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 2024
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 2024
| 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 | 17 |
BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aims and objectives of the Charity are:-
To advance the education of children and young people up to the age of 18 who are living in or attending schools in Bedfordshire by providing or assisting in the provision of educational facilities and/or by the provision of bursaries and grants for educational purposes.
Public benefit
The Trustees given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 and is a public benefit entity.
Grantmaking
The company has appointed a Grants Committee to consider applications for financial support. This Committee meets as and when necessary and has delegated power from the Trustees to make decisions up to £1,000.
The Trustees meet three times a year to consider recommendations made by the Grants Committee on applications for financial support over £1,000.
ACHIEVEMENT AND PERFORMANCE
Investment performance
The charity continued to receive the same rent as the tenant remained in situ and was tied in to a lease until the end of the term on 31 July 2025. The charity retains a deposit as security from the tenant of £16,900, which in an interest bearing account. This is repayable at the end of the lease term.
Due to higher interest rates set by the Bank of England the charity increased the amount of interest earned from its cash reserves. In the year, the charity's interest income was £9,516 (2023: £6,134).
The charity revalued its property on an open market basis as at the balance sheet date by £100,000. The value of the property held at fair value is £1,100,000 (2023: £1,000,000).
During the year grants were made to schools and institutions totalling £57,166 (2023: £31,460) and to individuals totalling £15,504 (2023: £18,091).
In pursuing our objectives, we have been able to deliver public benefit by helping young persons both individually and collectively to improve their educational achievement resulting in more able students being able to benefit society as 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 £49,551 to £72,670.
The charity had an overall net income over expenditure over income of £97,788 (2023: £21,319 income over expenditure). Excluding the property revaluation that was remeasured at its fair value to create an unrealised gain of £100,000 the charity had a net expenditure over income of £2,212.
Principal funding sources
The Charity's principal funding source is by way of its investments. Its main investment is a property included on the balance sheet which generates rental income.
Page 1
BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
Investment policy and objectives
Under the Memorandum and Articles of Association the Charity has the power to make investments where the Trustees see fit.
The charity's main asset is the investment property from which it earns a rental income paid by a single tenant. The charity is regularly in dialogue with the tenant to assess the possibility of the lease being terminated. The Trustees periodically discuss the potential options for the investment property in the event of notice being given regarding the termination of the lease.
The charity operates a low risk strategy with its cash reserves. It looks to maximise investment income receivable from bank accounts, whilst balancing this with the need to keep funds readily available in the event of the termination of the lease. The Trustees look to ensure that the balances held at banks remain near to or under the FSCS protection limit of £85,000. At every trustee meeting a bank report is given, which includes other interest opportunities available and the status of the available funds.
The charity operates a low to medium risk strategy with regards to its listed investments on the stock market (primarily these will be in FTSE 100 and FTSE 250 companies). It limits these investment to be no more than 20% of its overall cash reserves and is monitored to ensure it is not over committed. Each initial investment in a chosen security shall be limited to £2,500 per share and £10,000 per fund and is reviewed on a quarterly basis.
The aim is to achieve a combination of growth and income, in order to provide the charity with additional funds to meet its overall objectives. The charity will therefore seek to hold a diverse range of investments to deliver upon its objectives over the short, medium and long term.
The charity may look to make investments in other major markets but must consider the exchange rate risk if it makes such investments.
The charity will avoid investments in sin stocks.
The charity did not make or hold any listed investments during the year.
The Trustees discuss other potential avenues to maximise its income streams, with discussions on whether the charity should use some of its cash reserves as a deposit to expand its property portfolio by taking on a loan.
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BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
FINANCIAL REVIEW
Reserves policy
The charity needs liquid reserves to be able to honour grants approved for an academic year. The current level of reserves is £1,335,588 (2023: 1,237,800) of which net current assets are £235,588 (2023: £237,800). Most of the current asset reserves are held within bank accounts £243,158 (2023: £242,399):
| Current account Instant Saver account Easy Access account Instant Access account 120 Day notice account 2 year fixed rate |
31.08.24 £ 9,504 - 53,787 22,874 87,750 69,243 243,158 |
31.08.23 £ 10,030 5,004 76,849 - 84,133 66,383 242,399 |
|---|---|---|
The charity has funds available for immediate use of £86,165 (2023: £91,883). A further £87,750 (2023: £84,133) is available within 120 days by giving appropriate notice. A balance of £69,243 (2023: £66,383) is held in a 2 year fixed saver with a maturity date in December 2024.
The Trustees consider the current amount of funds to be more than adequate for the purpose of honouring its grants.
