2020-08-31-accounts

The Bradfield Foundation

Registered Company No.: 2491155 Registered Charity No.: 900457

THE BRADFIELD FOUNDATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2020

Trustees’ Report and Financial Statements For the year ended 31 August 2020

Contents

	Page
Trustees and strategic report	1-6
Independent auditor’s report	7-8
Statement ofFinancial Activities	9
Balance sheet	910
Statement ofCash Flows	11
NotestotheFinancialStatements	12-18

’ The Bradfield Foundation

Trustees’ and strategic report for the year ended 31 August 2020

The Trustees present their annual report and the audited financial statements of the Foundation for the year ended 31 August 2020.

Reference and administrative details

Charity number: 900457 Company number: 2491155 Registered office: Bradfield College Reading, Berkshire, RG7 6AU

Directors and trustees

The Directors of the charitable company (“the Charity”) are the Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Trustees serving during the year and since the year end were as follows:

M HC Brader

Mrs L M Burrowes Mr P C H Burrowes Mrs V A Finegold 5] 3 Garett J R E Muir (Chairman) D Shilton

Company secretary

A R MacEwen

Independent Auditors RSM UK Audit LLP Chartered Accountants and Statutory Auditors 25 Farringdon Street London EC4A 4AB Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Bankers Allied Irish Bank (GB) plc City Business Centre 26 Finsbury Square London ECZA IDS

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Structure, governance and management

Governing document

The Bradfield Foundation (the Foundation) is a company limited by guarantee of its members governed by its Memorandum and Articles of Association dated 10 April 1990. It is registered as a charity with the Charity Commission. Each of the members has undertaken to contribute the sum of {1 in the event of the company being insolvent on a winding up.

Appointment of trustees

A person may be appointed as a trustee if they are recommended by the Trustees. A person willing to be a trustee may be appointed by ordinary resolution and will hold office until the next annual general meeting. Bradfield College 1s entitled to appoint two trustees.

Trustee induction and training

New trustees are briefed on the current activities of the Charity and are also given information on the recent financial performance of the Charity and details of current fundraising campaigns.

Organisation

The Foundation is managed on behalf of the members by a board of Trustees, who are the Company’s directors. The Board meets two to three times per year.

Related charity

The Charity is closely related with The Warden and Council of Saint Andrew’s College, Bradfield (“Bradfield College” or “the College”), in that its purpose is to promote the charitable purpose of the College.

Risk management

The risks to which the Foundation is exposed are considered in light of the nsks of Bradfield College as the Foundation's purpose is to promote the charitable purpose of the College. ‘he Foundation 1s not subject to significant risks, as donations are only made to the College when funds are available and funds are held in short term deposits prior to donation to the College. Risks are considered by the Trustees on a regular basis and the systems currently in place to mitigate those risks are considered appropniate.

OBJECTIVES AND ACTIVITIES

Objects

The objects for which the Foundation tg established arc to promote the charitable purpose of The Warden and Council of Saint Andrew’s College, Bradfield and otherwise to promote any other charitable purpose connected with or otherwise associated with the College.

In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Main objectives for the year

The main objectives for the year ended 31 August 2020 were to:

• e help the College maintain and enhance its competitive position regionally, nationally and internationally as a leading institution for teaching, pastoral care and all round excellence, and

• e raise significant financial resources, between short and medium and long-term, to underpin the College’s activities.

‘The Trustees make grants from the Foundation’s funds in support of the College’s activities, based on requests for support from the College. The key fundraising priority for the year ended 31 August 2020 was the ongoing Bursaries campaign as well as gathering support for projects within the College’s Campus Development Framework.

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' The Bradfield Foundation

Trustees’ report for the year ended 31 August 2020 (continued)

Strategies employed to achieve the charity’s objectives

The day to day operations of the Foundation are managed through the Bradfield Society and Development Office. Funds are generated by specific and general appeals to former pupils, parents and other persons connected with the College. However, a number of different strategies were employed during the year to achieve the charity’s objectives, in relation to each fundraising priority. These were as follows:

• e The continued focus on raising funds for the Bursaries Programme to enhance the ongoing provision of life changing and means tested bursaries in line with the founding principles of the College. This has been enabled by the 1850 Club — a Regular Giving Campaign in support of the Bright Futures bursary campaign

• e Pupil Support Fund — Donations received to a pupil support fund to enable those pupils receiving financial assistance with fees to access funds for trips and other activities.

