CHARITY REGISTRATION NUMBER: 1077629
Bedford Memorial Trust Unaudited financial statements
5 April 2022
Bedford Memorial Trust
Financial statements
Year ended 5 April 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Bedford Memorial Trust
Trustees' annual report
Year ended 5 April 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
Registered charity name Bedford Memorial Trust Charity registration number 1077629 Principal office Hansells Solicitors Cambridge House 26 Tombland Norwich NR3 1RE Norfolk
The trustees
The trustees who served during the year and at the date of approval were as follows:
Ms R M McGurk Mr P R Norton Miss J L Stockings Independent examiner Shaun Mary FCA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Hansells Cambridge House 26 Tombland Norwich NR3 1RE
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Bedford Memorial Trust
Trustees' annual report (continued)
Year ended 5 April 2022
Objectives and activities
Charitable objects
The Charity makes gifts and donations to similar organisations as those supported by the charitable Trust's founder, Mrs Byford. The objects of the charity are to benefit such charitable objects as the Trustees shall in their absolute discretion think fit. The Trustees shall hold the capital and income of the trust fund upon trust to apply the income and all or such part or parts of the capital for or towards such charitable purposes and to make donations to such charitable institution or institutions at such time or times in such manner as the Trustees may in their absolute discretion think fit.
Achievements and performance
Review of activities
During the year the trustees committed to the payment of grants amounting to £67,528 (2021: £14,973) to support specific charities in accordance with the late Mrs Byford's wishes. The charity saw a net gain on investments of £22,381 (2021: net gain of £265,470).
Plans for future periods
Support similar organisations as those supported by Mrs Byford in her lifetime.
Risks
The Trustees have considered whether there are any major risks and confirm that appropriate action will be taken if such risks are identified and to mitigate such risks. The Trustees will confirm to keep the adequacy of the system in place under review.
Public Benefit
The Trustees have paid regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake.
Financial review
Funding
The principal funding sources were dividends of £48,187 (2021: £39,626) arising from the investment portfolio and interest of £13 (2021: £51) earned on the bank balances of the charity.
Reserves
At the year end the charity had unrestricted reserves of £1,350,513 (2021: £1,363,230) of which £1,253,707 (2021: £1,241,278) is held in investments.
It is the policy of the Trustees to maintain the reserves of the charity at a level sufficient to cover anticipated future expenditure.
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Bedford Memorial Trust
Trustees' annual report (continued)
Year ended 5 April 2022
Financial review (continued)
Investment Policy
Under the Trust Deed, the charity has the power to invest in any way the trustees see fit.
The trustees intend that the value of their investments be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash.
The investment portfolio was managed by Canaccord Genuity Wealth Management following their acquisition of Hargreave Hale.
The trustees consider the performance of the portfolio since its transfer into the charity to be satisfactory and in line with their expectations.
Structure, governance and management
Governing document
The Bedford Memorial Trust was established by a trust deed dated 1 September 1999 and registered as a charity on 30 September 1999.
Trustees
New trustees are selected and appointed by the existing trustees.
All new Trustees are encouraged to visit and read the Charity Commission website's guidance notes CC3 - "The Essential Trustee – what you need to know, what you need to do", they are also provided with a copy of the Trust's Memorandum and Articles of Association, the latest accounts of the Trust, and other relevant paperwork. In addition, Trustees are encouraged to read Charity Commission and other newsletters designed to keep them abreast of their duties and responsibilities.
True and Fair override
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
S C Mary FCA has been re-appointed as independent examiner for the ensuing year.
