THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
31 DECEMBER 2020
Company number: 03709481 Charity number: 1089537
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Contents
Directors’ and Trustees’ Report ................................................................................................. 1 Independent Auditor's Report ................................................................................................... 7 Statement of Financial Activities ............................................................................................. 10 Balance Sheet ........................................................................................................................... 12 Notes To The Accounts ............................................................................................................ 13
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT Year ended 31 December 2020
The Executive Committee, the members of which are the directors and the trustees of The Staff and Educational Development Association (SEDA) the charitable company, present their report and the audited accounts for the year ended 31 December 2020.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charitable company.
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.
Chairs’ report
SEDA continues to promote innovation and good practice in higher education. SEDA is seen by many as the shaper of thought and initiator of action in staff and educational development, not only in the UK but in the international domain also.
We have had another very active year, arranging our normal calendar of conferences and events, publishing regular periodicals and new works, and providing grants to support members. In terms of finance, we have recorded a deficit in 2020 (deficit in 2019). This is despite the many efforts to increase income and contain costs. Work will continue to redress this situation in 2021.
Thanks are due to the various Committee Chairs, members of the Executive (trustees listed on page 4) and staff in the ACU for their work, good judgment, advice and cooperation during the past year.
Carole Davis & Clara Davies, Co-Chairs
Aims and Activities
The primary objects of the charitable company are the advancement of education for the benefit of the public, particularly through the improvement of all aspects of learning, teaching and training in higher education through staff and educational development.
In shaping the charitable company’s objectives for the year and planning its activities the Trustees have considered the Charity Commission’s guidance on public benefit.
Review of Activities
Despite the effects of COVID-19 on SEDA and the Higher Education sector in general, SEDA has continued to be influential in Higher Education and has further developed its work in the areas of research, conferences, publications, professional development and membership services. Annual Reports of the Staff and Educational Development Association are available to download at: http://www.seda.ac.uk/about and give a detailed review of activities, together with details of SEDA's development and collaborative achievements and an exploration of its public benefit.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT - continued Year ended 31 December 2020
Achievements and Performance
SEDA continues to meet the needs of higher education in a time of considerable change and uncertainty in the sector - unrestricted income decreased by £111K to £197K as the sector faces a difficult financial situation.
Financial Review
The attached statement of accounts shows that SEDA has made £63K deficit on this year’s unrestricted activities, £31K reduction on 2019 (£32K deficit). Membership subscription income decreased to £137K in 2020 (2019: £141K). Conferences income also fell to £5K (2019: £102K). While Conference costs also fell to £43K (2019: £104K), the net effect of £38K negative contribution.
The net expenditure for the two journals ( Innovations in Education and Teaching International and Educational Developments ) decreased to £24K (2019: £32K). Income from SEDA’s publications decreased to £2K (2019: £5K), while costs increased to £17K (2019: £16K). This area of activity is subject to the same falling demand that faces all hard copy publishers. Production costs are under constant review. Professional development income fell to £25K (2019: £27K) due to reduced demand for this service. With professional development costs decreasing to £34K (2019: £36K), net expenditure remained at £9K negative contribution. Both publications and professional development are essential to SEDA's overall membership provision and continue to be a valuable resource for the sector.
Restricted funds show SEDA made a net income of £17K, £23K increase on 2019 (£6K net expenditure). Project Grants income increased to £54K in 2020 (2019: £40K). The costs for restricted project activities was £37K (2019: £46K).
Total funds for SEDA fell to £122k at the end of 2020 (2019: £168K) of which £31K (2019: £14K) related to restricted funds.
The Executive has met during the year to monitor SEDA’s income and expenditure and to advise and guide on management, financial and operational issues. All SEDA’s Committees continue to have important work to do to consider the costs of their activities and to advise on measures which can be taken to ensure SEDA continues to operate on a sound financial basis.
SEDA has, throughout the year, continued to chase debts with vigour and this will continue in 2021.