• e Covid 19 Support Fund — The Covid 19 Pandemic sawa raise in demand for bursary support. Parents supported this fund by donating the difference between the level of the full fee and the discounted fee following the College’s decision regarding Boarding Fees for the Summer Term 2020, as well as some making one-off donations.

• e Fundraising for the St Andrew’s church project as part of the College’s plan to continue to invest in the campus. Individual approaches have led to pledges of support for the project.

• e Bradfield Club in Peckham (a community project in South London supported by the College for over 100 years): fundraising through College Carol Services, Concerts, Old Bradfieldian Society activities and assisting the Club

• e General donations — Through individual donor campaign, stewarding direct debit donors and the continuation of the legacy campaign.

The fundraising cycle in the Foundation primarily focuses on the receipt of major gifts. Each project follows a standard fundraising cycle which consists of:

• e Identification (prospect research)

• e Cultivation (information, communication, engagement and involvement) e Solicitation (through one-to-one dinners, Chairman requests, direct appeals including via mailshots and telephone)

• e Stewardship (invitations to dinners, reunions, regular updates, birthday cards, Headmaster correspondence).

Achievements and performance

The Trustees are grateful for all donations in support of the appeals of the Foundation. Key to the future success of the Foundation in achieving its objectives is the ability to attract and retain new donors. The Trustees are therefore pleased to report that during the year:

• e £400,297 - funds raised for the Foundation through buildings and bursaries campaigns in financial year 2019-20, this included 15 Regular Donations to Buildings and General Donations

• e = £222,174 of Foundation funds transferred to College for bursaries and other projects in financial year 2019-20

• e The 1850 Club Appeal, Regular Giving Campaign, in support of Bright Futures had 53 donors to the campaign, including 1 legacy during the year

• e 1850 Legacy Society - Gradual growth in members of the 1850 Society — now standing at 26 (2019 23) e Significant pledges obtained for the Building Campaign, specifically St Andrews Church.

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Funds raised

During the year the Foundation raised £590,220 (2019: £185,975) for specific purposes ("restricted funds") and £3,584 (2019: £214,322) for general purposes (“unrestricted funds"). Further details of restricted funds raised during the year are provided in note 13 to the financial statements.

Financial review

Donations and charitable expenditure

Donations of £617,157 (2019: £222,826) were made to Bradfield College from restricted and unrestricted funds. These donations included support for the following projects:

• e Support for the provision of life changing bursary awards - £266,100 (equivalent to six full bursaries) e Emergency bursaries to 27 families to help with difficulties caused by the Covid pandemic - £97,512 e Support for the acquisition and development of St Andrew’s Church - £250,000 e Sundry donations - £3,545.

In addition, £40,000 was donated to the Bradfield Club in Peckham (2019: £5,000).

Further details of expenditure are given in note 4 to the financial statements. After expenditure incurred, and other gains and losses, the total net outgoing resources for the year were £60,048 (2019: incoming £165,485).

Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest the monies of the Foundation not immediately required for its own purposes in such investments, securities or property as the Trustees wish. Surplus funds are held on short term deposits for specific projects.

Reserves

The level of reserves at the year-end was {1,060,484 (2019: £1,120,532). These reserves are held by the Foundation until they are required by Bradfield College to pay for the projects for which the donations have been received. The College incurs the costs and then receives donations from the Foundation to cover these costs.

The Charity does not set a specific general level of target reserves, but instead considers each specific project according to the need of funds required by the College.

Plans for future periods

The key fundraising priorities in the coming year are the Bursary Fund, maintaining the momentum established with the 1850 Legacy Society and the 1850 Club regular giving campaign, and building continued support for the St Andrew’s project. Specific areas of activity include

• a. Campus Development

• i. Work in alliance with Campus Development Project Manager to deliver communications to increase awareness and create engagement paving the way for public fundraising.

• ii. Continue to identify and engage with potential pioneer prospects and increase 1:1 meeting time with them to secure pledges of support for St Andrew’s Church.

• ii. Make preparations for public fundraising including publications suite, webpage reworking, launch event and exploring future telephone campaign

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' The Bradfield Foundation

Trustees’ report for the year ended 31 August 2020 (continued)

• b. Bright Futures - Bursary

• i. 1850 Club appeal - Continue to promote by sharing the stories of a larger pool of bursary recipients online, via the Bradfieldian and other communications

• u. Legacy — continue to promote support to Bright Futures as an option.

• iu. Stewardship — personalised invitation to the events and updates on progress.

• c. Legacies - 1850 Society

• i. Continue to promote legacies in their own right, in addition to being one of the ‘ways of giving’ in other communications.

