OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Bell Concord Educational Trust Ltd

2025-08-31-accounts

CONCORD

THE BELL CONCORD EDUCATIONAL TRUST

TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025

Registered Company Number: 01503040 Registered Charity Number: 326279

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025

CONTENTS

Page
Annual Report of the Trustees 2
Independent Auditors' Report 12
Consolidated Statement of Financial Activities 16
Charity and Consolidated Balance Sheets 17
Consolidated Cash Flow Statement 18
Notes to the Financial Statements 19 - 32

Page 1 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 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 2025 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.

OBJECTIVES AND ACTIVITIES

PURPOSE OF THE BELL CONCORD EDUCATIONAL TRUST

The purpose of the Bell Concord Educational Trust ('the Trust') is to promote and provide for the advancement of education and to carry on, acquire and develop in the United Kingdom 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 01503040) and registered in England. It is registered with the Charity Commission in England and Wales under charity number 326279.

The Trust is responsible for Concord College, Acton Burnell, Shrewsbury, Shropshire, SY5 7PF ('the College'). The College is an independent boarding school responsible for the delivery of the GCSE and A-level curriculum.

Concord College’s origins were in 1949, when Paul Oertel and Monica Carr-Taylor set up a small privatelyowned 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 delivered. Concord College defines itself as an international school, and most of our students are resident outside the United Kingdom, typically coming from over 40 countries. We help our students realise their academic potential, develop their sense of community, promote respect for other cultures and beliefs, and provide a wide range of activities to broaden outlook 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 accept students 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 the Charity Commission and continue to work to support the local community, widen access to education and facilities, and provide employment opportunities.

The College has a regular programme of activities that contribute to public benefit including academic outreach to support local schools, making our recreational facilities available to the local community and to other schools, opening key events such as the Medical Futures Conference to other schools, and providing

Page 2 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

facilities for community events such as the village fete. A local shop and post office is provided to the local community at a subsidised rent.

The Trust aims to make it possible for young people who may not normally be able to afford the full fees to benefit from attending the College at reduced fees, either through scholarships or means-tested bursaries to attract the most able students irrespective of background. In 2024/25 scholarships to the value of £186k (£242k in 2023/24) were awarded on academic merit and bursaries to the value of £650k (£666k in 2023/24) were awarded to 31 students based on a means-test of their parents (31 in 2023/24).

In addition to scholarships and bursaries, the Trust sets the fee level for day students at the College to ensure affordability in the local market for parents. The Trustees continue to look for opportunities to support disadvantaged students and work with the Royal National Children’s SpringBoard Foundation, as well as utilising the Anthony Morris Scholarship Fund to support students who may not normally be able to afford to attend the College.

ACHIEVEMENTS AND PERFORMANCE

During 2024/25 Concord College had a total of 546 students on roll, including students from more than 40 countries. Of the total students, 438 were boarders and 108 were day students.

OBJECTIVES AND PERFORMANCE

The objectives for the year and the Trust’s achievements against these are set out below:

Management of the impact of VAT on school
fees to minimise disruption to children’s
education.		 On the introduction of VAT the Board adopted a fee
strategy in January 2025 that balanced the increased
fnancial burden for parents and the fnancial
sustainability of the College.
A new 60-bedroom boarding residence. The construction of Lawley Residence has been taking
place during the year and completion is anticipated for
summer 2026.
Replacement of the temporary sports hall
with a new Sports and Examination Hall.		 The new Sports and Examination Hall will incorporate
high quality facilities including a new gym and spin
room. The building is forecast to be complete in Spring
2026.
Introduction of new IT systems for key areas
of College activity.		 The transition phases for the new MIS and fnance
systems has been completed, and these went live in
September 2025. Further new systems to assist in the
management of HR and cocurricular activities are also
being introduced.
Embed an approach to inclusion and equality,
diversity and inclusion.		 A staff-led group has discussed key issues relating to EDI
and promoted various initiatives across the College. The
Board has approved a new policy on Equality, Diversity
and Inclusion.

Page 3 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

ACADEMIC ACHIEVEMENTS

Excellent academic results continue to be achieved by Concord students.

A-Level and AS Level: Our students have continued to excel at A-Level and AS Level. In 2025 almost half of all A-Level grades achieved by Concord students were A (49%, up from 38% in the previous year). 83% of grades were A/A (2024: 73%) and 94% of grades were A*-B (2024: 94%).

28 students received four As at A-Level; 45 students achieved three or more A grades (44 last year); 110 students - 70% of our entire cohort - achieved AAA or better (110 last year), 46 achieved AAA or better. The College-wide A rate was surpassed in individual departments with significant entries by Biology (56%), Maths (62%) and Spanish (67%).

At AS Level, 78% of entrants were awarded A grade, and 90% achieved an A or B grade.