Plans for the Future
It is crucial that SEDA maintains and continues to expand its membership base as this continues to provide the majority of its income. SEDA must also continue to seek to reduce its reliance on this form of funding, and explore opportunities to diversify its income. A time limited task group is to be established to advise SEDA on strategic measures to be taken to increase and diversify income and reduce costs whilst maintain the excellent quality of our products
SEDA must continue the measures already in place to ensure activities are correctly costed and identify and strive for efficiency savings wherever possible and appropriate. It is important that during 2021 all SEDA Committees continue to ensure the cost effectiveness of their operations. SEDA must maintain strict financial controls and good housekeeping through all its activities. Every effort must be made to maximise income opportunities and Committees must take on the responsibility to evaluate the cost effectiveness of activities. SEDA continues to have a wide range of good, necessary and marketable ‘products’ that are in demand in the sector. It is the responsibility of all committee members to ensure that the quality of these ‘products’ is maintained and enhanced and that marketing is put in place to ensure that they reach all of their potential markets.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT - continued Year ended 31 December 2020
Risk Management
Major risks have been reviewed and systems and procedures established to manage these risks, eg annual review of risk register.
The following key principles outline SEDA’s approach to risk management and internal control. That the Executive Committee:
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has responsibility for overseeing risk management within the company as a whole;
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has an open and receptive approach to solving risk problems;
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makes conservative and prudent recognition and disclosure of the financial and non-financial implications of risks, whilst recognising them; and
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identifies key risk indicators and closely monitors them on a regular basis.
SEDA maintains a Register of Risks and this is assessed and updated annually. The key risks faced are the impact of the coronavirus to both SEDA and the sector, fast moving pace of developments in the Higher Education sector and the difficulty in communicating SEDA’s work and impact to the sector.
Reserves Policy and Going Concern Basis
During the year the trustees reviewed the Reserves Policy. Reserves are held to accommodate structural changes in SEDA’s activities – e.g. decline in income or investment for development of new activities. The trustees considered that a range between £175K and £225K is appropriate. This year’s deficit decreases SEDA’s unrestricted reserve and this now stands at £91K (2019: £155K), which is now outside that range. SEDA must strive to arrest this financial decline and ensure this reserve is increased to come back within the agreed range.
The sudden impact of COVID-19 on both SEDA and the sector and the consequential prohibition of business and social gatherings has produced a major challenge to certain established SEDA activities; notably Conferences and events. Rapid and decisive action is required to reduce expenditure, control costs and maximise income. Savings have been identified where possible in areas such as postage, travel, printing and administration costs to reduce the deficit.
SEDA will continue to control its finances rigorously, which together with the Reserves justify the trustees’ opinion that it is a going concern.
Administration - structure, governance and management
Charity name The Staff and Educational Development Association The charity is also known as SEDA. Charity Registration Number 1089537 Company Registration Number 03709481 Registered office Woburn House 20-24 Tavistock Square London WC1H 9HF
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT - continued Year ended 31 December 2020
Executive Committee David Baume (appointed 21st July 2020) Sue Beckingham (resigned 21st July 2020) Dr Rebecca Bilton John Bostock (appointed 21st July 2020) Penny Burden Roisín Curran Nigel Dandy Dr Clara Davies Dr Carole Davis Elaine Fisher Dr Mary Fitzpatrick (resigned 21st July 2020) Charl Fregona Professor Peter Hartley Dr Lisa Hayes (resigned 3rd April 2020) Dr Helen King Dr Jenny Lawrence Dr Jaki Lilly Professor Pamela Parker Jo Peat (resigned 21st July 2020) Professor John Peters Dr Clare Power Dr Rowena Senior Maurice L Teasdale Dr David Walker Professor James Wisdom Professor Gina Wisker Company Secretary Senior Statutory Auditor Bankers Professor James Wisdom Annie Lee NatWest plc PK Audit LLP Tavistock House Statutory Auditors Tavistock Square Chartered Accountants London WC1H 9XA
Organisation
The charity is governed by its Executive Committee which is responsible for formulating the strategies and policies of the charity including the approval of budgets and the annual accounts. The Committee delegates the day to day running of the charity to the Association of Commonwealth Universities (ACU) which provides administration services under contract.
Executive Committee
The members of the Executive Committee serving during the course of the year are listed above.
