Charity registration number: 1013555
Company registration number: 2713653 (England and Wales)
## **The Norden Farm Centre Trust Limited**
**Annual Report and Consolidated Accounts**
**For the year ended 31 March 2021**
## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
The trustees present their annual trustees' report together with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. These are also prepared to meet the requirements for a directors' report and accounts for the purposes of the Companies Act.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts, and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
## **Aims and activities of the charity**
The objects of the charity are:
_"To advance education in the knowledge and appreciation of the arts and fine crafts of all descriptions, and the improvement and maintenance of artistic taste in Great Britain and in particular among the inhabitants of Maidenhead and the surrounding locality."_
In pursuit of the charity objects, Norden Farm Centre in Maidenhead (the 'Centre') offers a wide range of high quality artistic events, and participatory and educational activities that are accessible to all. These include drama, film, comedy, all types of music, spoken word, participatory events in theatre and dance, and classes in arts and crafts, and health and wellbeing.
In addition we are able to;
- attract well-known national artistes to our small theatre;
- provide relays of West End theatre, opera and ballet productions;
- provide a beach for families in the summer holidays and a very popular show for children at Christmas;
- provide facilities for the use of local arts, community and business organisations;
- provide an art gallery;
- provide refreshments and catering for those attending the Centre; and
- provide external community events including a kite festival and a lantern parade.
We aim to ensure that local arts, community and business organisations can continue to make good use of the Centre by hiring our facilities for performances, exhibitions, conferences and events.
We focus particularly on creating opportunities for children and young people. Much of this work takes place outside the Centre.
The Centre relies on sales, charges and grants to cover its operating costs. The affordability and universal accessibility of our programme are important to us and are reflected in everything we do.
In shaping our objectives and planning our activities the trustees consider the Charity Commission's guidance on public benefit - Public Benefit: Running a Charity (PB2).
2020/21 was far from being a normal year. Our ability to meet these aims was severely restricted by the closures forced by the pandemic, but we maintained substantial service to the community as described below.
Page 2
**The Norden Farm Centre Trust Limited Trustees' Report** Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Performance and achievements**
Each year we measure our performance by attendance at the various shows, participation in the various events and use of the various facilities which we offer.
2020/21 was different because we were only able to open for 59 days in the year due to government legislation. Notwithstanding this limitation we continued to offer our customers on-line classes and events, streamed performances and Covid secure or take away catering from the Café Bar:
|**Attendances**|**2020/21**|**2019/20**|
|---|---|---|
|Total attendance (live and online)|19,857|204,875|
|Theatre and film events|5,368|70,816|
|Participative and educational events|8,694|42,479|
|Use of Café Bar|4,139|52,383|
These highlights of 2020/21 illustrate our achievements:
We raised funds from a variety of sources to counter the loss of income resulting from enforced closure and reduced capacity, and to deliver projects to benefit the community.
Within days of the lockdown we developed a live streaming service hosted on our website to deliver online events, to enable shielding customers to access live performance, and to increase our reach into the community.
Total digital reach for off-site education and community projects not included in the attendance figures above was 27,590.
This included 53 sessions for disadvantaged groups, including looked after children and children in hospice care.
30 sessions for local schools.
30 sessions for isolated older people.
14 concerts for care homes.
2 online festivals.
A community poetry and animation project for participants to document their experience of the worst health emergency in 100 years.
Opened a take-away during lockdown for people to collect both food and drink, and workbooks and craft kits.
Started a new outdoor market in our car park.
Page 3
**The Norden Farm Centre Trust Limited Trustees' Report** Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Financial review of charity and group**
Due to the pandemic closure the arts programme contribution made by Norden Farm Centre for the Arts Limited was reduced by 81% and contribution from other activities reduced by 62% compared with 2019/20. As a result the total contribution to the charity under the Cost Sharing Agreement, including rent, fell to £90,684 (2020: £301,654).
Income from facility hires was partly maintained by hire to the Military Household Bands from Windsor, but still reduced to £26,763 (2020: £86,672).
Income from the cinema was only £1,032 (2020: £110,173).
Income of the charity, excluding its trading subsidiary, was 1.2% below 2020, while expenditure on salaries and overheads (after deducting job retention scheme monies received from staff costs) decreased by 34.4%.
We were able to obtain a grant of £351,000 from the Cultural Recovery Fund following a formidable application process through the Arts Council England. This was used to support the Centre's operating costs, to fund recovery projects, and to reflate reserves as RBWM core funding is reduced and the trustees express their thanks to Arts Council England for this support.
The trading subsidiary Long Barn suffered severely from closure and its net profit for the year was £4,303 (2020: £32,546) after receiving support of £43,222 allocated from the Cultural Recovery Fund.
Resulting from the above both the charity and group report an annual surplus before depreciation charges of £217,535 (2020: £2,327).
The group cash balances remain sufficient for the near future; £454,419 on hand at 31st March 2021 (2020: £422,627).
The Board acknowledges the resilience, creativity, and commitment of the Chief Executive and her small team in keeping the Centre viable and enthusiastic in extremely difficult circumstances.
We recognise the invaluable contribution from our volunteers without whom the Centre could not have been made safely accessible to the public during the pandemic.
We also thank our supporters who continued to help the Centre with donations for cancelled tickets and empty seats, contributions to fund raising appeals, paying memberships, attending physically or on-line, and purchasing from the Café Bar.
