2024-08-31-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 2024

The Bradfield Foundation

Trustees’ Report and Financial Statements For the year ended 31 August 2024

Contents

	Page
Trustees report	1 – 7
Independent auditor’s report	8 – 10
Statement of Financial Activities	11
Balance sheet	12
Statement of Cash Flows	13
Notes to the Financial Statements	14 – 20

The Bradfield Foundation

Trustees’ report for the year ended 31 August 2024

The Trustees present their annual report and the audited financial statements of the Foundation for the year ended 31 August 2024.

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:

Mr P C H Burrowes Mrs V A Finegold Mr E J S Garrett Mr J R E Muir (Chairman)

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 Barclays Bank PLC 1 Churchill Place London E14 5HP

1

The Bradfield Foundation

Trustees’ report for the year ended 31 August 2024 (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 2024 were to:

• 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

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

The Trustees make donations 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 2024 was the conversion of St Andrew’s Church into a library and study centre, as highlighted by the College’s Campus Development Framework, as well as the ongoing Bursaries campaign.

2

The Bradfield Foundation Trustees’ report for the year ended 31 August 2024 (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:

• Fundraising for the St Andrew’s church project as part of the College’s plan to continue to invest in the campus.

• The continued focus on raising funds for the Bursaries Programme to enhance the ongoing provision of life-changing means-tested bursaries in line with the founding principles of the College.

• 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.

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

• 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

• St Andrew’s Prep School: as part of the Bradfield Group, advising their fundraising strategy to convert their Old Hall into a performing arts space.

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

• Identification (prospect research)

• Cultivation (information, communication, engagement and involvement)

• Solicitation (through one-to-one dinners, Chairman requests, direct appeals including via mailshots and telephone)

• 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:

• £1,098,76 funds were raised by The Development Office of which £1,071,716 (2023: £1,079,508) were raised through the Foundation plus an additional £27,011 that was paid directly to the College

• This included:

• £561,162 raised for the Bright Futures bursary fund, £500,000 of which is a pledge from a single donor for the establishment of an endowment fund to be paid over 3 years with the first £100,000 already received. The total raised included 50 donations, comprising 42 regular donors, 15 single donations and 1 legacy (2023: 67) Not including the single donation, our bursary fundraising was down slightly on the previous year, mainly due to a legacy we received in 2022-2023 and also as some of our regular donors diverted their gift to St Andrews for a year. However, we launched a single-purpose leaver’s deposit campaign which generated an additional £22,011 towards these funds which was paid directly to the College.

• £445,064 was raised for buildings, of which £421,193 was for the St Andrews Project.

• This included 105 single donations, 32 regular donors and 1 legacy

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The Bradfield Foundation

Trustees’ report for the year ended 31 August 2024 (continued)

• The St Andrew’s Project is now complete and total fundraising surpassed both the initial target of £3m and the revised target of £3.5m, and although falling just short of a further stretch target of £4m, is still the most successful campaign in the College’s history. It attracted 176 donors, with equal engagement amongst parents and alumni. Parents contributed 57% of the total monies raised compared with 31% OBs and 12% other groups. NB these % exclude the single OB major anchor donation of £1,25m .

• St Andrew’s also captured the imagination of first-time donors with 61% having never given to Bradfield Foundation before, opening the door for good stewardship to lead to further conversations about potential future philanthropy.

• Donor Recognition proved popular and in addition to the 10 benefactors, we secured a further 24 Major Donors (+£10k), 13 acoustic panels(+£5k) and 82 Glass Manifestations (+£1k).

• As part of the St Andrew’s project strategy, two specific fundraising campaigns were launched o Matched Giving – Doubling your Donation, Doubling your Impact : Launched on St Andrew’s Day, we secured a major gift from a first-time donor of £100,000 to be used as a matched gift. Every £ donated up to £100,000 was matched and the campaign raised £236,268.05 in total.

• Make Your Mark – Donor Recognition: The final push in the run up to the opening of St Andrew’s, this campaign focused on promoting the ‘last chance to make your mark’ donor recognition options available. Raising £69,249 from an additional 54 donors, this reflects the high level of engagement and support across the community for this Project.

• 1850 Legacy Society - we received 3 legacies of £8,964 his year. Membership has increased slightly by 3 with 34 members. There was no active legacy recruitment programme this year due to the focus on the St Andrew’s Project.

