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 2021
The Bradfield Foundation
Trustees’ Report and Financial Statements For the year ended 31 August 2021
Contents
| Page | |
|---|---|
| Trustees and strategic report | 1 – 6 |
| Independent auditor’s report | 7-9 |
| Statement of Financial Activities | 10 |
| Balance sheet | 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 – 19 |
The Bradfield Foundation
Trustees’ and strategic report for the year ended 31 August 2021
The Trustees present their annual report and the audited financial statements of the Foundation for the year ended 31 August 2021.
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:
Mrs L M Burrowes (resigned 8 April 2021) Mr P C H Burrowes Mrs V A Finegold Mr E J S Garrett Mr J R E Muir (Chairman) Mr D Shilton Company secretary A R MacEwen Independent Auditors RSM UK Audit LLP Chartered Accountants and Statutory Auditors Davidson House Forbury Square Reading Berkshire, RG1 3EU Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Bankers Allied Irish Bank (GB) plc City Business Centre 26 Finsbury Square London EC2A 1DS
1
The Bradfield Foundation
Trustees’ report for the year ended 31 August 2021 (continued)
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 is 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 risks of Bradfield College as the Foundation's purpose is to promote the charitable purpose of the College. The Foundation is 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 appropriate.
OBJECTIVES AND ACTIVITIES
Objects
The objects for which the Foundation is established are 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 2021 were to:
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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
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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 2021 was the ongoing Bursaries campaign as well as gathering support for projects within the College’s Campus Development Framework.
2
The Bradfield Foundation
Trustees’ report for the year ended 31 August 2021 (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:
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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
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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.
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Covid 19 Support Fund – The Covid 19 Pandemic saw a rise 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 2021, as well as some making one-off donations.
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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, some of which was realised during this financial year.
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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
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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:
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Identification (prospect research)
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Cultivation (information, communication, engagement and involvement)
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Solicitation (through one-to-one dinners, Chairman requests, direct appeals including via mailshots and telephone)
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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:
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£904,849 - funds raised for the Foundation through buildings and bursaries campaigns in financial year 2020-21, this included 23 Regular Donations to Buildings and General Donations
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£568,380 of Foundation funds transferred to College for bursaries and other projects in financial year 2020-21
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The 1850 Club Appeal, Regular Giving Campaign, in support of Bright Futures had 49 donors to the campaign, including 2 legacy during the year
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1850 Legacy Society - Gradual growth in members of the 1850 Society – now standing at 29 (2020: 26)
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Significant pledges obtained for the Building Campaign, specifically St Andrews Church.
3
The Bradfield Foundation
Trustees’ report for the year ended 31 August 2021 (continued)
Funds raised
During the year the Foundation raised £980,331 (2020: £590,220) for specific purposes ("restricted funds") and £7,033 (2020: £3,584) 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 £568,380 (2020: £617,157) were made to Bradfield College from restricted and unrestricted funds. These donations included support for the following projects:
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Support for the provision of life changing bursary awards - £245,903 (equivalent to six full bursaries)
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Emergency bursaries to families affected by the Covid pandemic - £11,382
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Support for the acquisition and development of St Andrew’s Church - £300,000
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Sundry donations - £11,095.
In addition, £51,905 was donated to the Bradfield Club in Peckham (2020: £40,000).
Further details of expenditure are given in note 4 to the financial statements. After expenditure incurred, and other gains and losses, the total net incoming resources for the year were £358,396 (2020: outgoing £60,048).
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 £1,418,880 (2020: £1,060,484). 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, including a launch of the project to a wider audience. Specific areas of activity include
a. Campus Development
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i. Work in alliance with Campus Development Project Manager to deliver communications to increase awareness and create engagement paving the way for public fundraising.
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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.
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iii. Launch public fundraising including publications suite, webpage reworking, events and telephone campaign in support of the St Andrew’s project
4
The Bradfield Foundation
Trustees’ report for the year ended 31 August 2021 (continued)
b. Bright Futures - Bursary
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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, as well as publish new materials for potential supporters
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ii. Legacy – continue to promote support to Bright Futures as an option.
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iii. Stewardship – personalised invitation to the events and updates on progress.
c. Legacies - 1850 Society
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i. Continue to promote legacies in their own right, in addition to being one of the ‘ways of giving’ in other communications. Relaunch publication as part of the suite of materials to support ongoing philanthropy.
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ii. Stewardship – personalised invitations to appropriate events with personalised hosting including virtual events as necessitated by the Covid Pandemic.
Covid-19
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 £11,382 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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:
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there is no relevant audit information of which the Charity’s auditors are unaware; and
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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.