Page 4
## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Summary of financial performance in the Management Accounts for the Centre**
The management accounts which we use for budgeting and controlling the Centre's operations exclude the large depreciation charge which mostly relates our £4.5 million arts facility and has no effect on our cash position.
In the following summary, contribution from the activities run by Norden Farm Centre for the Arts Ltd and from other activities is included as the net of income less direct costs.
After adjusting for depreciation, the statutory accounts for 2020/21 show a surplus of £45.8K compared with a deficit of £168.0K in 2019/20. This surplus is largely due to support from the Cultural Recovery Fund, as described above.
These figures can be seen in the "Net income/(deficit) and net movement in funds" line on the Consolidated Statement of Financial Activities contained in this annual report.
Please refer to the accounts filed in pdf form with the Charities Commission for this data.
## **Reserves policy and going concern**
The reserves policy recognises:
The need to absorb the effect of seasonal fluctuations in income and unforeseen events.
The need to be able to take investment opportunities to keep the Centre sustainable.
- Long term and immediate needs to repair or replace essential capital equipment and facilities.
Accordingly we maintain repairs and renewals funds and a general reserve. These reserves are funded from operating cash flow.
Page 5
## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Reserves policy and going concern (continued)**
The pandemic emergency has increased funding requirements arising from unforeseen events, and also the need for funds to meet investment opportunities. The trustees have a general reserve target of £612,000 which would cover nine months operating costs. Specific costs to be funded include:
- Provide time to recover possible loss of RBWM core funding in 2020/21.
- Cover the effects of prolonged social distancing and the impact of enforced reduction in our capacity.
- Cover lost income from catering due to reduced capacity and enforced table service.
- Cover the cost of implementing our re-opening programme.
- Provide financial stability while we rebuild our audience.
- Meet a doubled demand for our cultural programme from schools and community partners.
- Expand our on-line and outdoor programmes.
- Develop e-commerce retail business.
- Use consultancy for fund raising.
The charity's general funds balance at 31st March 2021 was £285,516 (2020: £79,455), which would fund around 4 months operating costs as shown in the management report. This could be used to cover various types of expenditure and is therefore held as an unrestricted fund.
The repairs and renewals designated fund to provide for future works stands at £67,116. This is important as our buildings become more than 20 years old.
## _Unrestricted reserves – cash analysis_
We believe it is also important to compare our reserves targets with our available unrestricted cash. This comparison is as follows:
|comparison is as follows:|||
|---|---|---|
|1.
2.
Total
Unforeseen events and funds to meet investment
opportunities - based on at least 9 months operating costs
Immediate and long term need to repair or replace essential
capital equipment and facilities|679.0
**Target**
**£000s**
612.0
67.0|**Actual**
**£000s**
256.0
67.0|
|||323.0|
Specific costs to be funded under item 2. are those described in the balance sheet analysis above.
As with the unrestricted accounting reserves in our balance sheet, our cash reserves remain well short of target. It will be difficult to build these in the short to medium term because recovery from the pandemic and the behavioural changes which it continues to cause will be a long one.
Obtaining more external funding and increasing earned income will both be critical to our continuing success.
Additionally, continuing with planning for a new wing providing additional space will necessitate the need for further funding. With this in mind we will allocate or ring fence any available funding, as appropriate, to ensure this development can proceed as soon as possible.
Page 6
## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Reserves policy and going concern (continued)**
## _Restricted reserves_
Restricted funds at 31st March 2021 comprised £4,268,692 for land and buildings acquisition and £50,991 grants previously used to purchase assets. Both of these funds are reducing in line with depreciation charged against the assets in accordance with the accounting policy.
## _Total reserves_
The total funds of the charity at 31st March 2021 were £4,719,215 (2020: £4,673,370) which includes the Norden Farm site and buildings.
## **Going concern statement and plans for the coming year**
Ever since the physical closure of the Centre in March 2020 we have maintained a rolling cash flow forecast which is constantly monitored.
For the restoration of income:
We are open compliant with social distancing, and also provide streaming of events and classes for those still reluctant to attend.
We are investigating the possibility of streaming encore performances, and are developing ecommerce business.
We provide Covid compliant indoor and outdoor catering and take-away meals, and host craft fairs.
We have secured hires from the Windsor Household military bands for their rehearsals, and are investigating the possibility of opening these to public attendance.
We applied for and obtained a further £146,000 support grant from the Cultural Recovery Fund in 2021/22.
We have engaged the services of a professional funding-raising consultant who has arranged a 21st Birthday Fundraiser and a Big Give Christmas Challenge.
Donations are sought from cancelled bookings and towards empty socially distanced seats. Many thanks are due to those who have donated.
For the reduction of costs our staff numbers have been reduced by nine. This has occurred from natural wastage, and we have been able to retain the key skills upon which we depend.
Resulting from the above the rolling forecast shows sufficient cash through till March 2023, and indicates that the charity can continue as a going concern for the year ahead.
The trustees will continue to monitor the assumptions in our cash forecast and take remedial action if they change for the worse.
## **Reference details**
Charity number : 1013555 Company number : 2713653 Registered office : Norden Farm Centre for the Arts Altwood Road, Maidenhead, Berks SL6 4PF _**Our advisers:**_ Banking : National Westminster Bank, Maidenhead Audit : Durrants Chartered Accountants
Page 7
**The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Structure, management and governance**
## _**Governing document**_
The Norden Farm Centre Trust Limited is a company limited by guarantee and is governed by its current Memorandum and Articles of Association updated on 30 October 2017. It is registered as a charity with the Charity Commission.
