Charity registration number: 1010074 Company registration number: 02583525
OAC Buildings
(Company Ltd by Guarantee)
UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 December 2020
OAC Buildings
Contents
| Page | |
|---|---|
| Administrative information | 1 |
| Directors’ (Trustees') annual report | 2 - 5 |
| Independent Examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 15 |
VAS Community Accountancy
OAC Buildings
Administrative information for the year ended 31 December 2020
Directors
N Whiteway Resigned 12 March 2020 G Nottingham W Howard H Clarke E Lawton
Secretary
A Evans
Other volunteer members of the Management Committee (not Directors or Trustees)
E Parker A Pettinger J Sleaford N Whiteway H Furness
Registered office
Outdoor Activities Centre Whiteley Wood Common Lane Sheffield S11 7TG
Company Number
02583525
Charity number
1010074
Bankers
CAF Bank Limited PO Box 289 West Malling Kent ME19 9TA
Independent Examiner
Susan Cochrane, FCA
Voluntary Action Sheffield Community Accounting Service The Circle 33 Rockingham Lane Sheffield S1 4FW
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OAC Buildings
Directors' report (incorporating the Trustees' annual report) for the year ended 31 December 2020
The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 December 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the 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) issued in October 2019.
Structure, governance and management
The Company (Company number 02583525) was incorporated on 18 February 1991 and its Memorandum and Articles of Association govern it. Its legal status is that of a company limited by guarantee and a registered charity (Charity number 1010074). It has no share capital and the liability of each member in the event of winding-up is limited to £1.
As at midnight on 31 December 2020 the assets and liabilities of OAC Grounds (Company number 02583527) were transferred to OAC Buildings, see note 16 in the Notes to the financial statements. OAC Grounds runs the outdoor activities at the Outdoor Activities Centre. The Charity Commission will be notified so that an entry be made on the Register of merged charities. In accordance with FRS102 Section 34 Specialised activities: Public benefit entity combinations, the financial statements for the year ended 31 December 2021 will include the results from both charities in the 2020 comparatives.
OAC Buildings is also in the process of being converted to a Charitable Incorporated Organisation.
Overall management of the Charity is the responsibility of the trustee directors who are elected and co-opted under the terms of the memorandum and articles of association. Day to day operations were undertaken by paid staff members until March 2020 following which most administration work has been carried out by volunteers.
Staff remuneration is set by the management committee who benchmark against local authority wage scales and cost of living rises as well as increases in the national minimum wage.
The directors retire from office and are elected at the Annual General Meeting each year.
Charitable Aims and objectives
The charity exists to educate and assist young persons.
The main aim of the charity is to provide opportunities for young people to carry out outdoor activities. The charity principally provides accommodation for guides and other young people in the buildings of the Outdoor Activities Centre.
In carrying out these activities, the trustees have had regard to the guidance issued by the Charity Commission on public benefit.
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OAC Buildings
Directors' report (incorporating the Trustees' annual report) (continued) for the year ended 31 December 2020
Activities and achievements
The groups who attended the Outdoor Activities Centre during 2020 participated in a number of adventurous activities such as Archery, Climbing, Crate Stacking, Grass Sledging, Tree Climbing, Pond Dipping, Nightline, Weaselling and Kayaking.
Due to the Coronavirus pandemic, the Buildings at Whiteley Woods Outdoor Activity Centre have had very limited use for residential accommodation. There was some use for residential in the first quarter of 2020 but the majority of the income was from a School using the Buildings for Examinations and an Arts Academy.
A programme of refurbishment for the two main toilet and shower blocks was commenced in October 2019 and was completed in 2020. The cost of the refurbishment was met from reserves and from a restricted donation of £10,000 from OAC Grounds Limited in the year ended 31 December 2019.
