REGISTERED COMPANY NUMBER: 00171179 (England and Wales)
REGISTERED CHARITY NUMBER: 307529
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
FOR
BEDFORD EDUCATIONAL ASSOCIATION
MDG Business Associates Limited
Room 73 Wrest House
Wrest Park
Silsoe
Bedfordshire
MK45 4HR
BEDFORD EDUCATIONAL ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
|
|
Page |
|
Report of the Trustees |
1 |
to |
5 |
Independent Examiner's Report |
|
6 |
|
Statement of Financial Activities |
|
7 |
|
Balance Sheet |
8 |
to |
9 |
Notes to the Financial Statements |
10 |
to |
18 |
Detailed Statement of Financial Activities |
19 |
to |
20 |
BEDFORD EDUCATIONAL ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31August2022.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aims and objectives of the Charity are:-
Toadvancetheeducationofchildrenandyoungpeopleuptotheageof18whoarelivinginorattendingschools in
Bedfordshirebyprovidingorassistingintheprovisionofeducationalfacilitiesand/orbytheprovisionofbursaries and
grants for educational purposes.
Public benefit
TheTrusteesgivendueconsiderationtotheCharityCommission'spublishedguidanceonthePublicBenefit requirement
under the Charities Act 2011 and is a public benefit entity.
Grantmaking
ThecompanyhasappointedaGrantsCommitteetoconsiderapplicationsforfinancialsupport.ThisCommitteemeets as
and when necessary and has delegated power from the Trustees to make decisions up to £1,000.
TheTrusteesmeetthreetimesayeartoconsiderrecommendationsmadebytheGrantsCommitteeonapplications for
financial support over £1,000.
ACHIEVEMENT AND PERFORMANCE
Investment performance
Thecharitycontinuedtoreceivethesamerentasthetenantremainedinsituandwastiedintoaleaseuntilatleast 31
July 2022.
Thecharitycontinuedtomaintainitslevelofinterestearnedfromitscashreserves.Intheyearthecharity's interest
income was £1,836 (2021: £1,711).
Thecharityearnedfromitsinvestments£323(2021:£602)individendsandhadarealisedgainof£3,051(2021: £nil),
whichafternettingoffagainsttheunrealisedgainshownin2021of£2,916leavesagainintheyearof £135.
Unfortunatelytheinvestmentproviderceasedservicesandallshareswererequiredtobesoldby3September2021. An
alternative provider has not yet been found, so all cash was returned to a savings account.
Duringtheyeargrantsweremadetoschoolsandinstitutionstotalling£50,717(2021:£47,092)andtoindividuals totalling
£19,594 (2021: £19,529).
Inpursuingourobjectives,wehavebeenabletodeliverpublicbenefitbyhelpingyoungpersonsbothindividually and
collectivelytoimprovetheireducationalachievementresultinginmoreablestudentsbeingabletobenefitsocietyas a
whole as they pursue their respective careers.
FINANCIAL REVIEW
Financial position
During the year the following occurred:
Expenditure on charitable activities increased during the period from £66,621 to £70,311.
Thecharityhadanoverallnetexpenditureinexcessoverincomeof£2,930(2021:£2,432netincomein excess
expenditure).
Page 1
BEDFORD EDUCATIONAL ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
FINANCIAL REVIEW
Principal funding sources
TheCharity'sprincipalfundingsourceisbywayofitsinvestments.Itsmaininvestmentisapropertyincludedon the
balance sheet which generates rental income.
Investment policy and objectives
UndertheMemorandumandArticlesofAssociationtheCharityhasthepowertomakeinvestmentswherethe Trustees
see fit.
Thecharity'smainassetistheinvestmentpropertyfromwhichitearnsarentalincomepaidbyasingletenant. The
charityisregularlyindialoguewiththetenanttoassessthepossibilityoftheleasebeingterminated.The Trustees
periodicallydiscussthepotentialoptionsfortheinvestmentpropertyintheeventofnoticebeinggivenregarding the
termination of the lease.