## _**Membership**_
Any person who supports the aims of the trust can become a member. There are at present 616 members, each of whom agrees to contribute £1 in the event of the charity winding up. Ordinary members are encouraged to become subscribing members, who are entitled to specific benefits according to their level of subscription.
## _**Trustees and directors**_
The trustees are also the directors for the purpose of company law. Those who served during the year and following were:
I Donaldson C Joseph M Kaye N Maan J Seymour D Shangari C Perkins (also company secretary) N Winton
## _**Trustee appointment, induction and training**_
Trustees are elected by the members at the AGM as specified in the Centre's membership scheme. They can also be co-opted during the year, and their appointment confirmed by re-election at the AGM. All trustees are members of the company. No trustee receives remuneration for their work as trustee, or has any beneficial interest in the company or related undertakings.
Trustees have previous business and charity experience and learn more on the job. New trustees receive briefing on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, the contents of our Memorandum and Articles of Association, our committees and decision-making processes, the business plan, and the recent financial performance of the charity. They are encouraged to undergo external training where this will help performance in their role.
I Donaldson has served as a trustee for ten years. The Charity Code of Conduct (see below) recommends explanation of tenure longer than nine years. The board recommended Iain's reappointment because of his invaluable contribution in maintaining and developing our on-line capability, especially important for an arts centre during pandemic restrictions.
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## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Structure, management and governance (continued)**
## _**Management and organisation**_
Management of the charity is delegated to the Chief Executive and Artistic Director, Jane Corry, supported by the Deputy Director and Technical Manager, Matt Biss, the Operations and Events Manager, Richard Murphy, the Marketing Manager, Sally Worman, and the Financial Controller, Ray Bowyer. The catering facilities at the Centre are operated by Long Barn Catering Ltd, a wholly owned subsidiary company which donates all its profit to the Trust.
The directors consider that the board of directors, who are also the trustees, and the senior management team together comprise the key management personnel of the charity. The trustees and the Chief Executive direct and control the Trust, and the management team run it on a day to day basis.
The charity and its subsidiary employed an average of 39 staff (26 full time equivalent). This year, following closure forced by the pandemic a core of six key staff remained at work throughout, while the others were wholly or partly supported by the government furlough scheme. Everybody worked flexibly in time and location.
Staff numbers reduced during the year by natural wastage. By the end of the year 30 staff (22 full time equivalent) were employed.
The charity normally relies on the services of over 200 volunteers who provide stewarding and front of house services at all performances. During the pandemic volunteers have assisted in stewarding people attending the centre to ensure their safety.
## _**Pay policy**_
All directors give their time freely and no director received remuneration or expenses in the year. Trustees review the Chief Executive's pay annually by reference to pay for similar roles and what is considered affordable. The management reviews and decides staff pay within the limits of the budget. The trustees are committed to effective operation of the minimum wage and the statutory work place pension scheme.
There has been no pay rise for staff other than minimum wage related increases for the last two years.
## _**Risk management**_
The trustees have developed a risk register and management strategy which includes;
- Bi-monthly review of selected significant risks,
- establishment of policies and procedures to mitigate the risks which are identified, and
- implementation of procedures to manage any impact of those risks should they materialise.
Failure of financial sustainability is identified as a major risk. The management pay close attention to reducing this possibility by continually seeking to increase income, and by regular monitoring future cash flow to ensure that all financial commitments will be met.
Trustees recognise that the Centre could be vulnerable to any increase in competition which reduces income from the arts programme and other activities. Competition comes from other arts centres, theatres and cinemas in the locality, and more broadly from all competing claims on peoples' leisure time.
Page 9
## **The Norden Farm Centre Trust Limited Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Structure, management and governance (continued)**
Attention is also focussed on non-financial risks arising from fire, the health and safety of attenders, artists and staff, food hygiene, and the management of performing rights. These risks are managed by ensuring that accreditation is up to date, having robust policies and procedures in place, and regular awareness training of staff.
## **Charity code of conduct**
The trustees have taken note of a published document of the Charity Governance Steering Group, a Charity Code of Conduct (the 'Code'). This is not a legal or regulatory requirement, but the Charity Commission encourages voluntary adoption which is proportionate to a charity's circumstances.
The trustees have reviewed the Code and implemented those recommendations which are not already in place at Norden Farm, but were considered to be relevant and proportional.
## **Relationships with related parties**
Any connection between a trustee or senior manager of the charity with a production company, contracted actor, performer or exhibitor must be disclosed to the board of trustees in the same way as any other contractual relationship with a related party.
In 2020/21 the charity paid £8,160 to Seat of The Pants Ltd, a company controlled by Mr I. Donaldson, for IT and website development services. No other related party transactions were reported in 2020/21.
The catering facilities at the Centre are operated by Long Barn Catering Ltd, a wholly owned subsidiary company which donates all its profit to the Trust. In 2020/21 Long Barn made only a small net profit after CRF support, due to the pandemic.
The charity also has a cost sharing agreement with Norden Farm Centre for the Arts Ltd, a company limited by guarantee. This company is not owned by the Trust but has common directors and is responsible for running the theatre on behalf of the Trust.
