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2021-12-31-accounts

CONTENTS
Page
Trustees, Officers and Advisers
Trustees'
Report
Statement ofTrustees' Responsibilities
Independent
Auditor's		 Report 8-10
Statement ofFinancial Activities
Balance Sheet 12
Statement ofCash Flows 13
Accounting
Policies		 14-16
Notes to the Financial Statements 17-24

Notes Total Total
Funds Funds
2021 2020
Income from:
Investment
income		 I 659,879 632,160
Other income 23,704 29,060
Total income 683,583 661,220
Expenditure
on:
Raising funds:
Investment
management		 costs 3 265,663 235,338
Charitable
activities		 4,5,7 451,901 403,719
Total expenditure 717,564 639,057
Gain/(Loss)
on revaluation		 ofinvestments 13 3,978,941 342,058
Net incoine/(expenditure) before transfers 3,944,960 364,221
Other recognised gains and losses:
Gain on revaluation of 12 407,825 100,444
tangible fixed assets
Net movement
in		 funds 4,352,785 464,665
Balance at 1 January 2021 36,669,888 36,205,223
Balance at 31December 2021 41,022,673 36,669,888
Notes 2021 2020
FIXEDASSETS
Tangible fixed assets 12 5,608,001 5,161,298
Investments 13 35,404,632 31,485,546
41,012,633 36,646,844
CURRENT ASSETS
Debtors 14 2,677 14,021
Cash at bank and in hand 108,058 127,639
110,735 141,660
CREDITORS: Amounts falling due within one year 15 100,695 118,616
NET CURRENT ASSETS 10,040 23,044
NET ASSETS 41,022,673 36,669,888
FUNDS
Unrestricted fund 41,022,673 36,669,888
41,022,673 36,669,888
Notes 2021 2020
6
Net cash used in operating activities 19 (605,396) (484,753)
Cash Flows from investing
activities
Interest and dividends 414,053 373,684
Rental income 257,170 258,476
Purchase oftangible fixed assets
Purchase ofinvestment
properties		 (38,878)
(46,530)		 (211,857)
Net cash provided by investing
activities		 585,815 420,303
Change in cash and cash equivalents in the year (19,581) (64,450)
Cash and cash equivalents brought forward 127,639 192,089
Cash and cash equivalents carried forward 108,058 127,639

INVESTMENT INCOME 2021f 2020
Dividends 402,709 373,684
Rental income 257,170 258,476
659,879 632,160
ALLOCATION OF INDIRECT C OSTS &OVERHEADS
Total Cost of Charitable
Generating Activities
Funds
2021
Staff 155,827 77,915 77,912
Property 60,510 60,510
Office/Other 34,643 17,691 16,952
250,980 156,116 94,864
2020 6
Staff 154,267 77,135 77,132
Property 55,803 55,803
Office/Other 16,694 8,715 7,979
226,764 141,653 85,111
3 INVESTMENT MANAGEMENT INVESTMENT MANAGEMENT COSTS 2021 2020f
Fund management
fees		 109,547 93,164
Investment
properties		 management fees 17,197 18,560
Investment
properties		 maintenance and refurbishment 30,936 24,796
Wages and salaries 77,915 77,135
Insurance 10,364 11,735
Miscellaneous/Other 19,704 9,948
265,663 235,338

4 CHARITABLE ACTIVITIES 2021 2020f
Museum &Archives
Museum
Exhibition		 104,108 93,846
Archives
and Conservation		 29,711 32,713
CenSAMM Project 74,363 75,140
Wages and salaries 25,831 24,884
Functional
Properties - Maintenance		 and refurbishment 1,572 896
Insurance 4,441 5,029
Service/Other
Costs		 12372 11468
Total exc. Grants and donations 252,398 243,976
Grants &Donations
(note 7)
Grants returned
Other miscellaneous
Scholarship/Educational		 Grants
Health/Social
Grants		 130470 99352
Total Grants &Donations 130,470 99,352
Support Costs (notes 2&5)
Wages &salaries 52,081 52,248
Other - including
governance		 costs 16952 8 143
Total Support Costs 69,033 60,391
451,901 403,719
5 ANALYSIS OF
CHARITABLE ACTIVITIES		 2021f 2021 2021
6		 2020 2020 2020
Core Support Total Core Support Total
Funding Costs Funding Costs
Museum,
Archives &CenSAMM		 252,398 55,226 307,624 243,976 48,313 292,289
University
Research Grant
Other educational/publishing
Health/Social
Grants		 130,470 13,807 144,277 99,352 12,078 111,430
382,868 69,033 451,901 343,328 60,391 403,719
6 GRANTS RECEIVABLE 2021 2020
6
Government
grant income		 23,104 28,919