I/GCSE : At I/GCSE it was another strong set of results: 55% at grade 9 (2024: 53%), 72% at grade 8-9 (2024: 79%), and 86% at grade 7-9 (2024: 89%). The 9 rate was surpassed in individual departments with significant entries by Chemistry (63%), Statistics (58%), Computer Science (61%), Economics (59%), Further Maths (82%), Geography (59%), Maths (75%), Physics (66%) and Spanish (64%).

University destinations: In terms of university destinations over 100 of our students secured places at World Top 50 universities, including 67 students achieving a place at a World Top 10 university (45 in 2024). Twelve Concord students have gone to Oxford and Cambridge, 31 students gained places at UCL, 27 students at Imperial College and 16 at King’s College London. We continue to see a large number of students studying medicine (22), along with three students studying dentistry and three veterinary. Overseas places were taken up at the University of Hong Kong, The Hong Kong Polytechnic University, UC Berkeley (USA), New York University (USA), University of Western Australia, UCLA (USA), UC Berkeley (USA).

CARBON AND ENERGY REPORTING

During the year the Trust took the following energy efficiency actions:

The Trust's emissions for 2024/25 are set out in the table below with a comparison to the previous year.

2025 2024
UK EnergyUse 6,291.7 MWh 6,746.5 MWh
Associated greenhouse gas emissions
Tonnes CO2 equivalent(tCO2e)		 1,536.9 tCO2e 1,636.7 tCO2e
Intensity ratio
Emissionsper student		 2.81 tCO2e per student 2.84 tCO2e 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.

SUMMER SCHOOL

Summer School ran two sessions in 2025, attracting 125 students from 20 countries around the world.

Page 4 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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, but there has been no active fundraising activity in the year.

The Trust has not used a commercial fundraiser or commercial participator and there have been no complaints regarding fundraising activities.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2025

INCOME AND 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 £4.1 million (2024: £6.1 million).

Total revenue in 2024/25 was £27.7 million (2024: £30.3 million). Income from school fees, net of bursaries, scholarships and other remissions was £24.7 million (2024: £26.3 million). Summer School generated £0.5m (2024: £0.9m). Income from investments and other bank deposits was £1.0m (2024: £1.4m).

Income from donations to the Anthony Morris Scholarship Fund totalled £11,017 (2024: £7,137).

The Board’s decision to place cash reserves into investments during the year, combined with capital expenditure of £5.4m (2024: £1.2m) meant that the Trust's cash reserves decreased in the period by £21.9 million (2024: increase of £3.0 million). This change in strategy also impacted the balance sheet: consolidated net current liabilities were £10.5 million (2024: net current assets of £10.3 million).

Capital expenditure was principally on the new boarding residence and sports hall.

RESERVES POLICY

The Trust's policy is to maintain adequate reserves for the following purposes:

  1. to provide the liquidity needed to enable the Trust to sustain its high academic and non-academic standards in the event of a temporary fall in student numbers;

  2. to provide the funds needed for continuing capital expenditure on enhanced teaching, domestic and recreational facilities; and

  3. to provide bursaries for students from families who would not normally be able to afford to attend Concord College.

Total funds as at 31 August 2025 were £58.9 million (£54.7 million in 2024). Of these funds, £804,222 was held in restricted funds (2024: £809,694), with the remaining funds invested in fixed assets or allocated to future commitments. The Trust does not hold free general reserves.

INVESTMENTS

At 31 August 2025 the investments were £24.7 million (2024: £7.6 million).

The Trust works with two investment advisors and holds its portfolio with different funds with investment objectives as follows:

Page 5 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

  1. A charity-responsible multi-asset fund provides long-term investment with a diversified strategy to deliver a return and managed with a long-term performance target relative to inflation. It adopts a responsible investment approach seeking sustainable long-term returns, using exclusions, the integration of environmental, social and governance considerations in equities and engagement throughout share ownership.

  2. The moderate risk Sustainable Multi-Asset Class Portfolio provides a long-term investment vehicle that targets a return ahead of inflation. The strategy has full ESG integration and the investments are in entities whose economic activities contribute to at least one of the UN SDGs. The strategy is total return and is seeking to compound returns over the long term.

  3. Funds available for drawdown against funding for capital expenditure are held in money market funds to provide security of capital, liquidity and a competitive yield.

  4. Longer term investments are held in a structured products programme which provide defined returns which are attractive relative to the stock market and Bank of England base rates.

CONCORD COLLEGE INTERNATIONAL

The Trust's trading subsidiary, Concord College International Limited, made a gift aid contribution to the Trust of £391,963 (2024: £261,011). Concord College International’s principal activity is to license the Concord brand to sister schools in other countries, including those in China and the school in Malaysia, which opened in September 2024.