5
The Bradfield Foundation Trustees, report for the year ended 31 August 2021 (continued) The Ttustccs are responsible for the maintenance and integriry of the corporate and fm2ncial infomiation includcd on the C.harity'.% web.%ite. IgiS]2on in the United Kingdom g(Jverning thc prcparation and dissemination of fmancial statements may differ from IcSlatIOn in other jurisdictions. Going concern basis The Trustees arc satisficd that it is appropriatc for thcsc financial statcmcnts to bc prcparcd on a going conccrn basis. Independent auditot8 RSM UK Audit LLP will be proposed foi re-election as authtots at the forthcoming Annual General Mceting. By order of the Board JREMuir Chairman 8 December 2021
The Bradfield Foundation
Independent auditors’ report to the Members of the Bradfield Foundation
Opinion
We have audited the financial statements of Bradfield Foundation (the ‘charitable company’) for the year ended 31 August 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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:
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give a true and fair view of the state of the charitable company’s affairs as at 31 August 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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
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.
Other information
The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:
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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
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the Trustees’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
7
The Bradfield Foundation
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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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.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;
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inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
8
The Bradfield Foundation
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102) and Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statements including the Trustees' Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents and reviewing the financial statement disclosures.
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates.
A further description of our responsibilities for the audit of the 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 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.
KERRY GALLAGHER (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
Chartered Accountants Davidson House Forbury Square Reading Berkshire, RG1 3EU
6 January 2022
……………………. Date
9
The Bradfield Foundation
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2021
| Notes Income Grants and donations Investment income 3 Total income Expenditure Costs of raising funds 4 Expenditure on Charitable activities 4 Total expenditure Net income/(expenditure) before transfers 2 Transfers between funds 13, 14 Net movement in funds for the year Reconciliation of funds Funds brought forward at 1 September Funds carried forward at 31 August |
Unrestricted Funds £ 6,826 207 7,033 - 9,083 9,083 (2,050) - (2,050) 34,912 32,862 |
Restricted Funds £ 980,331 - 980,331 - 619,885 619,885 360,446 - 360,446 1,025,572 1,386,017 |
Total 2021 £ 987,157 207 987,364 - 628.968 628,968 358,396 - 358,396 1,060,484 1,418,880 |
Total 2020 £ 599,880 3,924 |
|---|---|---|---|---|
| 603,804 | ||||
| - 663,852 |
||||
| 663,852 | ||||
| (60,048) - |
||||
| (60,048) 1,120,532 |
||||
| 1,060,484 |
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 13 to 19 form part of these financial statements.
10
The Bradfield Foundation Balance Sheet as at 31 August 2021 2021 2020 Notes Investments Current A8sets Debtors 48,752 1,376,561 26,609 1,040,298 Cash at bank and in hand 1,425,313 1,066,907 Cteditots .. Amounts falling due within one yexr io {6,433) (6,423) Net Current Assets 1,418,880 1.060.484 Net Assets 1,418,880 1.060.484 Funds Restricted Funds 13 1,386,018 1.025.572 Unrestrictcd Funds 14 32,862 34.912 Total Funds li 1,418,880 1,060,484 Thc financial statements were apptovcd by th¢ Tru5tCCs on 8 Decembei 2021 and signed on their behalf, by.. JREMuit Chairman The notes on paS 13 to 19 fotm part of thcsc financial statements. Registered Numbet: 2491155 li
The Bradfield Foundation
Statement of Cash Flows For the year ended 31 August 2021
| Statement of Cash Flows For the year ended 31 August 2021 |
||
|---|---|---|
| Notes Cash raised from / (invested in) operating activities 18 Cash flows from investing activities Investment income 3 Increase/(decrease) in cash and cash equivalents during the year Cash and cash equivalents at 1 September 2020 Cash and cash equivalents at 31 August 2021 |
2021 £ 336,056 207 336,263 1,040,298 1,376,561 |
2020 £ (80,290) 3,924 |
| (76,366) 1,116,664 |
||
| 1,040,298 |
The notes on pages 13 to 19 form part of these financial statements.
12
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 2020) - (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 Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is 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 when a 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 make a distribution.
Investment income is recognised on a receivable basis.
Expenditure
Expenditure is recognised on an accruals 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 time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for at least the next twelve months from the date of signing these financial statements. 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.
13
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
2 Net incoming resources for the year
| This is stated after charging: Auditors’ remuneration: - Audit services - Taxation support 3 Investment income Deposit account interest 4 Analysis of Expenditure Expenditure on Charitable activities Donations payable Support costs (note 5) Governance costs (note 5) |
Unrestricted Total £ 207 Unrestricted Funds £ 400 523 8,160 9,083 |
2021 £ 6,300 1,860 Restricted Total £ - Restricted Funds £ 619,885 - - 619,885 |
2021 £ 6,300 1,860 |
2020 £ 6,240 - |
2020 Total £ 3,924 |
|
|---|---|---|---|---|---|---|
| 2021 Total £ 207 2021 Total £ 620,285 523 8,160 628,968 |
||||||
| 2020 Total £ 657,157 455 6,240 |
||||||
| 663,852 |
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
| Bank charges Auditors’ remuneration Other professional fees |
Support costs Governance costs Unrestricted funds Restricted funds 2021 Total 2020 Total 2021 Total 2020 Total £ £ £ £ £ £ 523 - 523 455 - - - - - - 6,300 6,240 - - - - 1,860* - |
|---|---|
| 523 - 523 455 8,160 6,240 |
(* All unrestricted)
14
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
6 Trustees’ emoluments & staff costs
There were no fees, emoluments or expenses paid to the trustees during the year (2020: £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 2021 (2020: £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 £nil.