Planning permission was granted in the year for the change of use of Goodwin Cottage from warden’s accommodation to an additional smaller facility for groups to rent alongside Plimsoll and Renwick, the existing group accommodation. Although some of the cost of the conversion will be met from reserves, external grant funding is being sought for the shortfall. This is currently on hold due to the coronavirus pandemic as reserves are needed to keep the centre in operation.
A new logo has been produced with new leaflets for publicity and a number of merchandise items have been designed using the new logo.
The radiators in Renwick have been replaced and redecoration has been started.
Impact of Covid-19 Pandemic
The Outdoor Activities Centre temporarily closed on 17 March 2020 as a result of the COVID-19 pandemic and the suspension of face to face meetings of Girl guiding groups. As a result, no income has been received from charitable activities for most of the year.
Staff were furloughed immediately or shortly after closure. They have been paid 80% of salary being the amount covered by the Government job retention scheme. Following extensive discussions and reviews of cash flow forecasts it was reluctantly decided that the Centre Manager role was made redundant and the post holder was advised of this decision on 27 June 2020.
The Centre will has been almost entirely volunteer led with only part time posts of bookkeeper and handyman being retained and is likely to continue in this way for most of the year.
All expenditure has been reviewed and savings identified where possible. Volunteers are now spending considerably more time in managing the day to day work of the Centre, dealing with ongoing matters and preparation for re-opening. The Management Committee has been expanded to include two additional volunteers.
We received £3,102 from the Lockdown Business Support Grant, £10,000 from the Retail, Hospitality and Leisure Grant and £7,939 from the Corona Virus Job Retention Scheme.
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OAC Buildings
Directors' report (incorporating the Trustees' annual report) (continued) for the year ended 31 December 2020
Future activities
The project for changing Goodwin Cottage from Wardens accommodation into a building for small groups to use will continue.
A roof survey carried out in June 2020 identified significant work required within 3-5 years and quotations have been obtained and a fundraising initiative has started with £16,000 already being raised.
The redecoration of Renwick will be completed early in 2021.
The future aims and activities of the Charity will not change and the Management Committee is confident that there are sufficient reserves to operate for the next 12 months as demonstrated by cash flow forecasts produced and updated at each management meeting held every 4-6 weeks.
Financial review and reserves policy
The financial result for the year was a net deficit of £1,604 (2019 a net income of £3,295).
The Charities require reserves to cover unforeseen events such as the Centre closure due to the COVID-19 pandemic and unexpected large repair bills or other costs. It is considered that the cash retained projected to December 2021 should always cover three months’ expenditure. This target is approximately £20,000.
At 31 December 2020 the unrestricted free reserves held were £43,392 (2019: £74,612), this exceeds the target set. However, given the uncertainty of income in 2021 and the combining of operations with OAC Grounds, the reserves needs to be reassessed and the reserves policy will be reviewed in June and December 2021 to ensure it is still appropriate.
In addition to the unrestricted free reserves, the charity held £189,271 (2019: £198,675) of restricted fixed assets and £13,029 (2019: £nil) of restricted current assets.
