```
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
```