## **Trustees’ responsibilities in relation to the accounts**
The charity trustees, who are also the directors of The Norden Farm Centre Trust Limited under company law, are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare accounts for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 10
## **The Norden Farm Centre Trust Limited**
## **Trustees' Report**
Including Directors' Report under Companies Act 2006
## **For the year ended 31 March 2021**
## **Trustees’ responsibilities in relation to the accounts (continued)**
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information on the charitable company’s website.
## **Statement as to disclosure to our auditors**
We, the directors of the company who held office at the date of approval of these accounts as set out above each confirm, so far as we are aware, that;
there is no relevant audit information of which the company's auditors are unaware; and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
By order of the board of trustees
M Kaye
Dated: 9 September 2021
Page 11
**Report of the Independent Auditors to the trustees of The Norden Farm Centre Trust Limited**
## **Opinion**
We have audited the accounts of The Norden Farm Centre Trust Limited for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets, the Statements of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the group and the parent charity company's affairs as at 31 March 2021 and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to charitable companies; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
- the trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the group or parent charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees' annual report, other than the accounts and our Report of the Auditors thereon.
Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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**Report of the Independent Auditors to the trustees of The Norden Farm Centre Trust Limited**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- Information within the accounts is inconsistent in any material respect with the trustees' report; or
- ● the charitable company has not kept adequate accounting records; or
- the accounts are not in agreement with the accounting records and returns; or
- ● we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charitable company and group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the accounts**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with this Act.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Regular consolidated monthly management accounts are prepared and presented at meetings of the trustees which include financial oversight.
- There are no significant laws and regulations applying to the parent charity company or its subsidiary which in themselves could cause a material misstatement in the accounts.
Our assessment of the risk of fraud , including discussion of this with management, was that this was low and opportunities were minimal and the audit testing performed did not lead to any revision of this assessment. Large and unusual transactions were tested, including journals, and this did not indicate anything to the contrary.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at: "https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standardsand-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx". This description forms part of our auditor's report.
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**Report of the Independent Auditors to the trustees of The Norden Farm Centre Trust Limited**
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Dated: 9 September 2021
Durrants, Chartered Accountants 24 Wellington Business Park **Statutory Auditor** Dukes Ride Crowthorne Berks RG45 6LS
Durrants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 14
## **The Norden Farm Centre Trust Limited Consolidated Statement of Financial Activities**
Including Consolidated Income and Expenditure Account under Companies Act 2006
## **For the year ended 31 March 2021**
|**Note**
Income from:
Donations
6
Charitable activities
7
Other trading activities
8
Investments
9
Total
Expenditure on:
Raising funds
10
Charitable activities
11
Depreciation
19
Total
Net income/(deficit) for the year
Transfers between funds
Net income/(deficit)
and net movement in funds
Reconciliation of funds:
25
Total funds brought forward
Total funds carried forward|**Unrestricted**
**funds**
**2021**
**£**
200,799
493,964
92,699
382
787,844
87,698
475,841
18,244
581,783
206,061
-
206,061
147,148
353,209|**Restricted**
**funds**
**2021**
**£**
-
82,607
-
-
82,607
-
89,377
153,446
242,823
(160,216)
-
(160,216)
4,479,899
4,319,683|**Total**
**2021**
**£**
200,799
576,571
92,699
382
870,451
87,698
565,218
171,690
824,606
45,845
-
45,845
4,627,047
4,672,892|**Total**
**2020**
**£**
272,818
529,271
476,824
1,186|
|---|---|---|---|---|
|||||1,280,099|
|||||416,037
861,738
170,322|
|||||1,448,097|
|||||(167,998)
-|
|||||(167,998)
4,795,045|
|||||4,627,047|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes form part of these accounts.
Page 15
## **The Norden Farm Centre Trust Limited Balance Sheets**
Company registered number 2713653
## **As at 31 March 2021**
|**Note**
**Fixed assets**
Tangible assets
19
Investments
20
Total fixed assets
**Current assets**
Stocks
21
Debtors
22
Cash at bank and in hand
Total current assets
**Liabilities**
Creditors: amounts falling due within
one year
23
Net current assets
**Total net assets**
**The funds of the group and charity:**
25
Restricted income funds
Unrestricted funds|**Group**
**2021**
**£**
4,398,562
-
4,398,562
3,843
85,725
454,419
543,987
(269,657)
274,330
4,672,892
4,319,683
353,209
4,672,892|**Group**
**2020**
**£**
4,561,314
-
4,561,314
-
88,815
422,627
511,442
(445,709)
65,733
4,627,047
4,479,899
147,148
4,627,047|**Charity**
**2021**
**£**
4,398,562
47,000
4,445,562
-
88,805
443,969
532,774
(259,121)
273,653
4,719,215
4,319,683
399,532
4,719,215|**Charity**
**2020**
**£**
4,561,314
47,000|
|---|---|---|---|---|
|||||4,608,314|
|||||-
88,815
421,051|
|||||509,866
(444,810)|
|||||65,056|
|||||4,673,370|
|||||4,479,899
193,471|
|||||4,673,370|
Continued on next page.
Page 16
## **The Norden Farm Centre Trust Limited Balance Sheets**
Company registered number 2713653
## **As at 31 March 2021**
The charity is entitled to the exemption from the group audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021, although an audit has been carried out under section 144 of the Charities Act 2011. No member has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.
The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes form part of these accounts.