PLANS FOR THE FUTURE AND GOING CONCERN

Objectives for the coming year are as follows:

  1. Ensure that opportunities to control costs are considered while at the same time maintaining the highest standards for our students.

  2. Complete and open the two major capital programmes – the new boarding residence and the new sports and exams hall.

  3. Consider and deliver plans for the reorganisation of the College’s boarding provision.

  4. Complete the roll out of new IT systems across the College’s core processes.

  5. Continue to develop new ways of engaging and communicating across the staff community.

The Board has a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future and therefore continues to adopt the going concern basis in preparing the financial statements.

RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees have reviewed the major strategic, business and operational risks which the Trust faces. Systems have been established to enable regular reports to be produced so that necessary steps can be taken to mitigate these risks.

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 by Concord College to minimise risk include:

Page 6 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

Key areas of risk that are considered by the Board and the Concord Senior Team include:

  1. Threats related to regulatory compliance with the requirements of (amongst others) the Independent Schools Inspectorate, UK Visas and Immigration, HM Revenue and Customs and the Charities Commission, which may in turn impact the College’s reputation and/or financial position;

  2. 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 or taxation matters affecting College employees;

  4. Security of IT systems and the risk of cyber attack;

  5. Market dependence and the risk of loss of a key market;

  6. Threats impacting on the wellbeing of students and other stakeholders. These encompass the risk of physical or 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 responsibility for the oversight of EDI, and initiatives are being led by a 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, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Trust is a private company limited by guarantee. It is governed by its Memorandum and Articles of Association. It is registered as a charity (registered charity number: 326279).

ORGANISATIONAL MANAGEMENT

The business of the Trust is managed by the Board of Trustees and the Articles of Association stipulate that their number must not be less than four nor more than twelve. New Trustees are 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 report to the Board. These committees are as follows:

A Finance & Estates Committee which meets as necessary and with external advisers, from whom 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 of which meet a number of times a year.

Page 7 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

In 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.

==> picture [492 x 135] intentionally omitted <==

----- Start of picture text -----
Board of Trustees
Concord College
International
Limited
Academic Governance & Finance & Estates Welfare Marketing Compliance and
Committee Nominations Committee Committee Health & Safety
----- End of picture text -----

The Board approves each year the delegated powers given to the Principal and Bursar to enable them to administer the daily working of the Trust. They are also supported by the Vice-Principal (Academic), VicePrincipal (Pastoral), Head of Lower School and Assistant Principals and they, together with the Principal and Bursar, comprise the Concord Senior Team and the key management personnel.

New Trustees are inducted through meetings with the Chair, the Principal, the Bursar and other members of the Concord Senior Team, 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 regulatory requirements.

Remuneration for the key management personnel is set by the Board. Appropriate incentives are considered to encourage enhanced performance and for rewarding fairly and responsibly individual contributions to the College’s success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Trust’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

CORPORATE GOVERNANCE

The Board of Trustees seeks to have a governance framework that is fit for purpose, compliant and efficient. The Board supports the Charity Governance Code and has established a Governance & Nominations Committee to 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 consider the following:

a. The likely consequences of any decision in the long term

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.

Page 8 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

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 Trustees at social events regularly through 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, being our customers and stakeholders.

d. The impact of the Trust on the community and the environment

A review of greenhouse gas emissions is provided on page 4 in line with the Streamlined Energy and Carbon Reporting requirements. The work done by the Trust in support of the community is set out in the section on Public Benefit on page 2.

e. The desirability of the Trust maintaining a reputation for high standards of business conduct

The Trust takes a zero-tolerance approach towards fraud, bribery and corruption. It is committed to applying all applicable laws and regulations relating to fraud, bribery and corruption. Expectations of employees are clearly set out in the Staff Code of 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 potential 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 website. All applicants, regardless of gender, are encouraged to apply for senior positions when these become available.

Page 9 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

REFERENCE AND ADMINISTRATIVE DETAILS

Patron Datuk Lim Chee Wah
Trustees Dr C A Stanford Chairman
Mr B R Yates Vice-Chairman
Ms F Akinlose
Mrs F Brown
Mr A Currie
Mr A F S Donovan
Mr R G Dyson (until 6 December 2024)
Mr C Gkosdis
Ms J Krasocki
Mr IL McCagherty (from 1 October 2024)
Mr P S Ruben
Mr M Woodcock (from 8 December 2024)
Mr P Yong
Offcers Dr M R Truss Principal
Mr M Z Hodge Bursar & Clerk to the Trustees
Registered & Principal Offce Acton Burnell Hall
Shrewsbury
Shropshire
SY5 7PF
Bankers Barclays Bank PLC
44-46 Castle Street
Shrewsbury
Shropshire SY1 2BU
Auditors HaysMac LLP
Registered Auditors
10 Queen Street Place
London EC4R 1AG
Solicitors Farrer & Co
66 Lincoln's Inn Fields
London WC2A 3LH
Investment Managers Cazenove Capital Management
1 London Wall Place
London EC2Y 5AU
Barclays Private Bank
1 Churchill Place
London E14 5HP