Thecharityoperatesalowriskstrategywithitscashreserves.Itlookstomaximiseinvestmentincomereceivable from
bankaccounts,whilstbalancingthiswiththeneedtokeepfundsreadilyavailableintheeventoftheterminationof the
lease.TheTrusteeslooktoensurethatthebalancesheldatbanksremainneartoorundertheFSCSprotectionlimit of
£85,000.Ateverytrusteemeetingabankreportisgiven,whichincludesotherinterestopportunitiesavailableand the
status of the available funds.
Thecharityoperatesalowtomediumriskstrategywithregardstoitslistedinvestmentsonthestockmarket (primarily
thesewillbeinFTSE100andFTSE250companies).Itlimitstheseinvestmenttobenomorethan20%ofitsoverall cash
reservesandismonitoredtoensureitisnotovercommitted.Eachinitialinvestmentinachosensecurityshallbe limited
to £2,500 per share and £10,000 per fund and is reviewed on a quarterly basis.
Theaimistoachieveacombinationofgrowthandincome,inordertoprovidethecharitywithadditionalfundsto meet
itsoverallobjectives.Thecharitywillthereforeseektoholdadiverserangeofinvestmentstodeliveruponits objectives
over the short, medium and long term.
Thecharitymaylooktomakeinvestmentsinothermajormarketsbutmustconsidertheexchangerateriskifit makes
such investments.
The charity will avoid investments in sin stocks.
TheTrusteesdiscussotherpotentialavenuestomaximiseitsincomestreams,withdiscussionsonwhetherthe charity
should use some of its cash reserves as a deposit to expand its property portfolio by taking on a loan.
Page 2
BEDFORD EDUCATIONAL ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
FINANCIAL REVIEW
Reserves policy
Thecharityneedsliquidreservestobeabletohonourgrantsapprovedforanacademicyear.Thecurrentlevelof reserves
is£1,216,481(2021:1,219,411)ofwhichnetcurrentassetsare£223,939(2021:£226,760).Mostofthecurrent asset
reserves are held within bank accounts £232,782 (2021: £207,200):
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Current account |
12,241 |
13,000 |
Instant Saver account |
10,003 |
37,746 |
Easy Access account |
62,646 |
|
35 Day notice account |
- |
10,026 |
120 Day notice account |
82,242 |
81,428 |
1 year fixed rate |
65,650 |
65,000 |
|
|
|
|
232,782 |
207,200 |
|
|
|
Thecharityhasfundsavailableforimmediateuseof£84,890(2021:£50,746).Afurther£nil(2021:£10,026)is available
within35daysand£82,242(2021:£81,428)isavailablewithin120daysbygivingappropriatenotice.Thebalance of
£65,650 (2021: £65,000) is held in a 1 year fixed rate saver.
Thecharityalsohad£nil(2021:£25,000)investedinlistedcompaniesontheLondonStockExchange,whichwere worth
£nil(2021:£28,483)asatthebalancesheetdate,whichisreadilyconvertibleintocashwithinashorttimeframe. The
charity had to sell all of its shareholdings on 3 September and is currently looking for a new share trading platform.
The Trustees consider the current amount of funds to be more than adequate for the purpose of honouring its grants.
Thecharitysetsasideapproximatelytheequivalentofoneyear'srentalincometoensurethatitcancontinueto offer
grants in the event of any irrecoverable rental default.
Thecharitydoesnothavetoprovideanydonationsinayearotherthanthoseithascommitteditselfto,whichcan be
seen in the financial commitments note.
TheChairpersonoftheGrantsCommitteeismakingknowntorelevantbodiesthatfundsareavailablefor appropriate
applications.
Going concern
TheTrusteesbelievethattherearenomaterialuncertaintiesaboutthecharity'sabilitytocontinueforthe foreseeable
future.