• u. Stewardship — personalised invitations to appropriate events with personalised hosting including virtual events as necessitated by the Covid Pandemic.

Covid-19

The main impact of the Covid-19 pandemic in the Charity’s activities has been a delay in launching further fundraising appeals and any activities have had to be on-line until further notice. The Charity has supported the College’s community by raising funds through a hardship fund, to support parents who were experiencing difficulty because of the pandemic. This raised £73,339 which was transferred to the College and given out as emergency bursaries.

Statement of trustees’ responsibilities

The Trustees (who are also directors of The Bradfield Foundation for the purposes of company law) 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustees are required to:

• e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP;

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity 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 Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as the Trustees are aware:

• e there is no relevant audit information of which the Charity’s auditors are unaware; and e the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Going concern basis

The Trustees are satisfied that it is appropriate for these financial statements to be prepared on a going concern basis.

Independent auditors

RSM UK Audit LLP will be proposed for re-election as auditors at the forthcoming Annual General Meeting.

By order of the Board

JREChairmanMuir Si“Va 8 December 2020

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' The Bradfield Foundation Independent auditors’ report to the Members of the Bradfield Foundation

Opinion on financial statements

We have audited the financial statements of The Bradfield Foundation (the ‘charitable company’) for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 FRS 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:

• © give a true and fair view of the state of the charitable company’s affairs as at 31 August 2020 and of tts incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Companies Act 2006.

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 charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• e the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 1s not appropriate; or

• e the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

• e the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• e the Trustees’ Report have been prepared in accordance with applicable legal requirements.

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(continued)

Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• • certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 5, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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.

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 ot 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.

HSM RSPA Uk Uk Audit Addé LLP Nicholas Sladden (Senior Senice halle’ For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB

Date 17 (J[December] December[2020] 2920

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' The Bradfield Foundation

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2020

		Unrestricted	Restricted	Total	Total
	Notes	Funds	Funds	2020	2019
		£	£	£	£
Income
Grants and donations		9,660	590,220	599,880	393,485
Investment income	3	3,924	“	3,924	6,812
Totalincome		13,584	590,220	603,804	400,297
Expenditure
Costs ofraising funds	4	=	.	-	-
Expenditure on Charitable activities	4	6,695	65715	663,852	234,653
Other expenditure	4	=	=	-	159
Total expenditure		6,695	657,157	663,852	234,812
Net income/(expenditure) before	2
transfers		6,889	(66,937)	(60,048)	165,485
Transfers between funds	13,14	(200,000)	200,000	-	-
Net movement in funds for the
year		(193,111)	133,063	(60,048)	165,485
Reconceliation offunds
Funds brought forward
at 1 September		228,023	892,509	1,120,532	955,047
Funds carried forward
at31August		34,912	AOSBe	1,060,484	1,120,532

The Statement of Financial Activities includes all gains and losses recognised in the year and includes the Income and Expenditure of The Bradfield Foundation.

An analysis of prior year income and expenditure between funds is set out in note 19.

The notes on pages 12 to 18 form part of these financial statements.

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			2020	2019
		Notes	£	£
	Investments	8	-	-
	Current Assets
	Debtors	9	26,609	9,964
	Cash at bank and in hand		1,040,298	1,116,664
			1,066,907	1,126,628
	Creditors : Amounts falling
	due within one year	10	(6,423)	(6,096)
	Net CurrentAssets		1,060,484	T1205a2
	NetAssets		1,060,484	1,120,532
	Funds
	Restricted Funds	13	1,025,572	892,509
	Unrestricted Funds	14	34,912	228,023
	TotalFunds	11	1,060,484	1,120,532

The financial statements were approved by the Trustees on 8 December 2020 and signed on their behalf, by: po Chairman

The notes on pages 12 to 18 form part of these financial statements.

Registered Number: 2491155

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' The Bradfield Foundation

Statement of Cash Flows

For the year ended 31 August 2020

						2020	2019
					Notes	£	£
Cash (investedin)/raisedfrom operating activities			from		18	(80,290)	153,072
Cash flows	from	investing
activities					i
Investment income						3,924	6,812
(Decrease)/increase		in	cash
andcashequivalentsduring year		duringthe				(76,366)	159,884
Cash and cash	equivalents		at	1
September 2019						1,116,664	956,780
Cashandcashequivalents	equivalents		at31	31
August2020						1,040,298	1,116,664

The notes on pages 12 to 18 form part of these financial statements.