Page 10 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 REPORT OF THE TRUSTEES

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees, who are also the directors of the charitable company, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

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 5 December 2025 and it was signed on its behalf by:

Dr C A Stanford 5 December 2025

Page 11 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 INDEPENDENT AUDITORS’ REPORT

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BELL CONCORD EDUCATIONAL TRUST

OPINION

We have audited the financial statements of The Bell Concord Educational Trust for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 12 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 INDEPENDENT AUDITORS’ REPORT

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES 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 law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 INDEPENDENT AUDITORS’ REPORT

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to ISI regulations, safeguarding regulations, health and safety law, GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 14 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 INDEPENDENT AUDITORS’ REPORT

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jackson Berry (Senior Statutory Auditor) For and on behalf of HaysMac LLP (Statutory Auditors)

Date: 17 December 2025

10 Queen Street Place London EC4R 1AG

Page 15 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Notes
Income from:
Charitable activities
School fees receivable
1
Other academic income
Other College activities
Rental income and sale of fixed assets
2
Other trading activities
Concord College International Limited
3
Investments
Bank and other interest
Donations
Donations
Total income
Expenditure on:
4
Raising funds
Charitable activities
Trading activities
Corporation tax liability on trading activities
Total expenditure
Net (loss) / gain on investments
11
Net (loss) / gain on disposal of assets
Net income and net movement of funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
17
Operating result for the year before
gains/losses on investments		 Unrestricted
Funds
£
25,257,231
849,317
14,294
529,159
974,046
-
27,624,047
23,863,899
275,245
-
24,139,144
3,484,903
646,835
250
4,131,988
53,936,709
58,068,697		 Restricted
Funds
£
-
-
-
-
37,645
11,017
48,662
-
54,134
-
-
54,134
(5,472)
-
-
(5,472)
809,694
804,222		 2025
2024
Total
Total
£
£
25,257,231
27,293,040
849,317
858,652
14,294
7,873
529,159
685,466
1,011,691
1,435,159
11,017
7,137
27,672,709
30,287,327
-
-
23,918,033
24,728,616
275,245
293,503
-
-
24,193,278
25,022,119
3,479,431
5,265,208
646,835
823,230
250
-
4,126,516
6,088,438
54,746,403
48,657,965
58,872,919
54,746,403

No summary income and expenditure account has been prepared because this information is clearly identified in the above statement.

There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.

The accompanying notes form an integral part of this Statement of Financial Activities.

Page 16 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 CHARITY AND CONSOLIDATED BALANCE SHEETS

Notes
Fixed assets
Tangible fixed assets
10
Investments
11
Current assets
Stocks
Debtors
12
Cash at bank and in hand
Creditors: due within
13
one year
Net current (liabilities)/assets
Bank loan
14
Net assets
Represented by:
Unrestricted (general) funds:
General fund
17
Fixed assets fund
17
Restricted fund
17		 2025
2024

£
£
44,639,562
41,873,470
24,710,723
7,557,794
69,350,285
49,431,264
60,958
64,353
1,893,536
578,433
9,430,765
31,280,811
11,385,259
31,923,597
(21,862,625)
(21,608,458)
(10,477,366)
10,315,139
-
(5,000,000)
58,872,919
54,746,403
13,429,135
12,063,239
44,639,562
41,873,470
58,068,697
53,936,709
804,222
809,694
58,872,919
54,746,403
Group		 2025
2024
£
£
44,639,562
41,873,470
24,710,724
7,557,795
69,350,286
49,431,265
60,958
64,353
1,874,559
556,504
9,185,957
30,897,213
11,121,474
31,518,070
(21,858,675)
(21,600,816)
(10,737,201)
9,917,254
-
(5,000,000)
58,613,085
54,348,519
13,169,301
11,665,355
44,639,562
41,873,470
57,808,863
53,538,825
804,222
809,694
58,613,085
54,348,519
Charity		 2025
2024
£
£
44,639,562
41,873,470
24,710,724
7,557,795
69,350,286
49,431,265
60,958
64,353
1,874,559
556,504
9,185,957
30,897,213
11,121,474
31,518,070
(21,858,675)
(21,600,816)
(10,737,201)
9,917,254
-
(5,000,000)
58,613,085
54,348,519
13,169,301
11,665,355
44,639,562
41,873,470
57,808,863
53,538,825
804,222
809,694
58,613,085
54,348,519
Charity
49,431,265
64,353
556,504
30,897,213
31,518,070
(21,600,816)
9,917,254
(5,000,000)
54,348,519
11,665,355
41,873,470
53,538,825
809,694
54,348,519

APPROVED AND AUTHORISED FOR ISSUE BY THE BOARD AND SIGNED ON ITS BEHALF ON 5 DECEMBER 2025 BY:

DR C A STANFORD CHAIRMAN OF THE BOARD OF TRUSTEES

The accompanying notes are an integral part of these balance sheets.