Page 3
BEDFORD EDUCATIONAL ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
FUTURE PLANS
Thecharityplanstocontinuewithhowitoperatesintermsofincomegenerationandgrantsawardedforthe foreseeable
future.Itaimstogivegrantstoschoolsandothereducationalorganisationsaswellastoindividualsuptotheageof 18
wholiveand/orareeducatedwithinBedfordshire.Theprofitsfromtherentalincomearethefundingsourceof the
grants.
TheTrusteesdidnotreceivenoticeby31January2022forthe31July2022breakclausetobeactivated.Thenext break
clausedateistheendofthelease31July2025.Thetrusteesplantoengagewiththecurrenttenanttoseeiftheywish to
renewbeyondthisdate.Forcontingencypurposes,however,theCommitteehadalreadyconsideredpossibleoptions for
themainassetshouldthetenantoptnottotakeoutanewleasein2025.FollowingthatreviewtheTrusteesbelieve that
sufficientoptionsareavailablesuchthattheydonotneedtomakeanyspecificprovisionintheaccountsfor this
possibility.
TheTrusteesareconstantlylookingatnewwaystobenefitthecommunitybyevolvingthetypeofprojecttowhich they
cangrantaid,aswellasimprovingawarenessoftheirworkamongstthecommunity.Thecharityistryingtoenhance this
further by website updates and the use of social media.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Theorganisationisacharitablecompanylimitedbyguaranteeincorporatedon2ndNovember1920andregisteredas a
Charityon21stNovember1962.Thecompany'sMemorandumofAssociationdated14thJanuary2002establishes the
objects and power of the Charitable Company and it is governed under its Articles of Association.
Recruitment and appointment of new trustees
Thecommitteeregularlyreviewsitscompositioninrelationtoskillset,ageandgenderstructure,and potential
replacementrequirements.ItisconstantlyonthelookoutforpotentialnewcandidatesthatcouldenhanceBEA's offering
to the community.
Onceanindividualhasbeenapproachedorhasappliedforthepositiontheyareinvitedtoattendameeting. This
ensuresthepotentialnewtrusteecanseeexactlywhatisinvolved,ifitissomethingtheywouldliketobeinvolved with
andiftheycanaddtothestrengthsofthecurrenttrustees.Italsomeansthecurrenttrusteescanmeetthepotential new
trustee to establish whether they would be a good addition to the committee.
After meeting the potential new trustee, the trustees may or may not decide to appoint him/her.
Induction and training of new trustees
AllnewTrusteesaregivenalinktothegovernmentguidance"Charitytrustee:what'sinvolved(CC3a)"priorto their
appointment and asked to confirm their eligibility prior to appointment as a trustee.
Related parties
Details of the related party transactions are disclosed within Note 17 (Related Party Disclosures).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00171179 (England and Wales)
Registered Charity number
307529
Page 4
BEDFORD EDUCATIONAL ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022
Registered office
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY
Trustees
Mrs L Cebula
Dr R H Oakley
Mrs C Saenger
Mrs N Reddy
Mr M D Rawlinson FCCA CTA ACA
Ms A Prentice (resigned 16.1.23)
Mr M D Ward
Company Secretary
Mr M D Rawlinson FCCA CTA ACA
Independent Examiner
MDG Business Associates Limited
Room 73 Wrest House
Wrest Park
Silsoe
Bedfordshire
MK45 4HR
Approved by order of the board of trustees on 24 April 2023 and signed on its behalf by:
Mr M D Rawlinson FCCA CTA ACA - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
BEDFORD EDUCATIONAL ASSOCIATION
Independent examiner's report to the trustees of Bedford Educational Association ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsas carried
outunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed the
Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Victoria Moore FCCA
MDG Business Associates Limited
Room 73 Wrest House
Wrest Park
Silsoe
Bedfordshire
MK45 4HR
24 April 2023
Page 6
BEDFORD EDUCATIONAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 AUGUST 2022
Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Other income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
School and educational institution grants
