# **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.
Page | 1
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.
Page | 2
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:
- has responsibility for overseeing risk management within the company as a whole;
- has an open and receptive approach to solving risk problems;
- makes conservative and prudent recognition and disclosure of the financial and non-financial implications of risks, whilst recognising them; and
- 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
Page | 3
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.
Page | 4
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments 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 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.
Page | 5
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:
- 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
- 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
Page | 6
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:
- 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;
- 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 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.
Page | 7
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:
- 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
- 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:
- 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; or
- - 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.
Page | 8
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:
- 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;
- 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
- The risk of not identifying related party transactions.
## **Audit procedures performed by the engagement team**
- 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;
- Performing low level analytical procedures to any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviews of minutes of meetings of those charged with governance;
- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and
- 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
Page | 9
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.
Page | 10
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|
Page | 11
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
Page | 12
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.
Page | 13
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.
Page | 14
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