Page 17 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 CASH FLOW STATEMENT

Note 2025 2024
£ £ £ £
Net cash outflow from operations
Net cash provided by operating activities (i) 4,082,340 5,192,682
Cash flows from investing activities:
Investment income - bank interest and other income 974,046 1,386,274
Sale of tangible fixed assets 250 12,000
Purchase of investments (16,506,094) -
Disposal of investments - -
Purchase of tangible fixed assets (5,400,588) (3,566,432)
Net cash provided by investing activities (20,932,386) (2,168,158)
Cash flows from financing activities:
Decrease in bank loan (5,000,000) -
Net cash provided in financing activities (5,000,000) -
Change in cash and cash equivalents in the (21,850,046) 3,024,524
reporting period
Cash and cash equivalents at the beginning of the 31,280,812 28,256,288
reporting period
Cash and cash equivalents at the end of the (ii) 9,430,765 31,280,812
reporting period
Notes:
(i) Reconciliation of net income to net cash flow from operating activities
2025 2024
£ £ £ £
Net movement in funds 4,126,516 6,088,438
Adjustments for:
Depreciation 1,131,281 1,466,455
(Profit) / loss on sale of fixed assets (250) (6,673)
Investment income - bank interest (974,046) (1,386,274)
Net (gain) / loss on investments (646,835) (823,230)
(Increase) / decrease in debtors (12,548) 60,689
(Decrease) / increase in creditors 454,827 (200,319)
(Increase) / decrease in stocks 3,395 (6,404)
(44,176) (895,756)
Net cash provided by operating activities 4,082,340 5,192,682
(ii) Analysis of cash to cash equivalents
2025 2024
£ £
Cash at bank and in hand 9,430,765 31,280,811

Page 18 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING POLICIES

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted) is set out below.

BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2019.

The Trust has taken advantage allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities.

GENERAL INFORMATION

The Trust is a company limited by guarantee, incorporated in England and Wales (company number: 01503040 and charity number: 326279. The Trust’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 expectation that the Trust has adequate 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 company have been consolidated into these accounts on a line-by-line basis.

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of these accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates.

Page 19 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 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:

INCOME AND ENDOWMENTS

All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied. Tuition and boarding fees, less any allowances, bursaries or scholarships awarded, are recognised in the period in which they are received. There is no advanced fee fund scheme in place; on occasion, some parents may attempt to pay for fees in advance but they are free to utilise their account balances as they see fit which may include the anticipation of future invoices or the immediate need for school trips and visits. Consequently, the most appropriate method to treat fee income is to allocate it in the period it is received. Fees are recognised net of VAT, which became chargeable on fee income from 1 January 2025.

Donations and legacies are recognised when the conditions of entitlement, probability and measurement are met. Where the probability and/or measurement criteria for legacies and donations are not satisfied as at the balance sheet date but subsequent events resolve the uncertainty such that the criteria are met, an adjustment is made to recognise the income.

Investment income from dividends, bank balances and fixed interest securities is included when receivable and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received that the dividends are due.

EXPENDITURE

Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably, expenditure is allocated to the appropriate headings relevant to the charitable activities. Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the expenditure. Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s). Expenditure on raising funds comprises commissions, advertising and marketing and associated travel and subsistence. Expenditure on charitable activities comprises personnel, catering and domestic, property, repairs and maintenance, rent, rates, light and heat, student supplies and services, depreciation, motor and travel, office overheads and insurance.

Support costs represent indirect costs relating to raising funds and the Trust’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 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 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 are provided through three pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows:

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 (e.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 - 2% straight line

Plant and machinery - 20% straight line

Motor vehicles - 20% straight line

Fixtures and fittings - 20% straight line

IT Equipment - 20% to 33.33% straight line.

No depreciation is provided on freehold land.

INVESTMENTS

Investments held for the long-term to generate income or capital growth are carried at fair value as fixed assets. Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquired during the year. Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments. Realised and unrealised gains are accounted for within the Statement of Financial Activities.

Page 21 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

STOCK

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

FINANCIAL INSTRUMENTS

Basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable are accounted for on the following basis:

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 are accounted for as unrestricted or restricted income in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Designated funds are funds set aside by the Trustees for particular purposes where their use remains at the discretion of the Trustees.