Tuition fees for individuals
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
31.8.22
Unrestricted
fund
£
69,759
7,132
76,891
7,176
50,717
19,594
2,469
79,956
135
(2,930)
1,219,411
1,216,481 |
31.8.21
Total
funds
£
72,829
7,748 |
|
|
80,577 |
|
|
7,798
47,092
19,529
3,726 |
|
|
78,145 |
|
|
- |
|
|
2,432
1,216,979 |
|
|
1,219,411 |
The notes form part of these financial statements
Page 7
BEDFORD EDUCATIONAL ASSOCIATION
BALANCE SHEET
31 AUGUST 2022
Notes
FIXED ASSETS
Investment property
10
CURRENT ASSETS
Investments
11
Prepayments and accrued income
Cash at bank
12
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
ACCRUALS AND DEFERRED INCOME
14
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS |
31.8.22
Unrestricted
fund
£
1,000,000
-
1,157
232,782
233,939
(10,000)
223,939
1,223,939
(7,458)
1,216,481
1,216,481
1,216,481 |
31.8.21
Total
funds
£
1,000,000
28,483
1,077
207,200
236,760
(10,000)
226,760
1,226,760
(7,349)
1,219,411
1,219,411
1,219,411 |
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 August 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
BEDFORD EDUCATIONAL ASSOCIATION
BALANCE SHEET - continued
31 AUGUST 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon24April2023and were
signed on its behalf by:
Mr M D Rawlinson FCCA CTA ACA - Trustee
The notes form part of these financial statements
Page 9
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',asamendedby Update
Bulletin2publishedinOctober2019,andtheCompaniesAct2006.Thefinancialstatementshavebeen prepared
under the historical cost convention.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
Investmentincome,suchasinterestisrecognisedonastraight-linebasisovertherelevanttermatthe interest
rateapplicable.Wheredividendincomeisreceivable,thiswillberecognisedwhenphysicallypaidtothe charity's
investment account.
Rentalincomefromoperatingleasesisrecognisedonastraight-linebasisoverthetermoftherelevant lease
unlesstheleasepaymentsarestructuredtoincreaseinlinewithexpectedgeneralinflationinwhichcase the
incomeisrecognisedasrevenueinaccordancewiththeexpectedpayments.Wherethereisadiscounted period
ontherentalincome,therentisrecognisedonwhatisreceivableinthoseperiodspreandpostthe discounted
period.Anyincomereceivedfromtheearlyterminationofthelease,whicharisesfromthediscountedperiod will
be recognised in the year notice has been given. Rental income is included under investment income.
Other income is reimbursed expenses charged on to the tenant in the period to which the expense relates.
ThecharityreliesuponMrsLCebulatoattendtoitsdaytodayadministrativeaffairs.Thetypeofwork involved
includes(non-exhaustivelist):sendingoutgrantapplications,correspondingwiththeschools,parentsand other
interestedpartiesrelatingtothegrantapplicantsandprovidingtheothertrusteeswiththesummariesof the
prospective grants ready for general meetings.
Debtors
Shorttermdebtorsaremeasuredattransactionprice,lessanyimpairment.Loansreceivablearemeasured initially
atfairvalue,netoftransactioncosts,andaremeasuredsubsequentlyatamortisedcostusingtheeffective interest
method, less any impairment.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
Creditors
Short term creditors are measured at transaction price, less any impairment.
continued...
Page 10
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
1. ACCOUNTING POLICIES - continued
Investment property
Investmentpropertyisheldtoearnrentalsandforcapitalappreciation.Investmentpropertyisshownat most
recentvaluation.Investmentpropertyareinitiallymeasuredatcost,includingtransactioncosts. Subsequently
investmentpropertyisrecordedatitsfairvalueateachreportingdate.Anyaggregatesurplusordeficit arising
fromchangesinfairvalueisrecognisedinprofitorlossandateachreportingdateistransferredfrom retained
earnings to a non-distributable fair value reserve.
Investmentpropertyissubjecttovaluationbythedirectorsorbyexternalvaluers,determinedonthefair value
basis using the market approach being based on market transactions involving similar assets.