The charity sets aside approximately the equivalent of one year's rental income to ensure that it can continue to offer grants in the event of any irrecoverable rental default or if there is a period where the property could be empty.
The charity does not have to provide any donations in a year other than those it has committed itself to, which can be seen in the financial commitments note.
The Chairperson of the Grants Committee is making known to relevant bodies that funds are available for appropriate applications.
Going concern
The Trustees believe that there are no material uncertainties about the charity's ability to continue for the foreseeable future.
FUTURE PLANS
The charity plans to continue with how it operates in terms of income generation and grants awarded for the foreseeable future. It aims to give grants to schools and other educational organisations as well as to individuals up to the age of 18 who live and/or are educated within Bedfordshire. The profits from the rental income are the funding source of the grants.
The Trustees are in the process of negotiating with the tenant a potential renewal to the lease which terminates on 31 July 2025. These negations are in the early stages, where the trustees have obtained independent advice of the value of the lease. For contingency purposes, however, the Committee had already considered possible options for the main asset should the tenant opt not to take out a new lease beyond 31 July 2025. Following that review the Trustees believe that sufficient options are available such that they do not need to make any specific provision in the accounts for this possibility.
The Trustees are constantly looking at new ways to benefit the community by evolving the type of project to which they can grant aid, as well as improving awareness of their work amongst the community. The charity is trying to enhance this further by website updates and the use of social media.
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BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee incorporated on 2nd November 1920 and registered as a Charity on 21st November 1962. The company's Memorandum of Association dated 14th January 2002 establishes the objects and power of the Charitable Company and it is governed under its Articles of Association.
Recruitment and appointment of new trustees
The committee regularly reviews its composition in relation to skill set, age and gender structure, and potential replacement requirements. It is constantly on the lookout for potential new candidates that could enhance BEA's offering to the community.
Once an individual has been approached or has applied for the position they are invited to attend a meeting. This ensures the potential new trustee can see exactly what is involved, if it is something they would like to be involved with and if they can add to the strengths of the current trustees. It also means the current trustees can meet the potential 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
All new Trustees are given a link to the government guidance "Charity trustee: what's involved (CC3a)" prior to 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 16 (Related Party Disclosures).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00171179 (England and Wales)
Registered Charity number
307529
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 Mr M D Ward Mrs L M Woodrow
Company Secretary
Mr M D Rawlinson FCCA CTA ACA
Page 4
BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024
REFERENCE AND ADMINISTRATIVE DETAILS 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 28 April 2025 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 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)).
I have no concerns and have come across no other matters in connection with the examination to which attention 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
29 April 2025
Page 6
BEDFORD EDUCATIONAL ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024
| 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 RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.8.24 Unrestricted funds £ 77,116 8,382 85,498 8,425 57,166 15,504 6,615 87,710 100,000 97,788 1,237,800 1,335,588 |
31.8.23 Total funds £ 73,734 4,770 78,504 4,813 31,460 18,091 2,821 57,185 - 21,319 1,216,481 1,237,800 |
|---|---|---|
The notes form part of these financial statements
Page 7
BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
BALANCE SHEET 31 AUGUST 2024
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors: amounts falling due within one year 10 Prepayments and accrued income Cash at bank 11 CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
31.8.24 Unrestricted funds £ 1,100,000 17,250 7,080 243,158 267,488 (31,900) 235,588 1,335,588 1,335,588 1,335,588 1,335,588 |
31.8.23 Total funds £ 1,000,000 16,950 6,823 242,399 266,172 (28,372) 237,800 1,237,800 1,237,800 1,237,800 1,237,800 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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...
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BEDFORD EDUCATIONAL ASSOCIATION (REGISTERED NUMBER: 00171179)
BALANCE SHEET - continued 31 AUGUST 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 28 April 2025 and 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 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', as amended by Update Bulletin 2 published in October 2019, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income, such as interest is recognised on a straight-line basis over the relevant term at the interest rate applicable. Where dividend income is receivable, this will be recognised when physically paid to the charity's investment account.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease unless the lease payments are structured to increase in line with expected general inflation in which case the income is recognised as revenue in accordance with the expected payments. Where there is a discounted period on the rental income, the rent is recognised on what is receivable in those periods pre and post the discounted period. Any income received from the early termination of the lease, which arises from the discounted period 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.