Restricted funds represent amounts donated to the College for specific purposes such as funding building developments, scholarships, bursaries and prizes.

Page 22 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

1. Charitable activities - fees receivable

Fees receivable consist of:
Gross fees: Main term
Gross fees: charges for holiday stays
Gross fees: Summer courses
Less: total bursaries, scholarships and allowances		 2025
2024
£
£
25,377,577
27,049,290
401,745
430,200
501,346
968,590
(1,023,437)
(1,155,040)
25,257,231
27,293,040

Main term scholarships, bursaries and allowances were paid to 129 pupils (121 pupils in 2023/24). Within this, means tested bursaries totalling £649,575 were paid to 31 pupils (£666,046 to 31 pupils in 2023/24).

2. Other College income

Rental income
Sale of fixed assets
Other income		 2025
2024
£
£
1,275
1,200
-
6,673
13,019
-
14,294
7,873

3 Income from subsidiary's trading activities

Turnover
Costs of trading
Gross profit
Administrative expenses
Operating profit
Retained profit
Current assets
Current liabilities
Net assets/(liabilities)		 2025
2024
£
£
529,159
685,466
-
-
529,159
685,466
(275,245)
(293,503)
253,914
391,963
253,914
391,963
269,832
368,731
(9,997)
(101,799)
259,835
266,932

The Trust owns the whole of the £1 ordinary share capital of Concord College International Limited, incorporated in England. The principal activity of the Company is to provide business and consultancy services. Its trading results for the period, as extracted from the audited accounts, are summarised above.

The management charge from The Bell Concord Educational Trust Limited to Concord College International Limited was £6,047 (£5,631 in 2024).

Page 23 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of total resources expended

Total expenditure
Cost of raising funds
Fundraising
Total for the charity
Trading costs of subsidiary activities
Total for the group
Charitable expenditure
Teaching costs
Welfare
Premises
Other academic costs
Support costs (including governance)
Total charitable expenditure
Total resources expended for the group
Comparisons to 2024:
Cost of raising funds
Fundraising
Total for the charity
Trading costs of subsidiary activities
Total for the group
Charitable expenditure
Teaching costs
Welfare
Premises
Other academic costs
Support costs of schooling
(including governance)
Total charitable expenditure
Total resources expended for the group		 Staff costs
(note 8)
£
-
-
-
-
8,184,688
4,073,378
1,340,182
-
2,043,794
15,642,042
15,642,042
Staff costs
£
-
-
-
-
7,922,558
4,053,944
1,371,458
-
1,903,728
15,251,688
15,251,688		 Depreciation
(note 10)
£
-
-
-
-
161,298
13,999
955,984
-
-
1,131,281
1,131,281
Depreciation
£
-
-
-
-
333,767
49,574
1,083,114
-
-
1,466,455
1,466,455		 Other
Total
2025
£
£
-
-
-
-
275,245
275,245
275,245
275,245
1,280,405
9,626,391
1,619,809
5,707,186
1,703,193
3,999,359
801,718
801,718
1,685,451
3,729,245
7,090,576
23,863,899
7,365,821
24,139,144
Other
Total
2024
£
£
-
-
-
-
293,503
293,503
293,503
293,503
1,503,702
9,760,027
1,818,398
5,921,916
1,769,900
4,224,472
677,345
677,345
2,178,372
4,082,100
7,947,717
24,665,860
8,241,220
24,959,363

Page 24 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

5. Analysis of direct and allocated costs

Support costs all relate to the direct operating costs of the Support costs all relate to the direct operating costs of the Support costs all relate to the direct operating costs of the Support costs all relate to the direct operating costs of the Support costs all relate to the direct operating costs of the Support costs all relate to the direct operating costs of the College and principally College and principally
comprise the following: 2025
£
2024
£
2,830,739 2,754,941
1,005,460 1,249,893
34,299 49,186
3,870,498 4,054,020
6. 2025
£
2024
£
6,741 8,889
Trustees training
Audit and accountancy		 749 3,057
26,741 36,678
68 562
34,299 49,186
7. 2025
£
2024
£
Bursaries 649,575 666,046
185,671 241,500
174,857
13,334		 211,229
36,265
1,023,437 1,155,040
8. Staff costs 2025
£
2024
£
11,851,841 11,802,370
1,385,025 1,247,346
2,143,268 1,920,764
49,073 56,653
128,238 109,000
Other staff related costs 84,597 115,403
15,642,042 15,251,536

Page 25 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

2025 2024
£ £
Aggregate employee benefits of key management personnel 1,148,715 1,089,562

Neither the Trustees nor persons connected with them received any remuneration or other benefits from the College. 7 Trustees (2024: 10) were reimbursed travel, accommodation and other expenses relating to their duties as Trustees during the year amounting to £6,741 (2024: £8,889) which includes amounts paid directly to third parties on behalf of Trustees during the year totalling £4,066 (2024: £4,718).

