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2022-03-31-accounts

Draft Financial Statements at 09 March 2023 at 13:00:15

Charity registration number 1000575

Company registration number 02544208 (England and Wales)

FRIENDS OF LEICESTER CITY FARM LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees David Hirst (Treasurer)
Bill Matthews
David Payn
Charity number 1000575
Company number 02544208
Principal address Gorse Hill City Farm
Anstey Lane
Beaumont Leys
Leicester
LE4 OFJ
Registered office Gorse Hill City Farm
Anstey Lane
Beaumont Leys
Leicester
LE4 OFJ
Independent examiner David T Mayfield
Mayfield & Co (Accountants) Ltd
2 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
Bankers Lloyds TSB
High Street
Leicester
LE1 4FP

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

CONTENTS

Page
Trustees report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 16

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the charity are:

To provide an educational and recreations resource for the citizens of Leicester, and to increase the participation of people in environmental activities by:

a) Providing learning, recreation and leisure opportunities without distinction to help improve life chances, particularly for those who have the need for such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances;

b) Making land attractive and productive, in an environmentally ethical manner;

c) Encouraging participation by all sections of the community, especially those who through reasons of poverty or disability find it difficult to visit the countryside;

d) Maximising awareness about environmental, educational, horticultural and animal husbandry issues;

e) Providing a facility for community activities in the widest social and cultural context, recognising the needs of all, but especially racial and other minority groups living in Leicester.

Public Benefit

The Charity, through its work with the farm, offers the public an opportunity to see farm animals on their doorstep within the city boundary. It is very rewarding to see the reaction of children seeing a particular animal for the first time – no matter how commonplace the particular animal may be considered by others - and newborn animals. The charity is now moving to have a greater collection of rare breeds and this will only enhance the experience. It needs to be recognised that many children are not taken away from their immediate home area in the city by their parents.

The Charity works with various disadvantaged groups and offers them worthwhile and practical experiences.

The school programme is a vital service supporting local education, enhanced by the Heritage Lottery facilities, and is complemented by the volunteers programme for children aged 12 and over to learn basic animal welfare.

Similarly the education programme is vital service to the local community. At the moment, with the recession, jobs are harder to get and the training offered by the farm and its partners enhances the ability to secure work.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

This year has been very difficult for the charity, much of which has a lot to do with rebuilding the business and restoring public and educational visits to the farm following on from the effects of the pandemic. This included re-stocking the farm with livestock and staffing the farm.

Over the year the farm has brought in 32,000 visitors, which includes all age ranges. Though the course of the year 111 animal adoptions have been sold and also 64 new farm memberships

During the month of December the Farm ran an outside Christmas Grotto, this attracted 1,600 visitors and was a great success.

Financial review

There was a small deficit of £1,676 on the restricted funds (2021: deficit of £2,561) which is down to the depreciation on assets bought from grant income a number of years ago.

On our unrestricted funds we reported a deficit of £7,767 (2021: deficit of £19,662).

The trustees believe these results to be a reflection of a set of unique operating conditions and when the economy starts to improve the results of the charity will also improve.

Reserves are overdrawn at £50,153 (2021: £40,710) comprising restricted funds of £887 and overdrawn unrestricted funds of £51,040.

The Charity has been operating on much reduced local authority funding which has created extreme challenges and with the Pandemic on top it has been a greater challenge

The drive to become self-sufficient has been challenging and in the short to medium term an expensive process which has meant utilising our built up reserves in order to pursue opportunities to create a self-sufficient policy.

The charity continues to nurture rare breeds on the farm to enhance both the farm's reputation and the visitor experience. It is further recognised that the rare breeds facilitate greater media coverage and thereby gain free publicity for the farm. The farm's website will also benefit from the inclusion of information and photographs of the rare breeds and these should also improve the farm's position when people complete searches when browsing the web.