| 9 Debtors Amounts due from Bradfield College Gift aid recoverable 10 Creditors: Amounts falling due within one year Amounts owed to Bradfield College Accruals and deferred income |
2021 £ - 48,752 48,752 2021 £ - 6,433 6,433 |
2020 £ - 26,609 |
|---|---|---|
| 26,609 | ||
| 2020 £ - 6,423 |
||
| 6,423 |
15
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
| 11 Reconciliation of movements in total funds Net income for the financial year Opening total funds Closing total funds Classes of reserves Funds at 1 September 2020 Donations and other income received Charitable expenditure Transfer between funds Funds at 31 August 2021 |
2021 £ 358,396 1,060,484 1,418,880 Unrestricted Funds £ 34,912 7,033 (9,083) - 32,862 |
2020 £ (60,048) 1,120,532 |
|---|---|---|
| 1,060,484 | ||
| Restricted Funds £ 1,025,572 980,331 (619,885) - |
||
| 1,386,018 |
12 Analysis of net assets between funds
| Investments Current Assets Current Liabilities Net Assets |
Unrestricted Funds Restricted Funds 2021 Total 2020 Total £ £ £ £ - - - - 39,295 1,386,018 1,425,313 1,066,907 (6,433) - (6,433) (6,423) |
|---|---|
| 32,862 1,386,018 1,418,880 1,060,484 |
16
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
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 Archive Fund Building Bright Futures Bradfield Club in Peckham funds Chapel expenses Clay Pigeon Shooting Gardens Fund Greek Theatre/Play Library Music trips Performing Arts Pit Cricket Scoreboard Prize Funds Scholarships & Bursaries Bursary hardship fund Science Centre Squash St Andrew’s Church Support for pupil activities Tennis Centre |
At 1 September 2020 Transfer from unrestricted funds Income Expenditure Transfer between funds At 31 August 2021 £ £ £ £ £ £ 550 - - - - 550 - - 625 - - 625 20,768 - 47,585 (51,905) - 16,448 6,600 - (6,524) - 76 20,384 - - - - 20,384 3,383 - - - - 3,383 100 - 1,675 (1,737) - 38 6,000 - - - - 6,000 - - 12,500 - 12,500 6,861 - 150 - - 7,011 4,799 - - - - 4,799 500 - - (100) - 400 571,416 - 62,455 (245,903) - 387,968 - - 11,632 11,382 - 250 43 - 525 (525) - 43 5,626 - 40 (859) - 4,807 372,500 842,394 (300,000) - 914,894 5,980 - - (200) - 5,780 62 - 750 (750) - 62 |
|---|---|
| 1,020,572 - 980,331 (619,885) - 1,386,018 |
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 £222,578 (2020: £468,841) received as legacies, which the trustees have decided to allocate to this fund.
New funds set up during the year were Building Better Futures, a general fund for supporting capital projects at the College, and a fund to provide support to pupils going on music trips.
17
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
14 Unrestricted funds
| Unrestricted Fund | At 1 September 2020 Transfer to restricted funds and adjustments Income Expenditure At 31 August 2021 £ £ £ £ £ 34,912 - 7,033 (9,083) 32,862 |
|---|---|
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 £568,380 (2020: £617,157) 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 2021 was £nil (2020: £nil).
17 Commitments & contingent liabilities
At 31 August 2021 the Charity had no financial or capital commitments and no contingent liabilities (2020: £Nil).
18 Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds Interest income shown in investing activities Increase in debtors Increase in creditors Net cash movement from operating activities |
2021 £ 358,396 (207) (22,143) 10 336,056 |
2020 £ (60,048) (3,924) (16,645) 327 |
|---|---|---|
| (80,290) |
18
The Bradfield Foundation
Notes to the Financial Statements for the year ended 31 August 2021 (continued)
19 Analysis of prior year income and expenditure
| 19 Analysis of prior year income and expenditure | |||
|---|---|---|---|
| Notes Income Grants and donations Investment income 3 Total income Expenditure Costs of raising funds 4 Expenditure on Charitable activities Other expenditure 4 4 Total expenditure Net income before transfers 2 Transfers between funds 13, 14 Net movement in funds Funds brought forward at 1 September Funds carried forward at 31 August |
Unrestricted Funds £ 9,660 3,924 13,584 - 6,695 - 6,695 6,889 (200,000) (193,111) 228,023 34,912 |
Restricted Funds £ 590,220 - 590,220 - 657,157 - 657,157 (66,937) 200,000 133,063 892,509 1,025,572 |
Total 2020 £ 599,880 3,924 |
| 603,804 | |||
| - 663,852 - |
|||
| 663,852 | |||
| (60,048) - |
|||
| (60,048) 1,120,532 |
|||
| 1,060,484 |
19