Dr Clara Davies and Dr Carole Davis are co-chairs of the Executive Committee. The Executive Committee meets three times a year. One of those meetings is a two day strategy and policy meeting.
As well as the Executive Committee, detailed above, there are the following sub-committees:
Publications – Papers Publications – Education Developments Professional Development Framework Conference and Events Scholarship & Research Services & Enterprise
These sub-committees meet three to five times a year.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT - continued Year ended 31 December 2020
Recruitment and appointment of directors
Directors are appointed and resign in accordance with the Articles of Association. Directors are put forward for election at the AGM by the members. The initial period of membership of the Executive Committee is three years, followed by a two year period after which time a Director must retire. Members select appropriate members for nomination based on their experience in their fields. New nominees tend to have been sub-committee members, which is effectively their induction process.
Governing document
The charity is constituted as a company limited by guarantee with charitable status, having no share capital. It is exempt from using the title “limited” under section 60 of the Companies Act 2006. It was registered with the Charity Commission on 28 November 2001. It is governed by its memorandum and articles of association and the policies made from time to time by the Executive Committee.
Statement of Directors Responsibilities
The directors (who are also trustees of The Staff and Educational Development Association for the purposes of charity law) are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepting Accounting Practice).
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company for that period. In preparing those financial statements, the directors 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 judgments 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 company will continue in operation.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The report of the directors has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
DIRECTORS’ AND TRUSTEES’ REPORT - continued Year ended 31 December 2020
Statement as to disclosure to our auditors
In so far as the directors (who are also trustees of The Staff and Educational Development Association for the purposes of charity law) are aware at the time of approving our trustees’ annual report:
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There is no relevant information, being information needed by the auditor in connection with preparing their report, of which the company’s auditor is unaware, and
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The directors, having made enquiries of fellow directors and the company’s auditor that they ought to have individually taken, have each taken all steps that he / she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
This report was approved by the Executive Committee on 09 September 2021.
9[th] September 2021
M L Teasdale Director and trustee
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
Opinion
We have audited the financial statements of The Staff and Educational Development Association (the ‘SEDA’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet and the 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 December 2020 and of its incoming resources and application of resources, 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 SEDA 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 SEDA’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 annual report other than the financial statements and our auditor's report thereon. The trustees is responsible for the other information contained within the annual 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.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION - continued
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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the information given in the trustees report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors' report included within the trustees report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the SEDA and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees report.
We have nothing to report in respect of the following matters in relation to which 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; or
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- the trustees was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees report and from the requirement to prepare a strategic report.
Responsibilities of trustees
As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the SEDA for the purpose of company law, is 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 determines 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 is responsible for assessing the SEDA’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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION - continued
Extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the charitable company and the industry and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks are:
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Non-compliance with the provisions of laws and regulations generally recognised (related to health and safety, anti-bribery, money laundering legislation and tax law) to have a direct effect on the determination of material amounts and disclosures in the financial statements;
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The risk of management override of internal controls for any evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
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The risk of not identifying related party transactions.
Audit procedures performed by the engagement team
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Discussions with management and assessment of known or suspected instances of noncompliance with laws and regulations (including health and safety, anti-bribery, money laundering legislation and tax law) and fraud;
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Performing low level analytical procedures to any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Reviews of minutes of meetings of those charged with governance;
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
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Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 auditors' 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.