7 GRANTS PAYABLE GRANTS PAYABLE Paid in the 2021
year Total
E
Grants committed
at		 I January 2021 (net) (49,841)
Paid in the year:
GRANT AWARDS
Poverty, sickness and health grants programme 124,311
Total paid in the year 124,311
Future commitments payable (note 15): 56,000
130,470
The major recipients for future grants are: 2021
E
Bedford Guild House 30,000
Project 229 15,000
Bedford Citizens Advice Bureau 11,000
56,000
All grants are payable to organisations only; no grants are payable to individuals.
ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY 2021 2020
MANAGEMENT
PERSONNEL		 No. No.
The average number ofemployees
during the year was:
Maintenance
and refurbishment
Administration
Museum,
Archives		 &CENSAMM
12 12

8 ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY
MANAGEMENT PERSONNEL (continued)
2021 2020
6
Staffcosts for above persons:
Wages and salaries 272,629 274,491
Social security costs 18,400 18,775
Other pension costs 13,278 13,792
304,307 307,058

TANGIBLE FIX EDASSETS
Assets Furniture, Office
in the course Chattels Equipment
Functional of & &Motor Museum
Properties construction Heritage Vehicles Assets Total
6 Assets
Cost or valuation:
I January 2021 3,493,057 1,603,762 64,479 40,452 152,268 5,354,018
Additions 38,878 38,878
Transfer/Disposal 1,642,640 (1,642,640)
Revaluation 407,825 407,825
31December 5,543,522 64,479 40,452 152,268 5,800,721
2021
Depreciation:
I January 2021 40,452 152,268 192,720
31 December 40,452 152,268 192,720
2021
Net book value
31December 5,543,522 64,479 5,608,001
2021
31December 3,493,057 1,603,762 64,479 5,161,298
2020

Investment Listed
properties investments Total
Valuation at I Jan 2021 10,333,572 21,151,974 31,485,546
Less: Management fee charges (106,385) (106,385)
Additions 46,530 46,530
Gain in the year 1,238,044 2,740,897 3,978,941
Valuation at 31Dec 2021 11,618,146 23,786,486 35,404,632

13(i) LISTEDINV ESTME NT S ANALYSIS
2021 2020
UK Securities 8,671,928 7,645,073
Overseas
Securities		 14,395,845 12,653,297
Market value ofinvestments 23,067,773 20,298,370
Cash held by Investment Manager 718,714 853,604
23,786,487 21,151,974
The listed investments are made up as follows: 2021 2020
Equities 20,308,395 17,551,412
Fixed Interest Securities 2,759,378 2,746,958
23,067,773 20,298,370
14 DEBTORS 2021 2020
Prepayments and accrued income 2,677 14,021
2,677 14,021

15 CREDITORS: Amounts CREDITORS: Amounts falling due within one falling due within one falling due within one year year 2021 2020
E
Grants payable 56,000 49,841
Accruals and deferred income 38,095 62,233
Other tax and social security 6,600 6,542
100,695 118,616
16 DEFERRED INCOME
Deferred income comprises investment property rentals received
in advance
2021 2020
f.
Balance as at I January 2021 5,424 3,710
Amount released to income earned from charitable activities (5,424) (3,710)
Amount
deferred		 in year 5,424
Balance as at 31 December 2021 5,424
17 ANALYSIS OFNET ASSETSBYFUND
Unrestricted
funds
2021 2020
Tangible fixed assets 5,608,001 5,161,298
Investments 35,404,632 31,485,546
Net current assets 10,040 23,044
41,022,673 36,669,888

ACTIVITIES
2021 2020
Net movement
in funds		 4,352,785 464,665
Adjustments
for:
(Gain) on investment properties (1,238,044) (300,978)
Loss/(Gain)
on listed		 investments (2,634,512) 52,147
Interest and dividends (402,709) (373,684)
Rental income (257,170) (258,476)
(Gain) on revaluation oftangible fixed assets (407,825) (100,444)
Operating
cash flows		 before movements in working capital (587,475) (516,770)
(Increase)/decrease in debtors (7,221)
Decrease/(increase) in creditors (17,921) 39,238
Cash used in operating activities (605,396) (484,753)
20 FINANCIAL INSTRUMENTS 2021 2020
The carrying amount ofthe Trust's financial instruments at 31
December were:
Financial Assets
Measured
at fair value through		 SOFA 23,786,486 21,151,974