• £92,500 was received for the Old Hall project at St Andrew’s School

• £504,678 of Foundation funds were agreed to transfer to College for bursaries and other projects and £92,500 to St Andrew’s School for financial year 2023-24

• £20,000 was transferred to the Bradfield Club in Peckham

• £27,011 was received directly into the College’s account (under Donations, Other) and so not transferred from the Foundation and not reflected in the accounts below (this comprised of £22,011 gifted deposits and £5000 legacy)

Funds raised

During the year the Development Office raised £1,058,432 (2023: £1,021,241) for specific purposes ("restricted funds") and £13,284 (2023: £58,267) for general purposes ("unrestricted funds") for the Foundation. Further details of restricted funds raised during the year are provided in note 12 to the financial statements. The Development Office raised an additional £27,011 of restricted funds which were received directly into the College’s account (under Donations, Other) and so not shown in the Foundation accounts.

Financial review

Donations and charitable expenditure

Donations of £598,686 (2022: £944,133) were made to Bradfield College from restricted and unrestricted funds. These donations included support for the following projects:

• Support for the provision of life-changing bursary awards – £39,578 (plus an additional £22,011 raised by the Development Office that was kept by the College and not shown in the Foundation accounts so a total of £61,589 for Bright Futures)

• Support for the development of St Andrew’s Church - £463,975, (plus a £5,000 legacy paid direct to the College and not shown in the Foundation accounts so a total of £468,975 )

• Support for the development of The Performing Arts Centre at St Andrew’s School, £92,500

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 £444,528 (2023: £124,143)

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The Bradfield Foundation

Trustees’ report for the year ended 31 August 2024 (continued)

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 £644,860 (2023: £200,331). 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 to build support for building projects as identified in the Campus Development Framework, the relaunch of a Bursary campaign alongside the College’s 175[th] Anniversary; raising funds to help fund digitisation of the Archives to be launched as part of our 175[th] celebrations and seeking to re-invigorate regular giving and recruitment to the 1850 Legacy Society.

Specific areas of activity will include:

a. Campus Development

• i. Following the completion of the St Andrews Study Centre, the next capital project as identified by the Campus Development Framework is a purpose-built Wellness Centre located in the heart of the boarding houses (subject to final project approval by Council.)

• ii. Seek to identify and engage with potential major donors and gain in principle offers of support for the Wellness Centre. These offers will only be confirmed and deemed ‘pledged’ once the Project has been approved by Council, planning permission has been granted, and final plans are presented to any potential donors.

• iii. Work in alliance with the Campus Development Project Manager and Project Sponsor to communicate a case for support and raise awareness of the Wellness Centre to potential donors as the project develops.

b.175 Bursary Appeal

• iv. Launch a Bursary fundraising Campaign, maximising the opportunities provided by the 175[th] Anniversary celebrations of the College.

• v. Focus on building regular giving as well as single gifts either to our annual bursary fund (’payas-you-go') or to the endowment fund.

• vi. Continue to follow our moves management system and donor pipeline to identify, engage with and steward potential donors as part of our major gifts strategy.

• vii. Run a ‘Giving Day’ which is a 36- hour fundraiser incorporating online and physical challenges involving the whole School community, attracting engagement from both parents and alumni.

• viii. Seek a major donor/donors to donate £30k - £100k in matched funding to support the Giving Day Challenges

• ix. Evolve the current Leavers programme to encourage Leavers to sign up to supporting the bursary programme as low-level regular givers, establishing an early sense of philanthropy.

• x. Build up on the previous success of the Leavers Deposit Gift strategy to secure more gifts

• xi. Continue to promote Bursaries by sharing the stories of a larger pool of bursary recipients online, via the Bradfieldian and other communications, as well as publish new materials and a video for potential supporters.

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The Bradfield Foundation Trustees’ report for the year ended 31 August 2024 (continued)

c.Legacies - 1850 Society

• xii. Renewed focus on stewardship of current members and recruitment of new members to the 1850 Legacy Society using the umbrella of 175, Tempus Fugit, Summer Bradfield Day and other 175 events.