Approved by the board of trustees and directors on: 9 September 2021
M Kaye Director and trustee
Page 17
## **The Norden Farm Centre Trust Limited Statements of Cash Flows**
## **For the year ended 31 March 2021**
|**Cash flows from operating activities:**
Surplus,(deficit) for the year
Adjusting for:
Interest receivable
Depreciation
Movement in stocks
Movement in debtors
Movement in creditors
**Cash flows from investing activities:**
Interest
Purchase of tangible fixed assets
Net cash provided by operating activities
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period|**Group**
**2021**
**£**
45,845
(382)
171,690
(3,843)
3,090
(176,052)
(5,497)
40,348
382
(8,938)
(8,556)
31,792
422,627
454,419|**Group**
**2020**
**£**
(167,998)
(1,186)
170,322
8,198
6,274
(73,441)
110,167
(57,831)
1,186
(23,040)
(21,854)
(79,685)
502,312
422,627|**Charity**
**2021**
**£**
45,845
(382)
171,690
-
10
(185,689)
(14,371)
31,474
382
(8,938)
(8,556)
22,918
421,051
443,969|**Charity**
**2020**
**£**
(167,998)|
|---|---|---|---|---|
|||||(1,186)
170,322
-
26,303
(24,249)|
|||||171,190|
|||||3,192|
|||||1,186
(23,040)|
|||||(21,854)|
|||||(18,662)
439,713|
|||||421,051|
Page 18
**The Norden Farm Centre Trust Limited Notes to the accounts**
**For the year ended 31 March 2021**
## **1 Accounting policies**
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented.
## _**Company information**_
The charity is a private company limited by guarantee incorporated in England and Wales. 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. The arts centre and registered office address is: Norden Farm Centre for the Arts, Altwood Road, Maidenhead, Berks SL6 4PF.
## _**Basis of preparation**_
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The accounts are presented in sterling which is the functional currency of the charity and group, rounded to the nearest £.
## _**Going concern**_
The charity reported an annual net cash inflow of £22,918 and inflow of £31,792 on a group basis. The trustees are of the view that the level of cash reserves, projected cash inflows and future funding already in place, secure the immediate future of the charity for at least 24 months following the year end.
## _**Group accounts**_
These accounts consolidate the results of the charity and its wholly owned subsidiary Long Barn Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.
## _**Income**_
Trading income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of activities, net of discounts and VAT where applicable.
Income from charitable activities 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.
Donations and income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached or implied have been met, it is probable that the income will be received and the amount can be measured reliably.
Page 19
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## _**Income** (continued)_
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 then the legacy is treated as a contingent asset in the 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.
## _**Expenditure**_
Expenditure is recognised in the accounts once there is either 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.
Expenditure is classified under the following activity headings (excluding associated support costs):
_Raising funds_ : Comprise the costs incurred in attracting voluntary funds and of commercial trading including the café bar.
_Expenditure on charitable activities_ : Includes the costs of events, exhibitions and other educational or social activities undertaken to further the purposes of the charity.
## _**Fund accounting**_
Unrestricted funds are available for activities that further any of the purposes of charity. Designated funds are unrestricted funds which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are grants and donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
## _**Allocation of support costs**_
The SORP (FRS102) requires that support costs are disclosed by activity. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs normally include back office costs, finance, personnel, payroll and governance costs which support the programmes and activities.
As the cost of expenditure on charitable activities is inclusive of the cost of raising funds and these are not practically identifiable, the support costs cannot be meaningfully allocated.
## _**Tangible fixed assets**_
Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Land and buildings : 2% straight line Machinery, fixtures and equipment : from 2% to 33% straight line
The carrying values of tangible fixed assets by class are reviewed annually for any indications of impairment in value.
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 net income/(expenditure) for the year.
Page 20
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## _**Fixed asset investments**_
Fixed asset investments, being shares in the wholly owned subsidiary undertaking, are recorded at the full cost of shares acquired in the charity's own accounts. Any premium paid on shares so acquired is treated as a notional transfer within the group unrestricted funds in so far as the corresponding share premium account arising in the subsidiary undertaking is reduced by way of a solvent capital reduction.
The carrying value of investments is reviewed annually for any indications of impairment in value.
## _**Stock**_
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## _**Debtors**_
Trade, activity and other debtors are recognised at the settlement amount due after any discount offered.
## _**Cash and cash equivalents**_
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**Creditors and provisions**_
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## _**Financial instruments**_
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments issues' of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments recognised initially at transaction value and subsequently measured at their settlement value.
## _**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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## _**Pensions**_
Contributions to the charity's defined contribution plan are expensed in the period to which they relate.
## _**Operating leases**_
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
Page 21
**The Norden Farm Centre Trust Limited Notes to the accounts**
**For the year ended 31 March 2021**
## **2 Critical accounting estimates and judgements**
In the application of the accounting policies, the directors 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.