mber of higher paid mber of higher paid employees in bands of: 2025 2024
£60,001 to £70,000 37 33
£70,001 to £80,000 13 11
£80,001 to £90,000 4 3
£90,001 to £100,000 4 4
£120,001 to £130,000 - 1
£130,001 to £140,000 1 -
£150,001 to £160,000 - 1
£160,000 to £170,000 - -
£170,000 to £180,000 1 -

Number of higher paid employees in bands of:

The average weekly number of full-time equivalent employees during the year was made up as follows:

Teaching
Teaching support
Welfare
Premises
Support (including management and administration)
Average headcount:
Teaching
Teaching support
Welfare
Premises
Support (including management and administration)		 No of
No of
FTEs
FTEs
89
89
14
12
92
89
28
30
39
42
262
262
94
97
27
23
129
129
30
32
43
46
323
327

During the year there were redundancy or termination payments recognised which amounted to £6,954.

Page 26 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

9.
Net income		 2025 2024
£ £
Net income includes:
Auditors’ remuneration for:
Audit 31,000 30,078
Other services 1,650 6,600
Depreciation 1,131,281 1,466,455
Operating lease costs 50,185 50,185

10. Tangible fixed assets

Group and Charity
Cost
At 1 September 2024
Additions
Disposals
Capital Goods Scheme Adj.
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
Capital Goods Scheme Adj.
At 31 August 2025
Net carrying value
at 31 August 2025
Net carrying value
at 31 August 2024		 Freehold
Plant,
Land and
Machinery &
Motor
Furniture
Buildings
Equipment
Vehicles
and Fittings
Total
£
£
£
£
£
55,078,825
6,014,484
273,678
4,814,837
66,181,824
5,301,410
88,385
-
10,793
5,400,588
-
-
(9,718)
-
(9,718)
(1,503,215)
-
-
-
(1,503,215)
58,877,020
6,102,869
263,960
4,825,630
70,069,479
13,781,922
5,628,289
196,522
4,701,621
24,308,354
1,032,096
168,420
32,849
43,284
1,276,649
-
-
(9,718)
-
(9,718)
(145,368)
-
-
-
(145,368)
14,668,650
5,796,709
219,653
4,744,905
25,429,917
44,208,370
306,160
44,307
80,725
44,639,562
38,950,588
538,459
111,288
178,484
39,778,819

Page 27 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

11. Investments

11. Investments
Market value brought forward
Additions
Disposals
Net gain on investments		 2025
2024
£
£
7,557,795
6,734,565
16,506,094
-
-
-
646,835
823,230
24,710,724
6,734,565
Cash on deposit -
-
Market value carried forward 24,710,724
7,557,795
Historical cost 23,111,094
6,605,000
Investments comprise:
Listed investments in the UK
Unlisted investments in the UK		 2024
2023
£
£
24,710,723
7,557,794
1
1

Unlisted investments relate to the charitable company holding a £1 share in the wholly owned subsidiary, Concord College International Limited, registered in the UK (company number 10783635) and incorporated on 22 May 2017.

12. Debtors
2025
2024
£
£
Tuition fees
21,288
15,860
Prepayments
544,669
529,825
Other debtors
25,024
32,748
Capital goods scheme
1,302,555
-
Amount due from trading subsidiary
-
-

1,893,536
578,433
Group		 2025
2024
£
£
21,288
15,860
544,669
526,873
-
-
1,302,555
-
6,047
13,771
1,874,559
556,504
Charity

The debtors total includes an amount of £1.3m which will be reclaimed from HMRC in line with the terms of the capital goods scheme.

Page 28 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

13. Creditors: due within one year

Trade creditors
Accruals and other creditors
Fees received in advance
Deposits
Other taxes and social security
Capital expenditure		 2025
2024
2025
2024
£
£
£
£
410,214
307,096
410,214
307,096
1,352,367
641,619
1,348,417
633,977
12,052,631
13,961,602
12,052,631
13,961,602
5,466,737
6,297,908
5,466,737
6,297,908
1,477,843
294,996
1,477,843
294,996
1,102,833
105,237
1,102,833
105,237
21,862,625
21,608,458
21,858,675
21,600,816
Group
Charity

14. Long term loan

The College repaid its £5m revolving credit facility with Barclays Bank in full on the 17th April 2025

15. Financial instruments

Financial instruments
Financial assets measured at amortised cost (a)
Financial assets measured at fair value (b)
Financial liabilities measured at amortised cost (c)
Net financial assets measured at amortised cost and fair value		 2025
2024
£
£
9,452,053
31,296,671
24,710,724
8,381,025
(20,384,782)
(21,313,462)
13,777,995
18,364,234

(b) Financial assets held at fair value include assets held as investments

(c) Financial liabilities include deposits, fees in advance, trade creditors, accruals and other creditors

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £53,105 (2024: £57,788).