Reserves Policy

The trustees/directors have a target that the free reserves held by the charity should be equivalent to approximately 6 months of the resources expended: at this level the trustees/directors feel that they would be able to continue the current activities of the charity in the event of a significant drop in funding although obviously it would be necessary to consider how the funding would be replaced or the activities would be changed. The free reserves are currently in deficit which is not an ideal position to be in. However, the trustees believe that with better economic conditions hopefully in the future these results can be overturned and the charity can get back to a more normalised position.

Future Funding

The future prosperity of the charity will be dependent upon visitor numbers being maintained or growing and education visits, alongside applying for grant funding where possible. Financial donations and donations of time and materials from local companies are always welcomed.

Investment Policy

The trustees/directors have considered the way in which the charity invests its funds and considers the most appropriate approach is for its money to be held in a single account - however the charity has a second account lying dormant should the need arise for separate banking in connection with any grant that may be secured in the future.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Risk Management

The trustees/directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that the systems are in place to mitigate their exposure to the major risks.

The Charity's short-term aims are to find new sources of income by improving the publicity of the farm and events programme to increase visitor numbers and thereby donations and potentially memberships and adoptions; by seeking out potential sponsors and corporate members; by finding new training partners to increase trainee numbers; by working with head teachers from city schools to improve education services; and finally by improving the identification of and application for potential grants.

The core buildings of the farm and central courtyard are over 25 years old and are in the need of early renovation: the trustees/directors and farm staff continue to seek out potential grant bodies and sponsors to achieve this. However suitable grants are becoming more difficult to identify and secure with the economic situation having reduced the available funding.

The Charity's long-term aims are to enhance the public awareness of the farm through identifying new ways of marketing the farm; to re-evaluate the Charity's current feasibility plans and to prepare a business plan; to develop educational services to the local community; to sustain an on-going breeding programme for the farm with greater focus on rare breeds; to secure grant and other funds for planned developments; and, as finances permit, to build up the level of free reserves over time to offer greater sustainability.

Structure, governance and management

Friends of Leicester City Farm Limited is a registered charity and a company limited by guarantee.

The Charity is governed by its Memorandum and Articles of Association dated 28 September 1990.

On 18 April 2008 and 26 October 2008 the Charity's Memorandum and Articles of Association were amended to better reflect the objectives of the charity.

The Charity is also known as Gorse Hill City Farm.

In the event of the company being wound up members are required to contribute such amount as may be required not exceeding:

a) in the case of members of eighteen years and over the sum of £1 and

b) in the case of members under eighteen years the sum of 5p provided only that

c) in the case of members under eighteen years but over sixteen years the amount may be increased from 5p to £1 by resolution of the association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

David Hirst (Treasurer)

Bill Matthews

David Payn

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Recruitment and appointment of Trustees

The appointment of trustees/directors is governed by the Memorandum and Articles of Association.

The number of trustees/directors appointed should not be less than 3 or more than fifteen.

The trustees/directors are authorised to appoint trustees/directors in accordance with the following provisions:

a) Any person resident or employed within the District of Leicester City shall be eligible provided that the appropriate entry fee and/or annual subscriptions are paid.

b) Any person resident or employed outside the District of Leicester City shall be eligible provided that at the discretion of the Association such person has some interest or concern which would benefit the Association and provided that they pay the appropriate entry fee and/or subscriptions.

c) Any corporate body or incorporated association which makes use of the facilities provided may be admitted at the Associations discretion.

d) Any corporate body, partnership, unincorporated association which contributes to the work of the Association may be admitted at the Associates discretion.

Organisational Structure

The trustees/directors meet on a regular basis throughout the year.

The day to day running of the charity is carried out by the farm and office staff employed by the Charity.

The Charity employs a small group of experienced staff who together offer the relevant experience needed to run Gorse Hill City Farm and the administration of the charity.

The trustees report was approved by the Board of Trustees.

..............................

David Payn

Trustee Dated: .........................

