Annual Report and Financial Statements
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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Charity registration number: 314286 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ESTABLISHED 1808 - INCORPORATED BY ROYAL CHARTER 1906 THE TWO HUNDRED AND FOURTEENTH REPORT 2 BRITISH & FOREIGN SCHOOL SOCIETY BRITISH & FOREIGN SCHOOL SOCIETY PRESIDENT Rt Hon David Lammy MP VICE-PRESIDENT Emeritus Professor John Furlong OBE COUNCILLORS Chair of Council Peter Miller BSc Vice-Chair of Council Professor Joy Palmer Cooper BA MEd MA PhD DLitt (hon) Dip G.D Treasurer David Baron FCA Tim Andrew BSc Cert Ed Adv Dip Ed Man Charlotte Cashman BA Vic Craggs OBE BA Jane Creasy MEd Diana Hoy FCILEx Karen Hughes BEd Janice Miller FCMA (from 1 July 2020) Leslie Stephen MA BD Graham Kingsley MA CChem FRSC FRSA (until 11 November 2020) Director and principal office address Joanne Knight BSc DPhil MRSC 7-14 Great Dover Street, London SE1 4YR Registered Charity No. 314286 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 3 CONTENTS PROFESSIONAL ADVISORS 5 ANNUAL REPORT 6 STATEMENT OF FINANCIAL ACTIVITIES 17 BALANCE SHEET 19 CASH FLOW STATEMENT 20 NOTES TO THE FINANCIAL STATEMENTS 21 MEMBERS OF THE GRANTS COMMITTEE 35 MEMBERS OF THE FINANCE AND INVESTMENTS COMMITTEE 35 DELEGATES OF BFSS TRUST FUNDS 35 REPRESENTATIVES SERVING ON OUTSIDE BODIES 35 4 BRITISH & FOREIGN SCHOOL SOCIETY PROFESSIONAL ADVISORS Investment Manager Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN Bankers Barclays Bank plc 6 Clarence Street Kingston upon Thames KT1 1NY CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Mailing Kent ME19 4JQ Independent Auditor Begbies Chartered Accountants and Registered Auditors 9 Bonhill Street London EC2A 4DJ Accountant Godfrey Wilson Ltd 5th Floor, Mariner House 62 Prince Street Bristol BS1 4QD Property Consultant Sanderson Weatherall Robert House Westpoint Road Stockton TS17 6BA Solicitor Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 5 ANNUAL REPORT one of its kind left in the world, three other historic classrooms, the Headmaster's House and a collection 1. Introduction of 47,000 objects. The Council present their report along with the 3. Objectives and activities for the public benefit financial statements of the Society and of the other charitable trusts for which the Society is responsible, The Society achieves its public benefit through its for the year ended 31 December 2020. grant giving activities to support the education of disadvantaged young people worldwide. The Council The financial statements have been prepared in has referred to the Charity Commission’s guidance on accordance with the accounting policies set out in the public benefit when developing the vision, mission, Notes to the Financial Statements below and comply values and objectives for the Society covering 2018 with the Society’s Charter and applicable law. to 2021. We review and refresh our vision, mission and values each year, and make sure they inform our 2. Our heritage that guides us decisions. The heritage that underpins our Society remains 3.1 Vision important and relevant to our activities and decisions and is embedded in our charitable objects. The Educational opportunity for all. British & Foreign School Society (BFSS) was formed in 1808 by Christian social reformers to carry on the 3.2 Mission work of Joseph Lancaster, a pioneer of school and teacher education. The Society was then known We seek to achieve our vision by providing funding as “The Society for Promoting the Royal British or and support to UK-based charities and educational Lancasterian System for the Education of the Poor”. establishments for educational projects in the UK It changed its name to The British & Foreign School and throughout the world reflecting our history and Society in 1814, was granted a Royal Charter in 1906, heritage. and its Royal Charter, Statutes and Bye-laws were most recently updated in 2014. 3.3 Values With such a long history, the Society has necessarily We believe in the right of children and young people adapted over the years, but our heritage continues to education as a driver for personal development, to define us and our priorities. Joseph Lancaster was well-being, and equality of opportunity. Building on a Quaker who became concerned that the poorer the heritage of Joseph Lancaster, we value effective classes were denied the opportunity of education in teaching and learning, and the sharing of good the late 18th century; and as a result, he was involved practice. We are committed to inclusivity, integrity, in the founding of schools throughout the UK and and to valuing and respecting others in everything in many overseas countries with tuition based on his we do. monitorial system. The Society today continues that work through our grant funding by seeking to ensure 3.4 Objectives education for the poorest and most disadvantaged. From 1870, BFSS focused on teacher training and the Following a review in 2020 our strategy for 2021 and Society continues to recognise the critical impact of beyond is based on 5 objectives: teachers and makes teacher training a priority area for funding. 