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1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Chanities: 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) - (Charities SORP (FRS 102)) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Fund accounting

The Charity’s unrestricted funds consist of funds that the Charity may use for its purposes at its discretion. Restricted funds are funds where a specific trust is imposed by the donor or by the terms of the appeal.

Income

Income is recognised when the Chanity has entitlement to the funds, any performance conditions attached to the income have been met, it 1s probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or whena distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor’s intention to makea distribution.

Investment income is recognised ona receivable basis.

Expenditure

Expenditure is recognised on an accruais basis as a liability is incurred. Irrecoverable VAT is charged to the statement of financial activities as incurred.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include grants payable to the College and include both the direct and support costs relating to these activities.

Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

Investments

Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gain and losses arising from revaluations throughout the year.

Going Concern

At the tme of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The operations of the Charity have not been significantly affected by the Covid-19 pandemic, though they will continue to monitor its impact. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2020 (continued)

2 Net incoming resources for the year

	This is stated after charging:	This is stated after charging:
				2020	2019
				£	£
	Auditors’ remuneration:
	- Audit services			6,240	6,000
3	Investment income
			Unrestricted	Restricted	2020	2019
			Total	Total	Total	Total
			£	£	£	£
	Deposit account interest		3,924	-	3,924	6,812
4	Analysis ofExpenditure
			Unrestricted	Restricted	2020	2019
			Funds	Funds	Total	Total
			£	£	£	£
	Expenditure on	Charitable
	activities
	Donations payable		-	657,157	657,157	227,826
	Support costs (note 5)		455	-	455	814
	Governance costs (note 5)		6,240	-	6,240	6,013
			6,695	rise	663,852	234,653
	Other expenditure:
	Lossoninvestmentassets(note8)		-	-	-	pes)

Staff and office costs relating to generating voluntary income and activities for generating funds were borne by the College.

5 Support costs and governance costs

		Support	costs		Governance	costs *
	Unrestricted	Restricted	2020	2019	2020	2019
	funds	funds	Total	Total	Total	Total
	£	£	£	£	£	£
Bank charges	455	=	455	814	-	=
Auditors’
remuneration	-	-	-	-	6,240	6,000
Other professional
fees	=	E	-	=	-	13
	455	a	455	814	6,240	6,013

(* All unrestricted)

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6 Trustees’ emoluments & staff costs

There were no fees, emoluments or expenses paid to the trustees during the year (2019: £Nil).

There were no staff costs during the current or previous year.

7 Taxation

The Directors believe that no charge to UK corporation tax will arise in respect of the period to 31 August 2020 (2019: nil) as all activities of the company during this year were of a charitable nature. The company has charitable status and a general exemption from taxation has been granted under Section 505 of the Income and Corporation Taxes Act 1988.

8 Investments

The listed investments held are 3,000 Avanti Communications Group Plc shares, which were previously UK listed. As the listing has now ended, the value of the shares has been reduced to fnil.

9 Debtors

9	Debtors
		2020	2019
		Lf &	he h
	Amounts due from Bradfield College	-	Let
	Gift aid recoverable	26,609	Seis
		26,609	9,964
10	Creditors: Amounts falling due within one year
		2020	2019
		£	£
	Amounts owed to Bradfield College	-	-
	Accruals and deferred income	6,423	6,096
		6,423	6,096

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The Bradfield Foundation

'

Notes to the Financial Statements for the year ended 31 August 2020 (continued)

11 Reconciliation of movements in total funds

Reconciliation of movementsmovements in total funds
	2020	2019
	£	£
Net income for the financial year	(60,048)	165,485
Opening total funds	1,120,532	955,047
Closing total funds	1,060,484	11201552
Classes ofreserves
	Unrestricted	Restricted
	Funds	Funds
	£	£
Funds at 1 September 2019	228,023	892,509
Donations and other income received	13,584	590,220
Charitable expenditure	(6,695)	(657,157)
Transfer between funds	(200,000)	200,000
Fundsat31August2020	34,912	1025502

12.‘ Analysis of net assets between funds

	Unrestricted	Restricted	2020	2019
	Funds	Funds	Total	Total
	£	£	£	£
Investments	-	-	-	-
Current Assets	41,335	1025,572	1,066,907	1,126,628
Current Liabilities	(6,423)	-	(6,423)	(6,096)
NetAssets	34,912	1,025,572	1,060,484	1,120,532

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13 Restricted funds

The funds of the Charity include restricted funds comprising unexpended balances of donations held on trust to be applied for the specific purposes described by their name:

. Project	At1 September "019	Pransiet ; untestricted funds	Income	Expenditure °	Transfer between funds	At 31 August 2020
	£	£	£	£	£	£
Archive Fund	550	-	-	-	-	550
Bradfield Club in
Peckham funds	55,559	-	4,913	(40,000)	-	20,768
Chapel expenses	-	-	6,600	-	-	6,600
Clay Pigeon
Shooting	20,384	-	-	-	-	20,384
Gardens Fund	3,383	-	-	-	-	3,383
Greek
Theatre/Play	98	-	Lo2e	(1,920)	-	100
Library Organ fund	6,600 -	- -	- 250	- (250)	- -	6,066 -
Performing Arts	6711	-	150	-	-	6,861
Pit Cricket
Scoreboard	4,799	7		-	-	4,799
Prize Funds	600	-	-	(100)	-	500
Scholarships &
Bursaries	788,044	-	73,645	(266,100)	(24,173)	571,416
Bursary hardship
fund	-	-	Tae	(97,512)	24,173	-
Science Centre	43	-	525	(525)	-	43
Squash	-	-	5,626	-	-	5,626
St Andrew’s
Church	-	200,000	422,500	(250,000)	-	372,500
Support for pupil
activities	5,980	-	-	-	-	5,980
Tennis Centre	62	-	750	(750)	-	62
	892,509	200,000	590,220	(657,157)	-	1,020,572

Restricted funds carried forward relate to specific projects. For reporting purposes above a number of the restricted funds have been amalgamated. The fund for scholarships and bursaries includes £468,481 (2019: £468,841) received as legacies, which the trustees have decided to allocate to this fund.

A special hardship fund was established to help pupils whose parents had experienced financial difficulty as a result of the Covid lockdown from March 2020 and donations were received from other parents totaling £73,339. In total additional bursaries of £97,512 were granted during the Summer Term, with the balance being made up by a transfer from other bursary donations received in the year.

The transfer of £200,000 from unrestricted funds was a donation in the previous year that the donor asked to be used to support the St Andrews’s project.

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_ The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2020 (continued)

14 Unrestricted funds

Unrestricted Fund

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|||||| |---|---|---|---|---| |Septemberwake|eentrictedfunds|At| |2019|a-d|Income|Expenditure|31 August2020| |adjustments| |£|£|£|£|£| |228,023|(200,000)|13,584|(6,695)|34,912|

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15 Share capital

The liabilities of the Members are limited by guarantee and no shares are authorised or issued by the Charity. Every member of the company undertakes to contribute to the assets of the Charity, in the event of it being wound up whilst a member, or within one year after ceasing to be a member, for payment of debts and liabilities of the company contracted before ceasing to be a member, and of the costs charges and expenses of winding up, such amount as may be required not exceeding {1.

16 Related party transactions

The principal activity of the Charity is to promote the charitable purpose of The Warden and Council of Saint Andrew’s College, Bradfield.

During the period the Charity donated £617,157 (2019: £222,174) to this connected charity. In addition, the College provides administrative services and office space, which is not deemed to be material, to the Charity without charge. The amount owed to the Charity by the College as at 31 August 2020 was {nil (2019: £1,191).

17 Commitments & contingent liabilities

At 31 August 2020 the Charity had no financial or capital commitments and no contingent liabilities (2019: £Nil).

18 Reconciliation of net movement in funds to net cash flow from operating activities

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|||||||| |---|---|---|---|---|---|---| |2020|2019| |£|bs| |Net movement|in|funds|(60,048)|165,485| |Loss|on|investments|-|159| |Interest income|shown|1n|investing|activities|(3,924)|(6,812)| |(Increase)/decrease|in|debtors|(16,645)|(5,806)| |Increase/|(decrease)|in|creditors|327|46| |Net|cash movement|from|operating|activities|(80,290)|153,072|

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19 Analysis of prior year income and expenditure

		Unrestricted	Restricted	Total
	Notes	Funds	Funds	2019
		£	£	£
Income
Grants and donations		207,510	185,975	393,485
Investmentincome	5	6,812	E	6,812
Totalincome		214,322	185,975	400,297
Expenditure
Costs ofraising funds	4	-	-	-
Expenditure on Charitable activities	4	82,287	152,366	234,653
Other expenditure	4	159	:	ioe
Total expenditure		82,446	152,366	234,812
Netincome before transfers	yD	131,876	33,609	165,485
Transfers between funds	13, 14	é	5	-
Net movement in funds		131,876	33,609	165,485
Funds brought forward at 1 September		96,147	858,900	955,047
Fundscarriedforwardat31August		228,023	892,509	1,120,532

18