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FRIENDS OF LEICESTER CITY FARM LIMITED

I report to the trustees on my examination of the financial statements of Friends of Leicester City Farm Limited (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

David T Mayfield

Mayfield & Co (Accountants) Ltd 2 Merus Court Meridian Business Park Leicester LE19 1RJ

Dated: .........................

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
22,451
23,064
Raising funds
4
132,303
-
Total income
154,754
23,064
Expenditure on:
Charitable activities
5
162,521
24,740
Net expenditure for the year
Net movement in funds
(7,767)
(1,676)
Fund balances at 1 April 2021
(43,273)
2,563
Fund balances at 31 March 2022
(51,040)
887		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
45,515
78,475
5,250
132,303
46,102
-
177,818
124,577
5,250
187,261
144,239
7,811
(9,443)
(19,662)
(2,561)
(40,710)
(23,611)
5,124
(50,153)
(43,273)
2,563		 Total
2021
£
83,725
46,102
129,827
152,050
(22,223)
(18,487)
(40,710)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 10 5,730 6,779
Current assets
Stocks 11 1,287 802
Debtors 12 2,128 4,074
Cash at bank and in hand 1,324 6,410
4,739 11,286
Creditors: amounts falling due within one
year 14 (37,797) (33,275)
Net current liabilities (33,058) (21,989)
Total assets less current liabilities (27,328) (15,210)
Creditors: amounts falling due after more
than one year 15 (22,825) (25,500)
Net liabilities (50,153) (40,710)
Income funds
Restricted funds 17 887 2,563
Unrestricted funds (51,040) (43,273)
(50,153) (40,710)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

David Hirst (Treasurer)

Trustee

Company Registration No. 02544208

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Friends of Leicester City Farm Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Gorse Hill City Farm, Anstey Lane, Beaumont Leys, Leicester, LE4 OFJ

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are those funds which are used for specific purposes as stated within the terms when the income is received.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property Straight line over the life of the lease Leasehold improvements 10% straight line Plant and machinery 10% reducing balance Fixtures, fittings & equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measures at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Farm animals

No valuation is made of the animal collection at the end of each year. Purchases and sales appear in the financial statements as revenue items in the year in which they arise.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
10,205
-
Grants receivable and
donations
11,288
23,064
Members donations and
subscriptions
958
-
22,451
23,064
Grants receivable for core
activities
Grants from Leicester City
Council
-
-
Coronavirus grants
11,192
-
Coronavirus Job Rentention
Scheme
-
-
Holiday Hunger Project
-
5,625
Kickstart Scheme - Salaries
-
13,439
Kickstart Scheme - Admin
-
4,000
Other
96
-
11,288
23,064
Raising funds
Farm Sales (animals/garden/merchandise)
Adoptions
Educational visits and training
Raising funds		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
10,205
6,863
-
34,352
71,509
5,250
958
103
-
45,515
78,475
5,250
-
28,300
-
11,192
23,837
-
-
19,372
-
5,625
-
5,250
13,439
-
-
4,000
-
-
96
-
-
34,352
71,509
5,250
2022
£
127,064
2,586
2,653
132,303		 Total
2021
£
6,863
76,759
103
83,725
28,300
23,837
19,372
5,250
-
-
-
76,759
2021
£
45,729
373
-
46,102

4 Raising funds

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

5 Charitable activities

Charitable Charitable
activities activities
2022 2021
£ £
Staff costs 89,705 62,560
Depreciation and impairment 3,640 4,391
Purchases 14,416 11,990
Rent 1,100 1,115
Rates and water 3,575 2,620
Light and heat 7,660 7,837
Farm repairs and maintenance 15,846 10,205
Insurance 4,372 4,028
Animal feed and welfare 15,168 6,027
Motor and travel expenses 40 -
Telephone charges 1,376 6,457
Advertising and promotions - 523
Printing, postage and stationery 2,571 2,218
Sundry expenses 1,783 951
Training costs 17 36
Equipment hire 1,850 589
Other charitable expenditure 12,660 19,352
175,779 140,899
Share of governance costs (see note 6) 11,482 11,151
187,261 152,050
Analysis by fund
Unrestricted funds 162,521 144,239
Restricted funds 24,740 7,811
187,261 152,050