Annie Lee (Senior Statutory Auditor) for and on behalf of PK Audit LLP 9 September 2021 Chartered Accountants 1 Parkshot Statutory Auditor Richmond Surrey TW9 2RD
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an income and expenditure account) Year ended 31 December 2020
| 2020 Notes Income and endowments from Project Grants Charitable Activities Membership IETI Educational developments Publications Fellowships Courses Professional development Research Conferences and events Bank interest receivable Total income 2.1 Expenditure on Charitable Activities Project activities Membership IETI Educational developments Publications Fellowships Courses Professional development Research Conferences and events Governance Total expenditure 3 Total net expenditure for the year Total funds brought forward from previous year Total funds carried forward |
Unrestricted Funds £ - 137,188 13,462 725 1,546 6,057 8,612 24,735 - 4,722 425 197,472 - 55,293 10,619 27,370 16,680 16,336 20,893 33,696 12,362 42,599 24,813 260,661 (63,189) 154,428 91,239 |
Restricted Funds £ 53,736 - - - - - - - - - - 53,736 37,144 - - - - - - - - - - 37,144 16,592 14,019 30,611 |
Total 2020 £ 53,736 137,188 13,462 725 1,546 6,057 8,612 24,735 - 4,722 425 251,208 37,144 55,293 10,619 27,370 16,680 16,336 20,893 33,696 12,362 42,599 24,813 297,805 (46,597) 168,447 121,850 |
Total 2019 £ 39,571 141,486 13,609 1,059 4,928 6,538 11,685 26,588 425 101,874 766 348,529 |
|---|---|---|---|---|
| 45,787 59,640 10,726 36,128 16,419 15,692 20,707 35,695 11,973 103,835 29,994 386,596 |
||||
| (38,067) 206,514 |
||||
| 168,447 |
The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an income and expenditure account) Year ended 31 December 2020
| 2019 Notes Income and endowments from Project Grants Charitable Activities Membership IETI Educational developments Publications Fellowships Courses Professional development Research Conferences and events Bank interest receivable Total income 2 Expenditure on Charitable Activities Project activities Membership IETI Educational developments Publications Fellowships Courses Professional development Research Conferences and events Governance Total expenditure 3 Total net expenditure for the year Total funds brought forward from previous year Total funds carried forward |
Unrestricted Funds £ - 141,486 13,609 1,059 4,928 6,538 11,685 26,588 425 101,874 766 308,958 - 59,640 10,726 36,128 16,419 15,692 20,707 35,695 11,973 103,835 29,994 340,809 (31,851) 186,279 154,428 |
Restricted Funds £ 39,571 - - - - - - - - - - 39,571 45,787 - - - - - - - - - - 45,787 (6,216) 20,235 14,019 |
Total 2019 £ 39,571 141,486 13,609 1,059 4,928 6,538 11,685 26,588 425 101,874 766 348,529 |
|---|---|---|---|
| 45,787 59,640 10,726 36,128 16,419 15,692 20,707 35,695 11,973 103,835 29,994 386,596 |
|||
| (38,067) 206,514 |
|||
| 168,447 |
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
| BALANCE SHEET 31 December 2020 Note 2020 £ £ Current assets Debtors 5 39,726 Cash at bank and in hand 155,686 195,412 Creditors:amounts falling due within one year 6 (73,562) Total assets less current liabilities 121,850 Reserves Unrestricted funds 7 91,239 Restricted funds 30,611 Total charity funds 8 121,850 |
2019 £ £ 39,740 198,609 238,349 (69,902) 168,447 154,428 14,019 168,447 |
2019 £ £ 39,740 198,609 238,349 (69,902) 168,447 154,428 14,019 168,447 |
|---|---|---|
| 154,428 14,019 |
||
| 168,447 |
These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes at pages 13 to 18 form part of these accounts.
Approved by the Executive Committee on 09 September 2021 and signed on its behalf by
9[th] September 2021
M L Teasdale Director and trustee
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS
1 Accounting policies
Charity information
The Staff and Educational Development Association is a Charity which is a private company and limited by guarantee. It is incorporated in England and Wales. The registered office is Woburn House, 20-24 Tavistock Square, London WC1H 9HF.
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1
Accounting convention
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, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include financial instruments at fair value. The principal accounting policies adopted are set out below.
The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
1.2 Preparation of the accounts on a going concern basis
The Trustees consider that there are no material uncertainties regarding the charitable company’s ability to continue as a going concern.
After considering future plans, budgets, cash and reserve levels as well as the risks and uncertainties, the trustees have a reasonable expectation that the company has adequate resources and facilities in place to continue its activities for the foreseeable future. Accordingly the company continues to adopt the going concern basis in preparing the financial statements.