The charity relies upon Mrs L Cebula to attend to its day to day administrative affairs. The type of work involved includes (non-exhaustive list): sending out grant applications, corresponding with the schools, parents and other interested parties relating to the grant applicants and providing the other trustees with the summaries of the prospective grants ready for general meetings.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Expenditure
Liabilities are recognised as expenditure in the Statement of Financial Activities as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a 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 2024
1. ACCOUNTING POLICIES - continued
Investment property
Investment property is held to earn rentals and for capital appreciation. Investment property is shown at most recent valuation. Investment property are initially measured at cost, including transaction costs. Subsequently investment property is recorded at its fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities and at each reporting date is transferred from the general fund to unrealised fair value investments fund.
Investment property is subject to valuation by the directors or by external valuers, determined on the fair value basis using the market approach being based on market transactions involving similar assets.
Investments
Investments are held to generate income or for their potential increase in value or both. These will be treated as fixed asset investments. Fixed asset investments exclude those investments held specifically for sale or those investments which the charity expects to realise within 12 months of the reporting date, where they would be transferred to current assets.
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and 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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Impairment of non-financial assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a fair value there the impairment loss is a fair value decrease.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.
Provisions
Provisions are recognised when the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated.
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
continued...
Page 11
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
| 2. INVESTMENT INCOME 31.8.24 £ Rents received 67,600 Deposit account interest 9,516 77,116 3. OTHER INCOME 31.8.24 £ Reimbursed insurance costs 8,382 4. RAISING FUNDS Investment management costs 31.8.24 £ Support costs 43 5. GRANTS PAYABLE 31.8.24 £ School and educational institution grants 57,166 Tuition fees for individuals 15,504 72,670 During the year the charity made material charitable donations to the following institutions: 31.8.24 £ Country Days Ltd 3,000 Firs Lower School - Beds Festival 1,250 Faces 6,000 Families United Network 3,000 Greenleas School 8,000 Lakeview Village Hall 1,500 Sharnbrook Primary 4,500 Food Etc 2,400 SSG Celestials FC - Autism Bedford - Spiral Freerun CIC 10,000 Making Me 4,320 Cardinal School - ENO Development - Wixams Academy PTA 1,500 Woburn Lower School 9,000 Others 2,696 57,166 |
2. INVESTMENT INCOME 31.8.24 £ Rents received 67,600 Deposit account interest 9,516 77,116 3. OTHER INCOME 31.8.24 £ Reimbursed insurance costs 8,382 4. RAISING FUNDS Investment management costs 31.8.24 £ Support costs 43 5. GRANTS PAYABLE 31.8.24 £ School and educational institution grants 57,166 Tuition fees for individuals 15,504 72,670 During the year the charity made material charitable donations to the following institutions: 31.8.24 £ Country Days Ltd 3,000 Firs Lower School - Beds Festival 1,250 Faces 6,000 Families United Network 3,000 Greenleas School 8,000 Lakeview Village Hall 1,500 Sharnbrook Primary 4,500 Food Etc 2,400 SSG Celestials FC - Autism Bedford - Spiral Freerun CIC 10,000 Making Me 4,320 Cardinal School - ENO Development - Wixams Academy PTA 1,500 Woburn Lower School 9,000 Others 2,696 57,166 |
31.8.23 £ 67,600 6,134 73,734 31.8.23 £ 4,770 31.8.23 £ 43 31.8.23 £ 31,460 18,091 49,551 |
|
|---|---|---|---|
| 31.8.24 £ 3,000 - 1,250 6,000 3,000 8,000 1,500 4,500 2,400 - - 10,000 4,320 - - 1,500 9,000 2,696 57,166 |
31.8.23 £ 3,000 5,000 1,250 - 3,000 - - - 2,376 5,000 - 4,575 3,100 2,500 - - 1,659 31,460 |
continued...
Page 12
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
6. SUPPORT COSTS
| 6. | SUPPORT COSTS | |||||
|---|---|---|---|---|---|---|
| Information | Governance | |||||
| Finance | technology | costs | Totals | |||
| £ | £ | £ | £ | |||
| Investment management costs | 43 | - | - | 43 | ||
| Other resources expended | - | 76 | 6,539 | 6,615 | ||
| 43 | 76 | 6,539 | 6,658 | |||
| Support costs, included in the above, are as follows: | ||||||
| Investment | Other | 31.8.24 | 31.8.23 | |||
| management | resources | Total | Total | |||
| Licences | costs £ 43 |
expended £ - |
activities £ 43 |
activities £ 43 |
||
| Website costs | - | 76 | 76 | 74 | ||
| Independent examination | - | 996 | 996 | 960 | ||
| Trustee meeting costs | - | 553 | 553 | 469 | ||
| Travel | - | - | - | 27 | ||
| Sundries | - | 34 | 34 | 253 | ||
| Accountancy and legal fees | - | 4,956 | 4,956 | 1,038 | ||
| 43 | 6,615 | 6,658 | 2,864 | |||
| 7. | INDEPENDENT EXAMINERS' REMUNERATION | |||||
| Independent examination | 31.8.24 £ 996 |
31.8.23 £ 960 |
||||
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.