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

6 Support costs

Support costs
Support costs
Governance
costs
£
£
Independent examination
fees
-
1,000
Accountancy fees
-
1,400
Bookkeeping fees
-
6,919
Legal and professional fees
-
180
Bank charges
-
1,983
-
11,482
Analysed between
Charitable activities
-
11,482		 2022 Support costs
Governance
costs
£
£
£
1,000
-
1,000
1,400
-
2,285
6,919
-
6,510
180
-
180
1,983
-
1,176
11,482
-
11,151
11,482
-
11,151		 2021
£
1,000
2,285
6,510
180
1,176
11,151
11,151

Governance costs includes payments to the independent examiners of £1,000 (2021- £1,000) for examination fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, and none of them were reimbursed for travelling expenses (2021- £nil).

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
5 5
Employment costs 2022 2021
£ £
Wages and salaries 87,989 61,723
Social security costs 359 -
Other pension costs 1,357 837
89,705 62,560

There were no employees whose annual remuneration was more than £60,000.

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

9 Taxation

The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

10 Tangible fixed assets

Cost
At 1 April 2021
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Leasehold
property
Leasehold
improvements
Plant and
machinery
Fixtures, fittings
& equipment
£
£
£
£
229,860
8,180
14,862
52,075
229,860
8,180
14,862
52,075
226,709
7,545
13,220
48,133
1,897
64
164
1,515
228,606
7,609
13,384
49,648
1,254
571
1,478
2,427
3,151
-
1,642
1,986		 Total
£
304,977
304,977
295,607
3,640
299,247
5,730
6,779

Leicester City Council is the freehold owner of the property and leased to the Friends of Leicester City Farm Limited and the farm's current interest in the property is a 15 year lease.

Also included with restricted funds are assets with a net book value of £1,096 (2021 - £2,772) and corresponding depreciation of £1,676 (2021 - £2,561).

11 Stocks

Raw materials and consumables
12
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors		 2022
£
1,287
2022
£
1,569
559
2,128		 2021
£
802
2021
£
1,787
2,287
4,074

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

13 Loans and overdrafts
2022 2021
£ £
Bank loans 25,975 30,000
Payable within one year 3,150 4,500
Payable after one year 22,825 25,500
14 Creditors: amounts falling due within one year
2022 2021
Notes £ £
Bank loans 13 3,150 4,500
Other taxation and social security 1,297 1,445
Trade creditors 23,348 20,702
Other creditors 2,972 3,748
Accruals and deferred income 7,030 2,880
37,797 33,275
15 Creditors: amounts falling due after more than one year
2022 2021
Notes £ £
Bank loans 13 22,825 25,500
16 Unrestricted funds
Movement in funds
Balance at 1 Income Expenditure Balance at 31
April 2021 March 2022
£ £ £ £
Unrestricted funds (43,273) 154,754 (162,281) (50,800)

Draft Financial Statements at 09 March 2023 at 13:00:15 FRIENDS OF LEICESTER CITY FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement Movement Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Balance at Income Expenditure Balance at
1 April 2020 1 April 2021 31 March 2022
£ £ £ £ £ £ £
General
Restricted
funds 5,124 - (2,561) 2,563 - (1,676) 887
Holiday Hunger - 5,250 (5,250) - 5,625 (5,625) -
Kickstart
Scheme - - - - 17,439 (17,439) -
5,124 5,250 (7,811) 2,563 23,064 (24,740) 887
18 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
March 2022 are
represented by:
Tangible assets 4,843 887 5,730 4,216 2,563 6,779
Current assets/(liabilities) (33,058) - (33,058) (21,989) - (21,989)
Long term liabilities (22,825) - (22,825) (25,500) - (25,500)
(51,040) 887 (50,153) (43,273) 2,563 (40,710)

19 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).