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OAC Buildlngs Dirertors. report fincorporating the Trustees. annual report) {contlnuedl for the year ended 31 December 2020 Dirertors. responsibilities for thtfinanaal statements Company law requires the direclors to prepare financial statements for @ach financial year. which EIVÈ a true and fairv6ew of the state of affairs of the company at theend of the year and of the surplusor deficienLyforthe year then ended. In preparingthose financial sratement5. thetrvsteesare requiredto-select suitable accounting poliaes and then apply them on a consistent basis. rnaking judgements and esbmates that a prudent and reasonable. The Trustee5 must also p¥epare the financial ststements on the going concem basi5 unless it is inappropriate to presume that the charity will continue in business. The directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time. the financial position of the company. and enable them to ensure that the finantial Statements comply wsth the Companie5 Act 2(. The directors are also responsible for safeguardbng the assets of the company and hence for tsking rea50nablesteps forthe prevention and detection of frnud or other irregularities. Small company pro¥islons: This report ha5 been prepared in accordance with the special PrOS1on$ for small companies under Part 15 of the Companies Act 26. The trustees declare that they have approved the trustee< report above on 9 March 2021. Signed on behalf of the trustee&. G Nottingham Trnstee VAScMUThItyCtyJnIarY
Independent Examinerfs report to the trustees of OAC Build1 {Ihe Compan) I report to the tnjstees of OAC Buildings on my examination ofthe xcounts of the Companyfor the year ènded 31 December 2020. Responsibllltlts and basis of report As the charitvs trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation ofthe accounts in accordance wtth the requifementsofthe Companie5 Act 2006 I'the 26 ACVI. Hawn8 satisfied myself that the Thts of the Company are not required to be audited under Part 16 of the 2(K)6 Act and are eligible for independent examination, I report in respect of my examination of your charivs accounts as carried out under section 145 of the Charities Act 2011 I'thè 2011 ACVI. In carrying out my examination I have followed the Dirertions given bythe Charity Commission under section 145151 Ibl of the 2011 Act. I have completed my examination. I conffirm that no matters have come to my attention in connection with the Èxamination giwng mo Cause trj believe: accounting iecords were not kept in respect of the Company 35 required by section 386 of the 2QK16 Att,. or the accounts do not accord with those records; or the attounts do not eomply wth the accourbting reqvirernents of Section 396 of the 2(X)6 Att Other than any requirement that the accounts give a'true and fair view which is not a matter considered as part ol an independent examination- or the accounts have not been prepared in accordance with the method5 and principles of the Statement of Recommended Prdctice for xcounting and reportin8 by charities applicable to charitie5 preparing their accounts in CordanCe wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other matters in connection wtth the examination to which attention should be dra¥Yn in this reprKt in order to enable a proper understsnding of the attounts to be feached. Discloimer The trustees have not dÈsclosed in the finanoal statements any identified material uncertainties that may cast SIEnificant doubt about the chariWs ability to continue to adopt the goine coneem basis of accounting for a period of at leasttwelve months from the datewhen the financial statements are authorised for issue. However. because not all future events or conditions can be predicted, thisstatement is nota guarantee as to the chariVs ability to continue as a going concem. For example, it is difficult to evaluate all of the potential implications of the currentCOVID-19 outbreak on the charivs artimbes, income. employees suppliers and the wider economv Susan Cochrane, FCA Voluntary Action Sheffield Community Accountancy SeNlce The Circle 33, Rockingham Lane Sheffield S14FW Date: oql 08lQ021
OAC Buildings
Statement of financial activities
(incorporating the income and expenditure account)
For the year ended 31 December 2020
| Notes Income from: Grants and donations 2 Charitable activities 3 Investments - bank interest Other income Expenditure from: Charitable activities 4 Net income/(expenditure) Total funds brought forward Total funds carried forward |