1.3 Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4
Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments and section 12 ‘Other Financial Instrument Issues of FRS102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
1.5 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1.6 Income recognition policies
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Grant and other income is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant or other income have been met or are fully within the control of the charity, it is probable that the income will be received and the amount can be measured reliably. Grant income is not deferred.
Income received in advance of a membership period or event is deferred until the criteria for income recognition are met.
1.7 Expenditure recognition
Expenditure is recognised on an accruals basis as a liability is incurred.
Charitable expenditure includes expenditure associated with the delivery of activities meeting charitable objects and comprises both the direct costs and support costs relating to these activities.
Governance costs include those costs associated with the governance of the charitable company and include audit fees and costs limited to the strategic management of the charitable company.
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
The charitable company accounts for expenditure on publications as it is incurred (instead of adding it to the value of publications stock). Thus no stock value is carried in the accounts.
1.8 VAT
Irrecoverable input VAT is included in expenditure on the basis of the costs to which it relates.
1.9
Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
2
Foreign Exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the time of the transaction. Gains and losses arising on translation are included in the statement of financial activities for the period.
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THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
2.1 Income
All income was derived from the main objectives of the charitable company - namely, the advancement of education for the benefit of the public, particularly through the improvement of all aspects of learning, teaching and training in higher education through staff and educational development.
Page | 15
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
3 Total expenditure
| 2020 Membership £ Venue hire & associated costs - Printing and Design - Publication costs 20,495 Administration 6,657 Travel - Other costs 2,614 Support costs 25,527 Total unrestricted charitable costs 55,293 Restricted project costs Total 2019 Membership £ Venue hire & associated costs - Printing and Design 743 Publication costs 18,094 Administration 6,657 Travel - Other costs 9,652 Support costs 24,494 Total unrestricted charitable costs 59,640 Restricted project costs Total |
IETI Educational Developments Publications Fellowships Courses Professional development Research Conferences and Events Governance £ £ £ £ £ £ £ £ £ 390 - - - 79 33 440 - 5,752 - - - - - - - 882 - 305 - - - - - - 903 - 774 - 259 - - - 1,139 274 94 - 7,892 2,788 2,201 2,700 6,049 5,180 3,328 343 - 2,727 18,181 13,597 13,636 13,636 27,298 8,727 40,948 24,813 10,619 27,370 16,680 16,336 20,893 33,696 12,362 42,599 24,813 IETI Educational Developments Publications Fellowships Courses Professional development Research Conferences and Events Governance £ £ £ £ £ £ £ £ £ - 99 26 - - 66 - 60,452 - - 11,078 - 391 - - - - - - 2,692 2,611 - - - - - - - - - - 1,008 - - 1,027 - - 1,586 - 140 - 1,925 117 2,998 - 8,109 3,228 734 2,076 6,615 7,510 3,482 67 - 2,617 17,446 13,047 13,084 13,084 26,194 8,374 39,291 29,995 10,726 36,129 16,418 15,691 20,707 35,695 11,973 103,835 29,995 |
Total £ 942 5,752 21,682 8,334 1,766 33,095 189,090 260,661 37,144 297,805 Total £ 60,643 12,212 23,397 8,692 6,766 41,473 187,626 340,809 45,787 386,596 |
|---|---|---|
Page | 16
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
Support Costs
| Administration service Governance Office costs Legal & professional Travel Other costs |
2020 £ 140,120 24,813 - 2,027 - 22,130 189,090 |
2019 £ 143,375 29,994 36 1,677 87 12,457 |
|---|---|---|
| 187,626 |
Support costs are allocated to the different activities on a percentage basis based on an estimate of time spent.
The auditor’s remuneration amounts to an audit fee of £6900 (2019 - £ 5700).
Project costs
| osts | |
|---|---|
| Erasmus Lebanon Erasmus Slovakia PEBL |
2020 2019 £ £ - 1,760 - 13,563 37,144 30,464 |
| 37,144 45,787 |
4 Trustees
There were no employees during the year (2019: Nil).
No member of the Executive Committee received any emoluments for being a trustee in the period (2019: £Nil).
7 members of the Executive Committee (2019: 10) received a total of £1,382 to reimburse expenses incurred during the period (2019: £6,287).