• xiii. Utilise the 175 Bursary Campaign to promote legacies as being one of the ‘ways of giving’ in all communications

d. 175 Archives Appeal

• i.To coincide with our 175[th] anniversary, seek to raise awareness of and interest in our archives by publishing regular stories about our archive content online, linking to the 175 Timeline

• ii. Raise awareness of the need for funding to complete the full digitisation of our archive to ensure high quality preservation of our history and to make it accessible to as many as possible

• iii. Run a low-level fundraising campaign throughout the 175[th] year with an aim to secure enough funding to launch the complete digital archive by the end of the year

• iv. Explore possible grant funding through Archives Revealed/ National Heritage Lottery Funding.

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

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

• 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:

• there is no relevant audit information of which the Charity’s auditors are unaware; and

• 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 Bradfield Foundation Trustees’ report for the year ended 31 August 2024 (continued)

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

J R E Muir Chairman

17/02/25

7

The Bradfield Foundation

Independent auditor’s 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 2024 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:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• 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:

• 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

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

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The Bradfield Foundation

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 pages 6 and 7, 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:

• 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;

• 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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The Bradfield Foundation

• 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.

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 and income recognition 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 and confirming income has been appropriately recognized in line the SORP 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

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

27 February 2025

…………………….

Date

10

The Bradfield Foundation

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 August 2024

Notes Income Grants and donations Total income Expenditure Expenditure on Charitable activities 3, 4 Total expenditure Net (expenditure)/ before transfers Transfers between funds 11, 12 Net movement in funds for the year Reconciliation of funds Funds brought forward at 1 September Funds carried forward at 31 August	Unrestricted Funds £ 13,284 13,284 8,493 8,493 4,791 - 4,791 47,996 52,787	Restricted Funds £ 1,058,432 1,058,432 618,694 618,694 439,738 - 439,738 152,335 592,073	Total 2024 £ 1,071,716 1,071,716 627,187 627,187 444,529 - 444,529 200,331 644,860	Total 2023 £ 1,079,508
				1,079,508
				955,365
				955,365
				124,143 -
				124,143 76,188
				200,331

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 17.

The notes on pages 14 to 20 form part of these financial statements.

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The Bradfield Foundation

Balance Sheet as at 31 August 2024

Notes Current Assets Debtors 7 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net Current Assets Net Assets Funds Restricted Funds 11 Unrestricted Funds 12 Total Funds 9	2024 £ 605,055 50,395 655,450 (10,590) 644,860 644,860 592,073 52,787 644,860	2023 £ 312,716 138,398
		451,114 (250,783)
		200,331
		200,331
		152,335 47,996
		200,331

The financial statements were approved by the Trustees on and signed on their behalf, by: 17/02/25

J R E Muir Chairman

The notes on pages 14 to 20 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 2024

tatement of Cash Flows or the year ended 31 August 2024
Notes Cash raised from operating activities 16 Increase in cash and cash equivalents during the year Cash and cash equivalents at 1 September 2023 Cash and cash equivalents at 31 August 2024	2024 £ (88,003) (88,003) 138,398 50,395	2023 £ (1,930,326)
		(1,930,326) 2,068,724
		138,398

The notes on pages 14 to 20 form part of these financial statements.

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024

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 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 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.

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

2 Net incoming resources for the year

This is stated after charging:

Auditors’ remuneration: - Audit services - Taxation support	2024 £ 8,314 -	2023 £ 7,800 2,310

3 Analysis of Expenditure

Expenditure on Charitable activities Donations payable Support costs (note 4) Governance costs (note 4)	Unrestricted Funds £ - 179 8,314 8,493	Restricted Funds £ 617,178 1,516 - 618,694	2024 Total £ 617,178 1,695 8,314 627,187	2023 Total £ 944,133 1,122 10,110
				955,365

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

4 Support costs and governance costs

Bank charges Auditors’ remuneration	Support costs Governance costs Unrestricted funds Restricted funds 2024 Total 2023 Total 2024 Total 2023 Total £ £ £ £ £ £ 179 1,516 1,695 1,122 - - - - - - 8,314* 10,110
	179 1,516 1,695 1,122 8,314 10,110

(* All unrestricted)

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

5 Trustees’ emoluments & staff costs

There were no fees, emoluments or expenses paid to the trustees during the year (2023: £Nil).

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

6 Taxation

The Directors believe that no charge to UK corporation tax will arise in respect of the period to 31 August 2024 (2023: £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.