The trustees' annual report was approved on 1 February 2023 and signed on behalf of the board of trustees by:
P Norton Trustee
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Bedford Memorial Trust
Independent examiner's report to the trustees of Bedford Memorial Trust
Year ended 5 April 2022
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 5 April 2022 which comprise the statement of financial activities, statement of financial position and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Shaun Mary FCA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
1 February 2023
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Bedford Memorial Trust
Statement of financial activities
Year ended 5 April 2022
| 2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Unrestricted | |||||
| funds | Total funds | Total funds | |||
| Note | £ | £ | £ | ||
| Income and endowments | |||||
| Investment income | 4 | 48,200 | 48,200 | 39,677 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Total income | 48,200 | 48,200 | 39,677 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |||
| Expenditure | |||||
| Charitable activities | 5 | (83,298) | (83,298) | (28,818) | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |||
| Total expenditure | (83,298) | (83,298) | (28,818) | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |||
| Net (expenditure)/income and net movements in funds | |||||
| before gains and losses on investments | (35,098) | (35,098) | 10,859 | ||
| Net gains on investments | 6 | 22,381 | 22,381 | 265,470 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net (expenditure)/income and net movement in funds | (12,717) | (12,717) | 276,329 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Reconciliation of funds | |||||
| Total funds brought forward | 1,363,230 | 1,363,230 | 1,086,901 | ||
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |||
| Total funds carried forward | 1,350,513 | 1,350,513 | 1,363,230 | ||
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 11 form part of these financial statements.
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Bedford Memorial Trust
Statement of financial position
5 April 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Investments | 10 | 1,253,707 | 1,241,278 | |||
| Current assets | ||||||
| Debtors | 11 | 510 | 473 | |||
| Cash at bank and in hand | 101,975 | 146,105 | ||||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||||
| 102,485 | 146,578 | |||||
| Creditors: Amounts falling due within | ||||||
| one year | 12 | (5,679) | (24,626) | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||||
| Net current assets | 96,806 | 121,952 | ||||
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |||||
| Total assets less current liabilities | 1,350,513 | 1,363,230 | ||||
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |||||
| Net assets | 1,350,513 | 1,363,230 | ||||
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | |||||
| Funds of the charity | ||||||
| Unrestricted funds | 1,350,513 | 1,363,230 | ||||
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |||||
| Total charity funds | 13 | 1,350,513 | 1,363,230 | |||
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 1 February 2023, and are signed on behalf of the board by:
P Norton Trustee
The notes on pages 7 to 11 form part of these financial statements.
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Bedford Memorial Trust
Notes to the financial statements
Year ended 5 April 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Hansells, Cambridge House, 26 Tombland, Norwich, NR3 1RE, Norfolk.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain items at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
(b) Going concern
The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The Trustees have taken into account the effects of COVID-19 in making this assessment.
(c) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
(d) Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- Investment income is included when receivable.
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Bedford Memorial Trust
Notes to the financial statements (continued)
Year ended 5 April 2022
3. Accounting policies (continued)
(e) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
• Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
(f) Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(g) Creditors and debtors receivable / payable within one year
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(h) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(i) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Income from listed investments | 48,187 | 48,187 | 39,626 | 39,626 |
| Bank interest receivable | 13 | 13 | 51 | 51 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 48,200 | 48,200 | 39,677 | 39,677 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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Bedford Memorial Trust
Notes to the financial statements (continued)
Year ended 5 April 2022
5. Expenditure on charitable activities by activity type