Unrestricted funds £ 26,942 25,252 37 - 52,231 57,460 57,460 (5,229) 79,821 74,592 |
Restricted funds £ 13,029 - - - |
2020 Total £ 39,971 25,252 37 - |
Unrestricted funds £ 12,564 61,061 462 - 74,087 74,788 74,788 (701) 80,522 79,821 |
Restricted funds £ 10,000 - - - |
2019 Total £ 22,564 61,061 462 - |
|---|---|---|---|---|---|---|
| 13,029 | 65,260 | 10,000 | 84,087 | |||
| 9,404 | 66,864 | 6,004 | 80,792 | |||
| 9,404 | 66,864 | 6,004 | 80,792 | |||
| 3,625 198,675 |
(1,604) 278,496 |
3,996 194,679 |
3,295 275,201 |
|||
| 202,300 | 276,892 | 198,675 | 278,496 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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OAC Building5 Balance Sheet As at 31 December 2020 2020 2019 Flxed assets Tangible assets 220.471 203.884 Balance at bank and cash Debtors Total current assets 54.078 16.711 70.789 76.064 9.817 85,881 Creditors= amount5 falling due wr(hin one year 114.3681 111.2691 Net current a55ets 56.421 74,612 Net assets 276.892 278,496 Creditors.. amounts falllng due after one year Totsl net assets 276,892 278.496 The funts ofthe tharity. Gener31 funds Designat&d funds Unrestrirted fund5 Restricted fund5 74.592 79.821 io 74,592 202,300 79.821 198.675 li Total chartty funds 276.892 278,496 For the year ending 31 December 2020 the company was entttled to exemptson from audr( under section 477 of the Companies Act 2006 relating to Small companie5. The members have not required the company to obtsin an a¢Jdit of its financial statements for the year ended 31 December 2020 in accordan with section 476 of the Companies Act 2006. The dirertor's acknowledge their responsibilities for complwng with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordan with the proviyons applicable to companies subject to small companie5, regtme. Approved by the trustees on 9 March 2021. Signed on behalf of the trustees by. G Nottrngham Trustee Company registration number= 0258325 VAsCommunrtyAccntdthty
OAC Buildings
Notes to the financial statements For the year ended 31 December 2020
1 Accounting policies
(a) Basis of preparation
OAC Buildings is a charitable company in the United Kingdom limited by guarantee and has no share capital. In the event that the charity is wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and with the Charities Act 2011. The financial statements have taken advantage of the exemption to prepare a Statement of Cash Flows
OAC Buildings meets the definition of a public benefit entity under FRS 102. The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to the accounts. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest £.
(b) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Fees and other charges are recognised in the year in which they are earned.
Legacy income is included at the earlier of receipt or release of the final estate accounts.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
(c) Expenditure and liabilities
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
(e) Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
(f) Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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OAC Buildings
Notes to the financial statements
For the year ended 31 December 2020 (continued)
(g) Fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
| Buildings | over 87 years |
|---|---|
| Outdoor shelter units | 25% straight line |
| Fixtures and fittings | 25% straight line |
| Equipment | 25% straight line |
(h) Funds
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the charity's objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Designated funds are set aside at the trustees discretion for future projects.
(i) Pension obligations
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2 Grants and donations
| Unrestricted funds £ Donations 5,901 Government grants 21,041 26,942 |
Unrestricted funds £ Donations 5,901 Government grants 21,041 26,942 |
Restricted funds £ 13,029 - |
2020 Total £ 18,930 21,041 39,971 |
Unrestricted funds £ 12,564 - 12,564 |
Restricted funds £ 10,000 - |
2019 Total £ 22,564 - |
|---|---|---|---|---|---|---|
| 26,942 | 13,029 | 10,000 | 22,564 |
3 Income from charitable activities
| Unrestricted funds £ Site fees - Renwick 5,347 Site fees - Plimsoll 12,041 Activity and other charges 2,464 Administration charges 5,400 25,252 |