Investments
Investmentsareheldtogenerateincomeorfortheirpotentialincreaseinvalueorboth.Thesewillbetreated as
fixedassetinvestments.Fixedassetinvestmentsexcludethoseinvestmentsheldspecificallyforsaleor those
investmentswhichthecharityexpectstorealisewithin12monthsofthereportingdate,wheretheywould be
transferred to current assets.
Listedinvestmentsareaformofbasicfinancialinstrumentandareinitiallyrecognisedattheirtransaction value
andsubsequentlymeasuredattheirfairvalueasatthebalancesheetdateusingtheclosingquotedmarket price.
Thestatementoffinancialactivitiesincludesthenetgainsandlossesarisingonrevaluationand disposals
throughout the year.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Impairment of non-financial assets
Assetsnotmeasuredatfairvaluearereviewedforanyindicationthattheassetmaybeimpairedateach balance
sheetdate.Ifsuchindicationexists,therecoverableamountoftheasset,ortheasset'scashgeneratingunit, is
estimatedandcomparedtothecarryingamount.Wherethecarryingamountexceedsitsrecoverableamount, an
impairmentlossisrecognisedinprofitorlossunlesstheassetiscarriedatafairvaluetheretheimpairmentloss is
a fair value decrease.
Financial instruments
Financialinstrumentsareclassifiedandaccountedforaccordingtothesubstanceofthecontractual arrangement
asfinancialassets,financialliabilitiesorequityinstruments.Anequityinstrumentisanycontractthatevidences a
residual interest in the assets of the entity after deducting all of its liabilities.
Provisions
Provisionsarerecognisedwhenthecharityhasalegalorconstructiveobligationatthereportingdateasa result
ofapastevent,itisprobablethatthecharitywillberequiredtosettletheobligationandtheamountof the
obligation can be reliably estimated.
Provisionsarerecognisedatthebestestimateoftheamountrequiredtosettletheobligationatthe reporting
date.
continued...
Page 11
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Rents received |
67,600 |
67,600 |
Other fixed asset invest - FII |
323 |
602 |
Deposit account interest |
1,836 |
1,711 |
Unrealised gain on investments |
- |
2,916 |
|
69,759 |
72,829 |
OTHER INCOME |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Reimbursed insurance costs |
7,132 |
7,703 |
Bank compensation |
- |
45 |
|
7,132 |
7,748 |
RAISING FUNDS |
|
|
Investment management costs |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Support costs |
44 |
95 |
GRANTS PAYABLE |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
School and educational institution grants |
50,717 |
47,092 |
Tuition fees for individuals |
19,594 |
19,529 |
|
70,311 |
66,621 |
3.
4. RAISING FUNDS
5.
During the year the charity made material charitable donations to the following institutions:
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Country Days Ltd |
3,000 |
3,000 |
Blocktastic Children Festival |
- |
3,640 |
Putteridge High School |
2,158 |
- |
Transitions UK |
1,836 |
- |
St Johns School |
- |
10,000 |
Families United Network |
3,000 |
3,000 |
Community Learning Partnership |
5,000 |
- |
Riseley School |
5,000 |
- |
Greenleas School |
10,000 |
- |
Brickhill Primary |
2,500 |
- |
Level Trust |
- |
8,320 |
Autism Bedford |
5,000 |
- |
continued...