During the year members of the Executive Committee were paid for consultancy or tutorial services as follows:
-
Payments relating to externally funded projects – Roisin Curran, (2019: £4,555) £0; Jo Peat, (2019: £1,250) £0.
-
Payments for work to support ongoing SEDA activities - Roisin Curran, (2019:£280) £700; Elaine Fisher, (2019: £2,295) £560; Mary Fitzpatrick, (2019: £230) £0; Jenny Lawrence £620; Professor Pamela Parker, (2019: £395) £0; Rowena Senior £620; Professor Gina Wisker, (2019: £230) £0.
These sums were at arm’s length and approved by the other members of the Executive Committee.
5 Debtors
| ebtors | ||
|---|---|---|
| Trade debtors Accrued income Prepayments |
2020 £ 9,352 13,941 16,433 39,726 |
2019 £ 16,192 21,326 2,222 |
| 39,740 |
Page | 17
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION (A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
6 Creditors: amounts falling due within one-year
| Trade creditors Subscriptions received in advance Deferred income Accruals |
2020 £ 575 20,632 26,119 26,236 73,562 |
2019 £ - 12,873 3,668 53,361 |
|---|---|---|
| 69,902 |
7 Restricted Funds Reconciliation
2020
| Restricted Fund Erasmus Lebanon Erasmus Slovakia PEBL Total funds 019 Restricted Fund Erasmus Lebanon Erasmus Slovakia PEBL Total funds |
Fund balances At 1 Jan 2020 Income Expenditure Fund balances At 31 Dec 2020 £ £ £ £ 2,440 - - 2,440 - 14,287 - 14,287 11,579 39,449 37,144 13,884 |
|---|---|
| 14,019 53,736 37,144 30,611 |
|
| Fund balances At 1 Jan 2019 Income Expenditure Fund balances At 31 Dec 2019 £ £ £ £ 2,227 1,973 1,760 2,440 5,373 8,190 13,563 - 12,635 29,408 30,464 11,579 |
|
| 20,235 39,571 45,787 14,019 |
2019
8 Analysis of net assets between funds
| 2020 Debtors Cash Creditors Total |
Unrestricted funds Restricted funds Total £ £ £ 39,726 - 39,726 125,075 30,611 155,686 -73,562 - -73,562 |
|---|---|
| 91,239 30,611 121,850 |
Page | 18
THE STAFF AND EDUCATIONAL DEVELOPMENT ASSOCIATION
(A company limited by guarantee)
Company number: 03709481
NOTES TO THE ACCOUNTS - continued
| 2019 Debtors Cash Creditors Total |
Unrestricted funds Restricted funds Total £ £ £ 39,740 - 39,740 184,590 14,019 198,609 -69,902 - -69,902 |
|---|---|
| 154,428 14,019 168,447 |
9 Capital and financial commitments
Capital expenditure contracted for but not provided in the accounts is £Nil (2019: £Nil).
At 31 December 2020, the charitable company had non-cancellable financial commitments in respect of administrative services as follows:
| Expiring within 1 year (January – July 2021) | 2020 £ 98,811 |
2019 £ 99,480 |
|---|---|---|
10 Members
The charity is incorporated as a company limited by guarantee having no share capital. In accordance with the Memorandum of Association every member is liable to contribute a sum of £1 in the event of the company being wound up while he/she is a member or within one year afterwards.
11 Related Parties
Details of related party transactions are disclosed in Note 4 above.
12 Post Balance Sheet Events
The trustees have considered the effect of COVID-19 on the charity’s financial situation and have estimated a net effect of £17k against charity funds and free reserves due to the cancellation of our annual conference. SEDA has revised budgets for 2021 and 2022 with the emphasis on reducing costs as far as possible. Changes such as improvements to the website and increasing the availability of publications online have already been started. A deficit of £13k has been projected for the year ended 31 December 2021. This will reduce general reserves down to £78k at the end of December 2021. While this is below the agreed range, the level is sufficient for SEDA to continue to invest in new activities to generate income and SEDA is expected to be back in a surplus position in 2022.
Page | 19