Unrestricted funds £ Site fees - Renwick 5,347 Site fees - Plimsoll 12,041 Activity and other charges 2,464 Administration charges 5,400 25,252 |
Restricted funds £ - - - - |
2020 Total £ 5,347 12,041 2,464 5,400 25,252 |
Unrestricted funds £ 23,325 16,156 9,080 12,500 61,061 |
Restricted funds £ - - - - |
2019 Total £ 23,325 16,156 9,080 12,500 |
|---|---|---|---|---|---|---|
| 25,252 | - | - | 61,061 |
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OAC Buildings
Notes to the financial statements
For the year ended 31 December 2020 (continued)
4 Expenditure on charitable activities
| Unrestricted funds Note £ Rent and rates 8,902 Heat, light, water and waste collection 6,425 Repairs and maintenance 6,628 Insurance 6,550 Equipment 725 Cleaning 574 Depreciation 3,685 Wages 5 19,640 Cover wardens - self employed - Advertising 575 Administration 218 Telephone 623 Sundries 95 Support costs 6 2,820 57,460 |
Unrestricted funds Note £ Rent and rates 8,902 Heat, light, water and waste collection 6,425 Repairs and maintenance 6,628 Insurance 6,550 Equipment 725 Cleaning 574 Depreciation 3,685 Wages 5 19,640 Cover wardens - self employed - Advertising 575 Administration 218 Telephone 623 Sundries 95 Support costs 6 2,820 57,460 |
Restricted funds £ - - - - - - 9,404 - - - - - - - |
2020 Total £ 8,902 6,425 6,628 6,550 725 574 13,089 19,640 - 575 218 623 95 2,820 66,864 |
Unrestricted funds £ 16,682 9,849 2,608 11,800 796 3,146 23 27,016 345 360 196 1,198 289 480 74,788 |
Restricted funds £ - - - - - - 6,004 - - - - - - - |
2019 Total £ 16,682 9,849 2,608 11,800 796 3,146 6,027 27,016 345 360 196 1,198 289 480 |
|---|---|---|---|---|---|---|
| 57,460 | 9,404 | 6,004 | 80,792 |
5 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Wages and salaries Redundancy payments Employer's national insurance contributions Employer's allowance Employer's pension contribution |
2020 Total £ 18,627 667 790 (790) 346 |
2019 Total £ 26,537 - 1,213 (1,213) 479 |
|---|---|---|
| 19,640 | 27,016 |
There were an average of 5 (2019: 5) staff per month - a mixture of part and full time staff.
No trustees received any reimbursed expenses during the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil).
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OAC Buildings
Notes to the financial statements
For the year ended 31 December 2020 (continued)
6 Support costs
| Unrestricted funds £ Independent examination fees 480 Professional fees 2,340 2,820 Other fees paid to the independent examiner's organisation: Payroll 7 Tangible assets - combined Renwick Building £ Cost At 1 January 2020 235,249 Additions - At 31 December 2020 235,249 Depreciation At 1 January 2020 43,274 Depreciation charge 2,704 At 31 December 2020 45,978 Net book value At 31 December 2020 189,271 At 31 December 2019 191,975 |
Unrestricted funds £ Independent examination fees 480 Professional fees 2,340 2,820 Other fees paid to the independent examiner's organisation: Payroll 7 Tangible assets - combined Renwick Building £ Cost At 1 January 2020 235,249 Additions - At 31 December 2020 235,249 Depreciation At 1 January 2020 43,274 Depreciation charge 2,704 At 31 December 2020 45,978 Net book value At 31 December 2020 189,271 At 31 December 2019 191,975 |
Restricted funds £ - - |
2020 Total £ 480 2,340 2,820 Outdoor shelter units £ 18,321 - 18,321 18,321 - 18,321 - - |
Unrestricted funds £ 480 - 480 Fixtures and fittings £ 34,152 28,176 62,328 24,252 10,344 34,596 27,732 9,900 |
Restricted funds £ - - |
2019 Total £ 480 - |
|---|---|---|---|---|---|---|
| 2,820 | - | - | 480 | |||
| Improv. to property £ 2,032 1,500 |
2020 £ - |
2019 £ 97 |
||||
| Equipment £ 2,802 - |
Total £ 292,556 29,676 |
|||||
| 235,249 | 3,532 | 2,802 | 322,232 | |||
| 43,274 2,704 |
23 41 |
2,802 - |
88,672 13,089 |
|||
| 45,978 | 64 | 2,802 | 101,761 | |||
| 189,271 | 3,468 | - | 220,471 | |||
| 191,975 | 2,009 | - | 203,884 |
| 8 Debtors Site fees Prepayments OAC Grounds 9 Creditors: amounts falling due within one year Other creditors Deferred income |
2020 £ 5,163 2,067 9,481 |
2019 £ 2,648 6,950 219 |
|---|---|---|
| 16,711 | 9,817 | |
| 2020 £ 4,968 9,400 |
2019 £ 4,169 7,100 |
|
| 14,368 | 11,269 |
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OAC Buildings
Notes to the financial statements For the year ended 31 December 2020 (continued)
10 Analysis of movements in designated funds
There were no designated funds during the year.