| Grant funding | Total funds | Total fund | ||
|---|---|---|---|---|
| of activities | Support costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Grants (note 17) | 67,528 | – | 67,528 | 14,973 |
| Portfolio management fees | – | 10,340 | 10,340 | 10,046 |
| Bank charges | – | 100 | 100 | 69 |
| Governance costs | – | 5,330 | 5,330 | 3,730 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 67,528 | 15,770 | 83,298 | 28,818 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | |
| Analysis of governance costs: | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Accountancy fees - current year | 1,890 | 1,770 | ||
| Solicitors fees | 2,373 | 1,960 | ||
| ৄৄৄৄৄৄ | ৄৄৄৄৄৄ | |||
| Total | 4,263 | 3,730 | ||
| ৶৶৶৶৶৶ | ৶৶৶৶৶৶ | |||
| Net gains on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | 22,381 | 22,381 | 265,470 | 265,470 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Independent examination fees | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial | statements | 1,890 | 1,770 | |
| ৶৶৶৶৶৶ | ৶৶৶৶৶৶ |
6. Net gains on investments Gains/(losses) on other investment assets 7. Independent examination fees
8. Staff costs
No salaries or wages have been paid to employees during the year (2021 £Nil)
9. Trustee remuneration and expenses
No remuneration or expenses have been paid to the Trustees during the year (2021: £Nil)
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Bedford Memorial Trust
Notes to the financial statements (continued)
Year ended 5 April 2022
10. Investments
| Cash or cash | Listed | ||
|---|---|---|---|
| equivalents | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 6 April 2021 | 48,690 | 1,192,588 | 1,241,278 |
| Additions | – | – | – |
| Fair value movements | – | 22,381 | 22,381 |
| Other movements | (9,952) | – | (9,952) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |
| At 5 April 2022 | 38,738 | 1,214,969 | 1,253,707 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | |||
| At 6 April 2021 and 5 April 2022 | – | ||
| ৶৶৶৶৶৶৶৶৶৶৶ | |||
| Carrying amount | |||
| At 5 April 2022 | 38,738 | 1,214,969 | 1,253,707 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | |
| At 5 April 2021 | 48,690 ৶৶৶৶৶৶৶ |
1,192,588 ৶৶৶৶৶৶৶৶৶৶৶ |
1,241,278 ৶৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value of listed investments is determined by reference to the quoted price for these assets in an active market at the balance sheet date.
11. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 510 | 473 | |
| ৶৶৶৶ | ৶৶৶৶ | ||
| 12. | Creditors: Amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 5,679 | 4,626 | |
| Grants payable | – | 20,000 | |
| ৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 5,679 | 24,626 | ||
| ৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| Gains and | At | ||||||
| At | 6 | April 2021 | Income | Expenditure | losses | 5 April 2022 | |
| £ | £ | £ | £ | £ | |||
| General funds | 1,363,230 | 48,200 | (83,298) | 22,381 | 1,350,513 | ||
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | |||
| Gains and | |||||||
| At | 6 | April 2020 | Income | Expenditure | losses At 5 April 2021 | ||
| £ | £ | £ | £ | £ | |||
| General funds | 1,086,901 | 39,677 | (28,818) | 265,470 | 1,363,230 | ||
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ |
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Bedford Memorial Trust
Notes to the financial statements (continued)
Year ended 5 April 2022
14. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Investments | 1,253,707 | 1,253,707 |
| Current assets | 102,485 | 102,485 |
| Creditors less than 1 year | (5,679) | (5,679) |
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 1,350,513 | 1,350,513 |
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 1,241,278 | 1,241,278 |
| Current assets | 146,578 | 146,578 |
| Creditors less than 1 year | (24,626) | (24,626) |
| Creditors greater than 1 year | – | – |
| ৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 1,363,230 | 1,363,230 |
| ৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶ |
15. Related parties
During the year the charity paid fees of £3,440 (2021: £1,960) for the administration of the charity to Hansells Solicitors, a firm in which Ms R M McGurk and Miss J L Stockings are partners and Mr P Norton is a consultant.
16. Grants
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Social and Welfare: | ||
| Irena Taylor Trust | 21,000 | – |
| The SAW Trust | 20,000 | – |
| St Hilda's East Community Centre | 2,500 | – |
| Clapton Common Boys Club | 2,500 | – |
| Fishermen's Mission | – | (2,000) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄ | |
| 46,000 | (2,000) | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄ | |
| Health & Medical: | ||
| Norwich & Norfolk University Hospital | 21,528 | 16,973 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| 21,528 | 16,973 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| Total | 67,528 | 14,973 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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