Trustees' expenses
During the year the following expenses were paid to trustees, which were not for reimbursing a trustee who is acting as an agent for the charity:
Mrs A Prentice received travel costs of £nil (2023: £27).
continued...
Page 13
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
9. INVESTMENT PROPERTY
£
| FAIR VALUE At 1 September 2023 Revaluation At 31 August 2024 NET BOOK VALUE At 31 August 2024 At 31 August 2023 |
1,000,000 100,000 1,100,000 1,100,000 1,000,000 |
|---|---|
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:
| Amounts falling due within: Within one year Between one and five years More than five years |
31.8.24 £ 61,967 - - 61,967 |
31.8.23 £ 67,600 61,967 - 129,567 |
|
|---|---|---|---|
| Fair value at 31 August 2024 is represented by: £ Valuation in 2024 1,100,000 The investment property was valued on an open market basis on 31 August 2024 by the trustees. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.8.24 31.8.23 £ £ Deposit held 17,250 16,950 |
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
continued...
Page 14
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
11. CASH AT BANK
| Bank account Bank instant saver Instant saver Instant access Bank fixed saver account Bank 120 day notice account Total 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Deposit held Accruals and deferred income 13. MOVEMENT IN FUNDS At 1.9.23 £ Unrestricted funds General fund 1,237,800 Unrealised fair value investments fund - 1,237,800 TOTAL FUNDS 1,237,800 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 85,498 TOTAL FUNDS 85,498 |
Net movement in funds £ 97,788 - 97,788 97,788 Resources expended £ (87,710) (87,710) |
31.8.24 Total funds £ 9,504 - 53,787 22,874 69,243 87,750 243,158 31.8.24 £ 3,411 - 17,250 11,239 31,900 Transfers between funds £ (100,000) 100,000 - - Gains and losses £ 100,000 100,000 |
31.8.23 Total funds £ 10,030 5,004 76,849 - 66,383 84,133 242,399 31.8.23 £ - 400 16,950 11,022 28,372 At 31.8.24 £ 1,235,588 100,000 1,335,588 1,335,588 Movement in funds £ 97,788 97,788 |
|||
|---|---|---|---|---|---|---|
continued...
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BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS |
At 1.9.22 £ 1,216,481 1,216,481 are as follows: Incoming resources £ 78,504 78,504 |
Net movement in funds £ 21,319 21,319 Resources expended £ (57,185) (57,185) |
At 31.8.23 £ 1,237,800 1,237,800 Movement in funds £ 21,319 21,319 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Unrealised fair value investments fund TOTAL FUNDS |
At 1.9.22 £ 1,216,481 - 1,216,481 1,216,481 |
Net movement in funds £ 119,107 - 119,107 119,107 |
Transfers between funds £ (100,000) 100,000 - - |
At 31.8.24 £ 1,235,588 100,000 1,335,588 1,335,588 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 164,002 164,002 |
Resources expended £ (144,895) (144,895) |
Gains and Movement losses in funds £ £ 100,000 119,107 100,000 119,107 |
|---|---|---|---|
continued...
Page 16
BEDFORD EDUCATIONAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2024
14. OTHER FINANCIAL COMMITMENTS
At the balance sheet date the charity has committed to making donations of £nil (2023: £400) when the recipients reach a certain threshold.
15. RELATED PARTY DISCLOSURES
Mr M Rawlinson
A trustee and company secretary of the charity and is also a partner of Rawlinson Pryde & Partners (RPP).
RPP invoiced the charity £1,020 gross (2023: £960) in order to prepare the statutory accounts prior to independent examination. No amounts were due from the charity as at the balance sheet date.
The trustee was also reimbursed £34 (2023: £13) for expenses relating to charitable expenditure.
Mrs L Cebula
A trustee of the charity was reimbursed £553 (2023: £469) for expenses relating to charitable expenditure.
Mrs N Reddy
A trustee of the charity was reimbursed £nil (2023: £227) for expenses relating to charitable expenditure.
16. COMPANY LIMITED BY GUARANTEE
The company is limited by guarantee, as a consequence the members liability is limited to £10. There were 7 members as at 31 August 2024 (2023: 7).
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