## **3 Financial Performance of the charity**
The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary, Long Barn Catering Limited, which operates the café bar facilities. The summary financial performance of the charity alone is:
|Income
Donation from subsidiary undertaking (note 4)
Total expenditure
Operating surplus/(deficit) of the charity before depreciation
Depreciation
**Net result**
Total funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds|**2021**
**£**
778,450
4,303
(565,218)
217,535
(171,690)
45,845
4,673,370
4,719,215
4,319,683
399,532
4,719,215|**2020**
**£**
831,515
32,547
(861,738)|
|---|---|---|
|||2,324
(170,322)|
|||(167,998)
4,841,368|
|||4,673,370|
|||4,479,899
193,471|
|||4,673,370|
Page 22
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## **4 Financial performance of the subsidiary undertaking**
The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary, Long Barn Catering Limited (company registration number 03870502), which operates a café bar facility. The summary financial performance of the subsidiary is as follows:
|Income
Grant allocation
Expenditure
note (i)
Donation to parent undertaking (under a Deed of Covenant)
**Net result**
Current assets
Current liabilities
**Total net assets**
Share capital and reserves|**2021**
**£**
48,779
43,222
(87,698)
(4,303)
-
14,903
(14,226)
677
677|**2020**
**£**
448,584
-
(416,037)
(32,547)|
|---|---|---|
|||-|
|||28,985
(28,308)|
|||677|
|||677|
(i) Expenditure includes staff costs of £54,420 stated net of £81,218 Job Retention Scheme monies received.
## **5 Net income**
||||
|---|---|---|
|**Net income**|**2021**|**2020**|
||**£**|**£**|
|Net income / (expenditure) is stated after charging / (crediting):|||
|Depreciation|171,690|170,322|
|Auditor's remuneration for audit services|5,800|5,800|
|Auditor's remuneration for non-audit services|2,300|2,300|
## **6 Income from donations**
|**Income from donations**
Group:
Core funding from the local authority
Angels, patrons and member subscriptions
Donations received via film programme
Tax credits and other donations|**2021**
**Unrestricted**
**funds**
**£**
141,000
33,472
1,720
24,607
200,799|**2021**
**Restricted**
**funds**
**£**
-
-
-
-
-|**2021**
**Total**
**£**
141,000
33,472
1,720
24,607
200,799|**2020**
**Total**
**£**
158,000
32,678
53,283
28,857|
|---|---|---|---|---|
|||||272,818|
Page 23
## **The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
|**7**
**Income from charitable activities**
Grants/ income for specific activities
note 11(i)
Hire of facilities
Costs recovered under cost sharing
agreement
note 17
Sales and sales commissions
Booking fees|**2021**
**Unrestricted**
**funds**
**£**
371,105
26,762
90,684
1,264
4,149
493,964|**2021**
**Restricted**
**funds**
**£**
82,607
-
-
-
-
82,607|**2021**
**Total**
**£**
453,712
26,762
90,684
1,264
4,149
576,571|**2020**
**Total**
**£**
92,812
83,374
301,654
27,727
23,704|
|---|---|---|---|---|
|||||529,271|
Included in grant income is an award of £351,000 from the Arts Council England's Culture Recovery Fund. £315,900 was received during the year and the balance of £35,100 due after their review of an independenly certified final activity report submission on 28 April 2021. The grant is recognised in full as attributable to the current financial year.
The successful application for this CFR funding was made by Norden Farm Centre Trust Limited in October 2020, for support of its activities and those of its subsidiary undertaking and Norden Farm Centre for the Arts Limited; together comprising the faciities offered by the Arts Centre. £43,222 of this grant income was internally allocated to Long Barn Catering and £28,781 to Norden Farm Centre for the Arts.
In November 2020 ACE confirmed that CFR funding could be used "to build reserves up to the equivalent of 12 weeks turnover, if this enables organisations to increase their reserves up to the level they had at the start of the Covid-19 pandemic". Consequently the final submission included £174,334 for reflation of free reserves, against the requirement of £40,000 specified in the original application.
As the balance of the grant of £35,100 was subsequently received on 19 July 2021, the trustees have assumed that no repayment of funds will be required by ACE under their grant terms and conditions.
|**8**
**Income earned from other activities**
Commercial trading operations
Other fundraising activities|**2021**
**Unrestricted**
**funds**
**£**
48,779
43,920
92,699|**2021**
**Restricted**
**funds**
**£**
-
-
-|**2021**
**Total**
**£**
48,779
43,920
92,699|**2020**
**Total**
**£**
448,584
28,240|
|---|---|---|---|---|
|||||476,824|
Page 24
## **The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
|**9**
**Investment income**
Bank interest receivable
**10**
**Expenditure on raising funds**
Commercial trading operations
**11**
**Analysis of expenditure**
**on charitable activities**
Grants made
note (i)
Staff and related costs in the charity
note (ii)
Educational and social projects
note (iii)
Marketing costs
Establishment costs
Insurance
Administrative costs
Repairs and renewals
Legal and professional
note (iv)
Audit and accountancy fees
Bank charges
Other charitable activities|**2021**
**Unrestricted**
**funds**
**£**
382
**2021**
**Unrestricted**
**funds**
**£**
87,698
**2021**
**Unrestricted**
**funds**
**£**
28,781
271,228
7,277
1,097
31,674
27,737
21,382
31,381
41,503
9,050
4,593
138
475,841|**2021**
**Restricted**
**funds**
**£**
-
**2021**
**Restricted**
**funds**
**£**
-
**2021**
**Restricted**
**funds**
**£**
-
-
72,027
-
-
-
-
17,350
-
-
-
-
89,377|**2021**
**Total**
**£**
382
**2021**
**Total**
**£**
87,698
**2021**
**Total**
**£**
28,781
271,228
79,304
1,097
31,674
27,737
21,382
48,731
41,503
9,050
4,593
138
565,218|**2020**
**Total**
**£**
1,186|
|---|---|---|---|---|
|||||**2020**
**Total**
**£**
416,037|
|||||**2020**
**Total**
**£**
-
478,124
92,812
73,157
82,557
28,107
24,587
34,471
18,130
8,700
18,496
2,597|
|||||861,738|
(i) Grants made includes allocation of £28,781 to Norden Farm Centre for the Arts Limited of ACE grant funding received as explained in note 7.
