THE BELL
CONCORD
EDUCATIONAL
TRUST
CONCORD
COLLEGE
TRUSTEES, REPORT AND ACCOUNTS FOR THE
YEAR ENDED 31 AUGUST2024
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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
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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.
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THE BELL CONCORD EDUCA￿ONAL 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.
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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.
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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:
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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 I￿e1Ve. 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
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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=
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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.
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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
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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
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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.
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THE BELL CONCORD EDUCATIONAL TRUST
YEAR ENDED 31 AUGUST2024
INDEPENDENT AuD￿oRs, 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.$06.432)
Net ¢•sh providèd by invesliry activili•s
(2.168.158)
200,003
Cash flow5 fvom financin9 Kti￿lieS.
Increase in bank loarF
N•t cash pro¥id•d in financing a¢tiviti•s
Change in cash and cash equivalents in the
reporting period
3.024.524
5,208,020
Cash and cash equivalents at the beginning of the
reporting period
28,256.288
23,047,668
Cagh and cash equivalents atthe end of the
reporting period
31.280.811
28,256,288
Not•s:
{•) Reconrilialion ol n•t Income to net cash flowfyom op•rnting acti￿tI•$
2023
Net m0￿m•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 prepa￿d 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 gr0￿h 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 Subsidl￿aC10vlI0es
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