Page 12
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
5. GRANTS PAYABLE - continued
The Elisabeth Curtis Riding Centre |
5,000 |
- |
Booktastic |
5,000 |
- |
Heart Academy |
- |
2,000 |
Bromham School Playground |
- |
2,000 |
Weatherfield Academy |
- |
5,000 |
ProgressAbility.org |
- |
7,500 |
Others |
3,223 |
2,632 |
|
|
|
|
50,717 |
47,092 |
|
|
|
6. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
|
|
|
Information |
Governance |
|
|
Finance |
|
technology |
costs |
Totals |
|
£ |
|
£ |
£ |
£ |
Investment management costs |
44 |
|
- |
- |
44 |
Other resources expended |
|
- |
65 |
2,404 |
2,469 |
|
44 |
|
65 |
2,404 |
2,513 |
Support costs, included in the above, are as follows: |
|
|
|
|
|
|
|
|
|
31.8.22 |
31.8.21 |
|
Investment |
|
Other |
|
|
|
management |
|
resources |
Total |
Total |
|
costs |
|
expended |
activities |
activities |
|
£ |
|
£ |
£ |
£ |
Licences |
44 |
|
- |
44 |
43 |
Interest payable and similar charges |
|
- |
- |
- |
52 |
Website costs |
|
- |
65 |
65 |
65 |
Independent examination |
|
- |
882 |
882 |
816 |
Trustee meeting costs |
|
- |
532 |
532 |
- |
Postage and stationery |
|
- |
11 |
11 |
10 |
Sundries |
|
- |
13 |
13 |
13 |
Accountancy and legal fees |
|
- |
966 |
966 |
885 |
Professional fees |
|
- |
- |
- |
1,937 |
|
44 |
|
2,469 |
2,513 |
3,821 |
continued...
Page 13
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2022
7. INDEPENDENT EXAMINERS' REMUNERATION
INDEPENDENT EXAMINERS' REMUNERATION |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Independent examination |
882 |
816 |
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2022norfortheyear ended
31 August 2021.
Trustees' expenses
Duringtheyearthefollowingexpenseswerepaidtotrustees,whichwerenotforreimbursingatrusteewho is
acting as an agent for the charity:
Mrs L Cebula was reimbursed charitable expenses of £544 (2021: £10).
Mr M Rawlinson was reimbursed charitable expenses of £13 (2021: £13).
9.
STAFF COSTS
The average monthly number of employees during the year was as follows:
10.
Trustees
No employees received emoluments in excess of £60,000.
INVESTMENT PROPERTY
FAIR VALUE
At 1 September 2021
and 31 August 2022
NET BOOK VALUE
At 31 August 2022
At 31 August 2021 |
31.8.22
7 |
31.8.21
7
£
1,000,000 |
|
|
1,000,000 |
|
|
1,000,000 |
INVESTMENT PROPERTY
Operating lease of investment property
The charity rents out the investment property under an operating lease. The lease expires on 31 July 2025.
The future minimum lease payments receivable for the properties up to the next break clause are as follows:
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Amounts falling due within: |
|
|
Within one year |
67,600 |
61,967 |
Between one and five years |
129,567 |
- |
More than five years |
- |
- |
continued...
Page 14
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
10. INVESTMENT PROPERTY - continued
197,16761,967
Thetrusteeshaveconsideredthevalueofthepropertyandthecarryingfairvalueisnotmateriallydifferentto the
current market value.
11. CURRENT ASSET INVESTMENTS
11.
CURRENT ASSET INVESTMENTS |
|
|
|
|
Listed investments
12.
CASH AT BANK
Bank account
Bank instant saver
Aldermore instant saver
Bank fixed saver account
Bank 120 day notice account
Bank 35 day notice account
Total
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
14.
ACCRUALS AND DEFERRED INCOME
Accruals and deferred income |
|
31.8.22
£
-
31.8.22
Total
funds
£
12,241
10,003
62,646
65,650
82,242
-
232,782
31.8.22
£
10,000
31.8.22
£
7,458 |
|
31.8.21
£
28,483 |
|
|
|
|
31.8.21
Total
funds
£
13,000
37,746
-
65,000
81,428
10,026 |
|
|
|
|
207,200 |
|
|
|
|
31.8.21
£
10,000
31.8.21
£
7,349 |
continued...