(ii) Staff costs are net of £104,231 Job Retention Scheme monies received by the charity.
(iii) Educational and social projects cost includes £20,328 (2020: £25,697) of staff costs and £168 (2020: £3,934) of internal room hire charges, attributed to projects for which grant funding was obtained.
(iv) Legal and professional fees includes £29,518 spend in relation to the new wing, for which grant funding was utilised.
Page 25
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## **12 Summary analysis of expenditure and related income for charitable activities**
This table shows the cost of the main charitable activities and the sources of income directly to support those activities of the charity in the current period.
|Total expenditure
Income from cost sharing agreement
Core funding from the local authority
Grants and income for specific activities
Net cost funded from other income
or from funds brought forward|**Core**
**activities**
**£**
(647,531)
90,684
141,000
371,105
(44,742)|**Education**
**and repairs**
**£**
(89,377)
-
-
82,607
(6,770)|**Total**
**£**
(736,908)
90,684
141,000
453,712|
|---|---|---|---|
||||(51,512)|
## **13 Analysis of governance and support costs**
The charity considers that all the work it undertakes is directly attributable to its charitable objective, that is the provision of an arts centre to the local community.
The trustees do not consider that any additional analysis or apportionment in relation to support and governance costs, between the costs of raising funds and of charitable activities, is meaningful or required in the context of the charity operations and expenditure as any amounts attributed beyond the annual audit fee would be trivial.
## **14 Trustee remuneration**
The trustees were not paid or received any other benefits from employment with the charity or its subsidiary in the year (2020: £nil), neither were they reimbursed expenses during the year (2020: £nil).
## **15 Key management**
The key management personnel of the charity and its subsidiary undertaking comprise the trustees, the chief executive and artistic director, the deputy director and technical manager, the events and operations manager, the marketing manager, and the financial controller. The total employee benefits of the key management personnel were £165,057 (2020: £161,417) for the group and £146,501 (2020: £139,222) for the charity.
Page 26
## **The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
|**16**
**Employees and staff costs**
Amounts paid to staff employed in the group:
Wages and salaries
Social security costs
Pension costs|**2021**
**£**
531,820
32,501
9,457
573,778|**2020**
**£**
663,788
45,295
11,253|
|---|---|---|
|||720,336|
No employees had employee benefits in excess of £60,000 (2020: none). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.
|The average monthly number of employees
Management
Box office, marketing and administration
Technical support
Catering
and full time equivalents were as follows:|**2021**
**No.**
1
18
6
14
39|**2020**
**No.**
1
23
7
18
49|**2021**
**FTE**
1
12
5
8
26|**2020**
**FTE**
1
14
6
11|
|---|---|---|---|---|
|||||32|
## **17 Related party transactions**
Norden Farm Centre for the Arts Limited provides the live 3rd party performance and film programme in the Trust premises. The trustees of the charity are also directors of this company. The charity recovered £90,684 (2020: £301,654) from Norden Farm Centre for the Arts Limited under a cost sharing agreement including rent. At the end of the year the charity owed £63,528 (2020: £135,791) to this company.
No trustee, or close family members thereof, conducted any transaction with the charity or its subsidiary undertaking during the year, other than as disclosed in the Trustees' Report.
## **18 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. The trading subsidiary is a company within the charge to tax but no provision is made as all profits are donated in full to the parent charity each year.
Page 27
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## **19 Tangible fixed assets**
|Group and charity:
**Cost**
At 1 April
Additions
Disposals
At 31 March
**Depreciation**
At 1 April
Charged in year
On disposals
At 31 March
**Net book value**
At 31 March 2021
At 31 March 2020|**Land and**
**buildings**
7,255,268
-
-
7,255,268
2,833,990
146,598
-
2,980,588
4,274,680
4,421,278|**Plant and**
**equipment**
578,055
8,938
(31,025)
555,968
438,019
25,092
(31,025)
432,086
123,882
140,036|**Total**
7,833,323
8,938
(31,025)|
|---|---|---|---|
||||7,811,236|
||||3,272,009
171,690
(31,025)|
||||3,412,674|
||||4,398,562|
||||4,561,314|
## **20 Fixed asset investments**
The charity holds 100 shares of £1 each in its wholly owned trading subsidiary company Long Barn Catering Limited (company number 03870502). These are the only shares allotted, called up and fully paid. The activities and results of this company are summarised in note 4.