1. To improve the quality, sustainability and access to education within International marginalised and Conserving our physical heritage continues to be deprived communities. important to us. Brunel University maintains our 2. To improve the educational outcomes and life extensive Society archives and makes sure they chances of Young Carers and Care Experienced are accessible for research. The Society continues Young People living in the UK. to support the British Schools Museum in Hitchin 3. To understand, report and share the impacts of and recognises its importance in ensuring Joseph the Society’s grant giving. Lancaster’s work is visibly accessible for current 4. To support the development of capacity among and future generations to appreciate. The museum BFSS Grantees thereby contributing measurably houses an 1837 Monitorial Schoolroom, the only to the delivery of positive impact for children and 6 BRITISH & FOREIGN SCHOOL SOCIETY young people in the education sector. 3.5.2 International main fund priorities 5. To develop the membership of the Society in terms of membership numbers and types of engagement To ensure that we deliver our mission internationally in order to support the work of the Society. we fund projects that either improve access to education, the quality of education or the 3.5 Grant giving policy sustainability of educational projects for young people under the age of 25. We ensure that our The majority of our grant giving (90% in 2020) is grant-giving delivers long-term improvement through made through the main fund using our unrestricted the involvement of local communities, the capability income, within the main fund we have separate and availability of teaching staff and fit-for-purpose priorities for UK and International grants. We infrastructure. Wherever possible, we fund projects continue to adopt a grant funding approach that that deliver benefits to the wider community and favours small to medium sized charities, with annual that will be continued after our grant ends. Grants income less than £2.5 million, and UK state-funded of up to £60,000 over 3 years are offered for educational establishments. The Society continues to international projects. believe that supporting high-quality projects in the UK is central to the Society’s heritage and future. We Our international grant aims are to: plan for around 30% of our grants from the main fund to support UK based projects. • Improve access to education – including increasing the number of educational opportunities, especially In addition to the main fund the Society runs a for girls, (including construction of classrooms number of smaller restricted funds which all have or latrines), increasing the number of qualified individual priorities. teachers trained in inclusive, non-discriminatory practices and improving community attitudes to 3.5.1 UK main fund priorities educating children who are often excluded or overlooked. To further strengthen the focus and impact of our • Improve the quality of education – including UK grant giving a separate UK funding strategy was enhancing the quality of teaching and learning, launched during 2020, which focuses on improving improving access to extra-curricular support, the educational outcomes or life chances of Care increasing child friendly resources, and increasing Experienced Young People and Young Carers under access to aspirational vocational training the age of 25. We are offering fewer but larger opportunities including STEM and IT. grants up to £100,000 over 5 years. The first grants • Improve the sustainability of education projects under this new strategy will be awarded in 2021. – including encouraging educational projects with integrated community management or ownership, Our UK grant aims are to: self-generating income and minimising their environmental impact. • Improve educational outcomes - including the support of Care Experienced Young People and Competition for funds is intense and priority is given Young Carers to attend and engage in mainstream to International projects that are: school life, improving their access to out of school support and increasing the number of education • Re-establishing education where the provision of professionals able to understand their needs. education has suffered from conflict