Page 15
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
15. MOVEMENT IN FUNDS
At 1.9.21
£
Unrestricted funds
General fund
1,219,411
TOTAL FUNDS
1,219,411
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
76,891
(79,956)
TOTAL FUNDS
76,891
(79,956)
Comparatives for movement in funds
At 1.9.20
£
Unrestricted funds
General fund
1,216,979
TOTAL FUNDS
1,216,979
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
80,577
TOTAL FUNDS
80,577 |
Net
movement
in funds
£
(2,930)
(2,930)
Gains and
losses
£
135
135
Net
movement
in funds
£
2,432
2,432
Resources
expended
£
(78,145)
(78,145) |
At
31.8.22
£
1,216,481
1,216,481
Movement
in funds
£
(2,930)
(2,930)
At
31.8.21
£
1,219,411
1,219,411
Movement
in funds
£
2,432
2,432 |
|
|
|
continued...
Page 16
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.9.20
£
1,216,979
1,216,979 |
Net
movement
in funds
£
(498)
(498) |
At
31.8.22
£
1,216,481 |
|
|
|
1,216,481 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheabove are
as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
157,468 |
(158,101) |
135 |
(498) |
TOTAL FUNDS |
157,468 |
(158,101) |
135 |
(498) |
16. OTHER FINANCIAL COMMITMENTS
Atthebalancesheetdatethecharityhascommittedtomakingadonationof£nil(2021:£10,000).The £10,000
commitmenthasbeentransferredtoothercreditorsastheprojecthadobtainedthefundingrequiredand an
economic outflow is going to take place in the year to 31 August 2023.
17. RELATED PARTY DISCLOSURES
Mr M Rawlinson
A trustee and company secretary of the charity and is also a partner of Rawlinson Pryde & Partners (RPP).
RPPinvoicedthecharity£900gross(2021:£861)inordertopreparethestatutoryaccountspriorto independent
examination. No amounts were due from the charity as at the balance sheet date.
continued...
Page 17
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
18. COMPANY LIMITED BY GUARANTEE
Thecompanyislimitedbyguarantee,asaconsequencethemembersliabilityislimitedto£10.Therewere 7
members as at 31 August 2022 (2021: 7).
Page 18
BEDFORD EDUCATIONAL ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
|
31.8.22 |
31.8.21 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Investment income |
|
|
Rents received |
67,600 |
67,600 |
Other fixed asset invest - FII |
323 |
602 |
Deposit account interest |
1,836 |
1,711 |
Unrealised gain on investments |
- |
2,916 |
|
69,759 |
72,829 |
Other income |
|
|
Reimbursed insurance costs |
7,132 |
7,703 |
Bank compensation |
- |
45 |
|
7,132 |
7,748 |
Total incoming resources |
76,891 |
80,577 |
EXPENDITURE |
|
|
Raising donations and legacies |
|
|
Insurance |
7,132 |
7,703 |
Charitable activities |
|
|
School and educational service provider grants |
50,717 |
47,092 |
Grants to individuals |
19,594 |
19,529 |
|
70,311 |
66,621 |
Support costs |
|
|
Finance |
|
|
Licences |
44 |
43 |
Investment account fees |
- |
52 |
|
44 |
95 |
Information technology |
|
|
Website costs |
65 |
65 |
Governance costs |
|
|
Independent examination |
882 |
816 |
Trustee meeting costs |
532 |
- |
Postage and stationery |
11 |
10 |
Carried forward |
1,425 |
826 |
This page does not form part of the statutory financial statements
Page 19
BEDFORD EDUCATIONAL ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES |
|
|
FOR THE YEAR ENDED 31 AUGUST 2022 |
|
|
|
31.8.22 |
31.8.21 |
|
£ |
£ |
Governance costs |
|
|
Brought forward |
1,425 |
826 |
Sundries |
13 |
13 |
Accountancy and legal fees |
966 |
885 |
Professional fees |
- |
1,937 |
|
2,404 |
3,661 |
Total resources expended |
79,956 |
78,145 |
Net (expenditure)/income before gains and |
|
|
losses |
(3,065) |
2,432 |
Realised recognised gains and losses |
|
|
Realised gains/(losses) on investment property |
135 |
- |
Net (expenditure)/income |
(2,930) |
2,432 |
This page does not form part of the statutory financial statements
Page 20