1 September 2022 Transfe/ gain5Aosses 31 August 2023 Income Expenditur• Designated funds Fixed assets fund General fund 40,913.761 4.501.672 11.134,9421 1,134,942 39,778.819 8,062.718 27.416.506 {24.990.4021 Total unrtstrlcted fvnds 45.415.433 27.416,506 124.990,4021 47.841,537 Restrlct•d funds 675,135 141293 816,428 Total funds 27.557,799 {24.990.402) 48.657,965 Designated funds have been set aside by theTrustees as described in the Reserves Policy on page 6. Thetransfeffrom the Resetves Fund to the Fixed Asset Fund representsthe investment in fixed assets during the year or such lesser amount as is available from free reserves. Restricted funds: Scholarship fund - the scholarship fund was set up during 2016 to receive donations for the funding of scholarships and bursaries for deserving students. 18. Taxation The Trust is a registered charity and no taxation is payable on its charitable income. 19. Capital commitments and post balance sheet events At the year end, commitments for future c8Pltal expenditure totalled S15.1m relating to the construction of a new student boarding residence and a new sports hall l£nil in 20231. Contractors were appointed in August 2024 and the letters of intent were signed on the 4" of September 2024. Construction work began on site on the 7" of October 2024. Page 30 of 31
THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2024 NOTES TO THE FINANCIAL STATEMENTS 20. Pensions The College contributes to three pension schemes for the benefit of staff as follows. Teachers, Pension Scheme The College participates in the Teachers. Pension Scheme {"the TPS") for its teaching staff. In Spring 2023 the College implemented a phased withdrawal from the TPS and from the 1st January 2024 new teachers have been auto-enrolled into the Aviva Pensions Trust foi Independent Schools {"APTIS"I. The TPS pension charge for the year includes contributions payable to the TPS of £1,307.981 1£1.152,469 in 20221231 and at the year-end £162,084 (£144,406 in 2022123) was accrued in respect of contributions to this scheme. TheTPS is an unfunded multi-empioyerdefined benefits pension scheme governed byTheTeachers' Pensions Regulations 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Members contribute on 8 "pay as you go. basis with contributions from memberg and the employer being credited to the Exchequer. Retirement and other pension benefits 8re paid by public funds provided by Parliament. The employer contribution rate is set bythe Secretaryof State following schemevaluations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The valuation confirmed that the employer contribution rate for the TPSwould increase from 23.6% to 28.6 from 1 April 2024. Employers are 8lso required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, anol in preparing the 2020 valuation have valued the'greater value. benefits for Eroups of relevant members. Aviva Pension Trust for Independent Schools IAPTISI APTIS is a defined contribution pension schemeforteachingstaff whojoinedthecollege after 15118nuary2024 but is also open to otherteachingstaff who want to transferoverfrom the TPS. The charge fortheye8r payable to APTIS was £91,657 and at the year-end £0 {nil) was accrued in respect of contributions to this scheme. Group Personal Pension Plans The College operates group personal pension plans for its non-teaching staff. Contribulions are made to separately administered funds managed by The Pensions Trust. In October 2023 the College introduced a salary exchange scheme for members of group personal pension plans and later. the APTIS scheme Contributions charge(i to the Statement of Financial Activities during the year totalled £534.2611£379.495 in 20221231- Amounts outst8nding at the year-end totalled £58.3791£55.370 in 20221231. 21. Related party transactions There were no related party transactions in the year. Page 31 of 31