|Charity:
**Cost and carrying amount**
At 1 April
Movement in year
At 31 March
**21**
**Stock**
**Group**
**Group**
**2021**
**2020**
**£**
**£**
Goods held for resale in the café bar
3,843
-|**2021**
**£**
47,000
-
47,000
**Charity**
**2021**
**£**
-|**2020**
**£**
47,000
-|
|---|---|---|
|||47,000|
|||**Charity**
**2020**
**£**
-|
Page 28
## **The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
|**22**
**Debtors**
Activity receivables
Due from group undertakings
Due from related undertakings
Other debtors
Prepayments and accrued income
**23**
**Creditors:**
**amounts falling due within one year**
Trade and activity payables
Due to group undertakings
Due to related undertakings
Taxation and social security
Other creditors
Accruals
Deferred income (note 24)
**24**
**Deferred income**
Group and charity:
Grant for core funding
Grants for specific activities|**Group**
**2021**
**£**
16,807
-
-
41,074
27,844
85,725
**Group**
**2021**
**£**
15,908
-
63,528
-
41,773
67,027
81,421
269,657
**2021**
**£**
-
81,421
81,421|**Group**
**2020**
**£**
48,365
-
7,565
3,579
29,306
88,815
**Group**
**2020**
**£**
35,758
-
135,791
13,563
63,135
101,812
95,650
445,709
**2020**
**£**
39,500
56,150
95,650|**Charity**
**2021**
**£**
16,197
3,690
-
41,074
27,844
88,805
**Charity**
**2021**
**£**
14,692
-
63,528
-
41,773
57,707
81,421
259,121|**Charity**
**2020**
**£**
48,365
-
7,565
3,579
29,306|
|---|---|---|---|---|
|||||88,815|
|||||**Charity**
**2020**
**£**
35,593
27,409
135,791
1,831
61,024
87,512
95,650|
|||||444,810|
||||||
Grant for core funding comprises financial support provided quarterly in advance, by the Royal Borough of Windsor and Maidenhead, to fund the operation of the Norden Farm Centre for the Arts in accordance with the "Standard Agreement for the Provision of Services" originally dated 28 June 2016.
The charity was notified that core funding is reduced to £64,000 for 2021/22, being to the end of the current agreement. However, there is a discretionary fund set aside by RBWM from which it is expected that the charity will receive in the region of £16,000 in addition to any core funding.
Page 29
**The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## **25 Analysis of group and charity funds**
The income funds of the charity include both restricted funds, which comprise unexpended balances of income held on trust for specific purposes, and unrestricted funds, which include funds designated for particular purposes. Analysis of the funds movements in the year is as follows:
|Charity designated funds
Charity general funds
Subsidiary undertaking
Total group unrestricted funds
Charity land and buildings
Charity equipment
Special projects
Theatre repair and restoration
Total group restricted funds
Total group funds
Total charity funds (see note 26)|**At 1 April**
**£**
67,116
79,455
577
147,148
4,413,423
59,706
-
6,770
4,479,899
4,627,047
4,673,370|**Incoming**
**resources**
**£**
-
787,844
448,584
1,236,428
-
-
72,027
10,580
82,607
1,319,035
870,451|**Outgoing**
**resources**
**£**
-
(581,783)
(448,584)
(1,030,367)
(144,731)
(8,715)
(72,027)
(17,350)
(242,823)
(1,273,190)
(824,606)|**Adjustment**
**/Transfers**
**£**
-
-
-
-
-
-
-
-
-
-
-|**At 31 March**
**£**
67,116
285,516
577|
|---|---|---|---|---|---|
||||||353,209|
||||||4,268,692
50,991
-
-|
||||||4,319,683|
||||||4,672,892|
||||||4,719,215|
## **26 Description of funds**
Charity designated funds comprise £67,116 (2020: £67,116) set aside for the upkeep of the Arts Centre.
Charity land and buildings and charity equipment restricted funds represent funds raised to establish the Norden Farm Centre for the Arts in Maidenhead, and depreciation charged thereon. The Arts Council awarded National Lottery funds of £5,295,000 for the capital project plus £492,000 for the initial land purchase. The balance was raised from local authority funding, Foundation for Sports and the Arts, and local fundraising from companies and individuals.
The Special projects restricted fund represents the grants and donations received from the Arts Council, Spoore Merry and Rixman Foundation, Prince Phllip Trust, Cyril Taylor Trust and others, to fund specific social and education programmes run by the charity. Any transfers to this fund represent the amount of the education activities that is funded from unrestricted funds during the year.
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## **The Norden Farm Centre Trust Limited Notes to the accounts**
## **For the year ended 31 March 2021**
## **27 Analysis of net assets between funds**
Funds balances at 31 March are represented by:
|Group:
Tangible fixed assets
Net current assets
Charity:
Tangible fixed assets
Investments
Net current assets
**28**
**Financial instruments**
Carrying amount of financial assets:
Debt instruments measured at amortised cost
Equity instruments at cost less impairment
Carrying amount of financial liabilities:
Measured at amortised cost|**General funds**
**£**
78,879
207,214
286,093
78,879
47,000
206,537
332,416
**Group**
**2021**
**£**
516,143
-
516,143
121,209|**Designated**
**funds**
**£**
-
67,116
67,116
-
-
67,116
67,116
**Group**
**2020**
**£**
482,136
-
482,136
248,247|**Restricted**
**funds**
**£**
4,319,683
-
4,319,683
4,319,683
-
-
4,319,683
**Charity**
**2021**
**£**
504,930
47,000
551,930
119,993|**Total**
**£**
4,398,562
274,330|
|---|---|---|---|---|
|||||4,672,892|
|||||4,398,562
47,000
273,653|
|||||4,719,215|
|||||**Charity**
**2020**
**£**
480,560
47,000|
|||||527,560|
|||||261,648|
## **29 Post balance sheet events**
The charity made an insurance claim for disruption caused by the COVID pandemic during the year. The claim was resolved in the following year and an amount of £84,733 was received in settlement of the claim.
## **30 Guarantees and commitments**
No guarantees have been given or received. There are no financial commitments in place at 31 March 2021 requiring disclosure.
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