16. Leases

At 31 August 2025, the College had the following future minimum operating lease commitments:

up to 1 year 2025
2024
£
£
13,489
50,165
between 1 - 5 years 13,489
more than 5 years
Total		 -
-
13,489
63,654
Amounts charged to the Statement of Financial Activities are £50,777(2024: £50,185)

Page 29 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

17. Statement of funds: movements in the year

Designated funds
Fixed assets fund
General fund
Total unrestricted funds
Restricted funds
Total funds
Comparisons to 2024:
Designated funds
Fixed assets fund
General fund
Total unrestricted funds
Restricted funds
Total funds		 1 September
Transfers/
31 August
2024
Income
Expenditure
gains/losses
2025
£
£
£
£
£
41,873,470
-
-
2,766,092
44,639,562
12,063,239
28,271,132
(24,139,144)
(2,766,092)
13,429,135
53,936,709
28,271,132
(24,139,144)
-
58,068,697
809,694
48,662
(54,134)
-
804,222
54,746,403
28,319,794
(24,193,278)
-
58,872,919
1 September
Transfers/
31 August
2023
Income
Expenditure
gains/losses
2024
£
£
£
£
£
39,778,819
-
-
2,094,651
41,873,470
8,062,718
31,054,535
(24,959,363)
(2,094,651)
12,063,239
47,841,537
31,054,535
(24,959,363)
-
53,936,709
816,428
56,022
62,756
-
-
809,694
48,657,965
31,110,557
(25,022,119)
-
54,746,403

Designated funds have been set aside by the Trustees as described in the Reserves Policy on page 6.

The transfer from the General Fund to the Fixed Asset Fund represents the investment in fixed assets during the year or such lesser amount as is available from free reserves.

The restricted Scholarship Fund was established in 2016 to receive donations for the funding of scholarships and bursaries.

18. Taxation

The Trust is a registered charity and, with the exception of VAT on school fees, is generally exempt from taxation on income and gains falling within Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to charitable purposes.

The Trust does not undertake significant non-charitable trading activities and therefore has not incurred any corporation tax liability during the year (2023/24: £nil).

Page 30 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

No provision has been made for deferred taxation as the Trust is exempt from tax on income and gains applied for charitable purposes, and there are no material timing differences.

19. Capital commitments and post balance sheet events

At the year end, commitments for future capital expenditure totalled £9.7m relating to the construction of a new student boarding residence and a new sports hall (£15.1m in 2024).

20. Pensions

The Trust 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. The TPS pension charge for the year includes contributions payable to the TPS of £1,327,924 (£1,307,981 in 2023/24) and at the year-end £150,840 (£162,084 in 2023/24) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Aviva Pension Trust for Independent Schools (APTIS)

APTIS is a defined contribution pension scheme for teaching staff who joined the College after 1[st] January 2024 but is also open to other teaching staff who want to transfer from the TPS. The charge for the year payable to APTIS was £257,132 (£91,657 in 2023/24) and at the year-end £28,845 (£0 (nil) in 2023/24) was accrued in respect of contributions to this scheme.

Group Personal Pension Plan

The College operates group personal pension plans for its non-teaching staff. Contributions are made to separately administered funds managed by The Pensions Trust.

Contributions charged to the Statement of Financial Activities during the year totalled £558,654 (£534,261 in 2023/24). Amounts outstanding at the year-end totalled £57,729 (£58,379 in 2023/24).

21. Related party transactions

There were no related party transactions in the year.

Page 31 of 32

THE BELL CONCORD EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025 NOTES TO THE FINANCIAL STATEMENTS

22. Analysis of net assets between funds of the charity and group

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total for charity
Subsidiary
Total for group
Comparison to 2024:
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total for charity
Subsidiary
Total for group		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2025
2025
2025
£
£
£
44,639,562
-
44,639,562
24,710,724
-
24,710,724
10,317,252
804,222
11,121,474
(21,858,675)
-
(21,858,675)
-
-
-
57,808,863
804,222
58,613,085
259,834
-
259,834
58,068,697
804,222
58,872,919
Unrestricted
Restricted
Total
Funds
Funds
Funds
2024
2024
2024
£
£
£
41,873,470
-
41,873,470
7,557,794
-
7,557,794
31,923,597
809,694
32,733,291
(22,784,632)
-
(22,784,632)
(5,000,000)
-
(5,000,000)
53,570,229
809,694
54,379,923
366,480
-
366,480
53,936,709
809,694
54,746,403

Page 32 of 32