7 Debtors

Amounts due from Bradfield College Gift aid recoverable Accrued income 8 Creditors: Amounts falling due within one year Amounts owed to Bradfield College Accruals and deferred income	2024 £ 119,315 57,036 428,704 605,055 2024 £ - 10,590 10,590	2023 £ - 190,424 122,292
		312,716
		2023 £ 240,673 10,110
		250,783

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

9 Reconciliation of movements in total funds Net (expense)/ income for the financial year Opening total funds Closing total funds Classes of reserves Funds at 1 September 2023 Donations and other income received Charitable expenditure Transfer between funds Funds at 31 August 2024	2024 £ 444,529 200,331 644,860 Unrestricted Funds £ 47,996 13,284 (8,493) - 52,787	2023 £ 124,143 76,188
		200,331
		Restricted Funds £ 152,335 1,058,432 (618,694) -
		592,073

10 Analysis of net assets between funds

Current Assets Current Liabilities Net Assets	Unrestricted Funds Restricted Funds 2024 Total 2023 Total £ £ £ £ 63,377 592,073 655,450 451,114 (10,590) - (10,590) (250,783)
	52,787 592,073 644,860 200,331

17

The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

11 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 At	31 August 2023	Transfer from unrestricted funds	Income	Expenditure	Transfer between funds	At 31 August 2024
	£	£	£	£	£	£
Building Bright Futures	905	-	39,151	(40,056)	-	-
Bradfield Club in Peckham funds	23,299	-	2,309	(20,008)	-	5,600
Clay Pigeon Shooting	20,384	-	-	-	-	20,384
Greek Theatre/Play	-	-	550	-	-	550
Library	6,000	-	-	-	-	6,000
Music trips	12,550	-	-	-	-	12,550
Performing Art Centre	-	-	92,500	(92,500)	-	-
Pit Cricket Scoreboard	4,799	-	-	-	-	4,799
Prize Funds	400	-	-	(400)	-	-
Science Centre	874	-	534	(7)	-	1,401
Squash	4,807	-	-	-	-	4,807
St Andrew’s Church	71,037	-	421,913	(464,998)	-	27,952
Endowment Starter Fund	-	-	500,000	-	-	500,000
Support for pupil activities	5,780	-	-	-	-	5,780
Tennis Centre	1,500	-	750	-	-	2,250
Grounds Improvement	-	-	725	(725)	-	-
	152,335	-	1,058,432	(618,694)	-	592,073

Restricted funds carried forward relate to specific projects. For reporting purposes above a number of the restricted funds have been amalgamated.

The Performing Arts Centre - Old Hall Fund for St Andrew’s School and the Endowment Starter Fund were set up during the year.

18

The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

12 Unrestricted funds

Unrestricted Fund	At 31 August 2023 Transfer to restricted funds and adjustments Income Expenditure At 31 August 2024 £ £ £ £ £ 47,996 - 13,284 (8,493) 52,787

13 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.

14 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 £597,178 (2023: £944,133) to this connected charity. Amounts due from Bradfield College in debtors were £119,315 (2023: £240,673 due to in creditors). In addition, the College provides administrative services and office space, which is not deemed to be material, to the Charity without charge.

Donations of £39,750 (2023: £33,500) were received from Trustees in the year.

15 Commitments & contingent liabilities

At 31 August 2024 the Charity had no financial or capital commitments and no contingent liabilities (2023: £Nil).

16 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 (Decrease)/Increase in creditors Net cash movement from operating activities	2024 £ 444,529 - (292,339) (240,193) (88,003)	2023 £ 124,143 - (196,821) (1,857,648)
		(1,930,326)

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The Bradfield Foundation

Notes to the Financial Statements for the year ended 31 August 2024 (continued)

17 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 4 Total expenditure Net income before transfers 2 Transfers between funds 12, 13 Net movement in funds Funds brought forward at 31 August Funds carried forward at 31 August	Unrestricted Funds £ 58,267 - 58,267 - 10,271 10,271 47,996 - - 47,996	Restricted Funds £ 1,021,241 - 1,021,241 - 945,094 945,094 76,147 - 76,188 152,335	Total 2023 £ 1,079,508 -
			1,079,508
			- 955,365
			955,365
			124,143 -
			76,188
			200,331

20