Analysis of movements in designated funds - previous year
| Analysis of movements in designated funds - previous year | |||||
|---|---|---|---|---|---|
| Renovation of Goodwin Cottage | Brought forward £ 20,210 |
Income £ - - |
Expenditure £ - - |
Transfers £ (20,210) |
Carried forward £ - |
| 20,210 | (20,210) | - |
The trustees have decided that the money identified to part fund the conversion of Goodwin Cottage will now be used as general reserves as the conversion has been put on hold.
11 Analysis of movements in restricted funds
| Building fund Toilet refurbishment Roof appeal |
Brought forward £ 191,975 6,700 - 198,675 |
Income £ - - 13,029 13,029 |
Expenditure £ (2,704) (6,700) - |
Carried forward £ 189,271 - 13,029 |
|---|---|---|---|---|
| (9,404) | 202,300 |
The Building fund represent monies raised to fund the cost of the new building. The building has now been built and related depreciation is charged through this fund.
The roof appeal fund represents donations received towards a specific funding campaign to replace the roof.
| Analysis of movements in restricted funds - previous year Building fund Toilet refurbishment |
Brought forward £ 194,679 - 194,679 |
Income £ - 10,000 10,000 |
Expenditure £ (2,704) (3,300) |
Carried forward £ 191,975 6,700 |
|---|---|---|---|---|
| (6,004) | 198,675 |
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OAC Buildings
Notes to the financial statements
For the year ended 31 December 2020 (continued)
12 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Fixed assets Net current assets Analysis of net assets between funds - previous year Fixed assets Net current assets |
Unrestricted Restricted 2020 funds funds Total £ £ £ 31,200 189,271 220,471 43,392 13,029 56,421 74,592 202,300 276,892 Unrestricted Restricted 2019 funds funds Total £ £ £ 5,209 198,675 203,884 74,612 - 74,612 79,821 198,675 278,496 |
||
| 202,300 | 276,892 | ||
| Restricted funds £ 198,675 - |
2019 Total £ 203,884 74,612 |
||
| 198,675 | 278,496 |
13 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
14 Taxation
As a charity, OAC Buildings is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
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OAC Buildings
Notes to the financial statements
For the year ended 31 December 2020 (continued)
15 Related party transactions
The following are related parties as the organisations have one or more of the same trustees:
| 2020 | 2019 | |
|---|---|---|
| Total | Total | |
| £ | £ | |
| OAC Grounds | ||
| The following income was received: | ||
| Donations | 5,400 | 22,500 |
| Administration charges | 5,400 | 12,500 |
| The following expenditure was made: | ||
| Rent and rates | 6,250 | 12,500 |
| Amounts receivable at the year end: | 9,481 | 219 |
| See also note 16 re transfer of assets of liabilities. |
16 Post Balance Sheet event
By resolution of the Trustees of OAC Grounds, Charity number 1010073, (the Transferor), dated 1 December 2020, the Transferor agreed to merge with OAC Buildings (the Transferee) and to transfer all of its property to the Transferee, the effective date being 31 December 2020.
This merger has been accounted for in accordance with FRS102 Section 34 Specialised activities: Public Benefit Entity Combinations. The results of the Transferor will be brought into the financial statements of the Transferee from the beginning of the financial period ending 31 December 2021.
As at 1 January 2021 the following assets and liabiities will be merged into the Transferee:
| Current Assets Balance at bank and cash Stock Debtors Total current assets Creditors: amounts falling due within one year Net current assets Creditors: amounts falling due after one year Total net assets The funds of the charity: Unrestricted income funds Restricted funds Total charity funds |
01-Jan-21 £ 33,537 2,331 3,115 |
|---|---|
| 38,983 (11,991) |
|
| 26,992 - |
|
| 26,992 | |
| 26,882 110 |
|
| 26,992 |
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