Registered number: 02885156 Charity number: 1041863
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' Report | 2 - 9 |
| Independent Auditors' Report on the financial statements | 10 - 14 |
| Consolidated Statement of Financial Activities | 15 |
| Consolidated Balance Sheet | 16 |
| Company Balance Sheet | 17 |
| Consolidated Statement of Cash Flows | 18 |
| Notes to the financial statements | 19 - 33 |
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | I Wilkinson, Chair |
|---|---|
| A King, Deputy Chair (resigned 9 January 2021) | |
| R Rothwell | |
| R Orrett | |
| R Holden | |
| N Watt | |
| M Tucker | |
| J Durie | |
| N Ringner | |
| Company registered number 02885156 Charity registered number 1041863 Registered office 2 Temple Back East Temple Quay Bristol BS1 6EG Principal operating office Underfall Yard Trust Cumblerland Road Bristol BS1 6XG Company secretary M Rothwell Vice Presidents G Hayes M Tanner Independent auditors Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL Bankers Lloyds Bank PLC 284 Wells Road Knowle Bristol BS1 6FL Solicitors Osborne Clarke LLP 2 Temple Back East Temple Quay Bristol BS1 6EG |
Page 1
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their Annual Report together with the audited financial statements of the Company for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Trust's strategy is subject to ongoing revision and scrutiny and is reviewed each year.
The overarching vision of the Trust is 'To create a Maritime Centre of Excellence within Bristol Harbour that preserves, for the benefit of the public, its historic assets and unique character through sustainable commercial, leisure, tourism and educational developments reflecting the maritime history of the area.'
b. Strategies for achieving objectives
The vision of the Trust will be delivered and monitored against the following strategic objectives:
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Preserving and restoring the historic buildings and machinery.
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Improving public access, engagement, awareness and understanding of the yard including interpretation, with opportunities for learning and volunteering.
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Retaining the unique character of the Underfall Yard keeping it as a working and productive place, not a working museum.
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Nurturing and supporting maritime skills and industries by providing workshops, with opportunities for training and learning
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Enhancing sustainability to ensure long-term viability.
c. Activities undertaken to achieve objectives
The principal mechanisms to enable the five strategic priorities to be delivered are:
The fifty-year lease from Bristol City Council to the Trust of the whole of the Underfall Yard site (handover 1 September 2014) and the delivery of the £4 million project (74% funded by Heritage Lottery Fund, with the remainder coming from the Trust’s own fundraising) has provided a sound basis for the Trust to develop.
Future site development and capital works will be undertaken as buildings become available to the Trust under the terms of the lease and the funding agreement, this will provide additional funding enabling the Trust to continue its work in preserving and maintaining the unique and historic site. Programmes of educational, volunteering and engagement activities continue to be developed and delivered.
The continued support of maritime skills and businesses will be the basis for the Trust’s future planning, combined with sound commercial planning.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Objectives and activities (CONTINUED)
d. Main activities undertaken to further the Company's purposes for the public benefit
The conservation of the Underfall Yard, a Scheduled Ancient Monument is the responsibility of the Trust and at the centre of the Trust’s activities. The Trust has a programme of regular maintenance of all the infrastructure and rental units already in its possession. Units are let to maritime businesses, the rental income and a service charge from these units provides the funding necessary for the works required to maintain and conserve a complex historical site. The Trust continues to deliver and develop educational programmes, actively engages with the local community and groups in the immediate vicinity and the harbourside, creating relationships which enhance the goals of the Trust and promote the historical relevance of the site.
With proposed development to the Western Harbour the Trust is working with other interested parties to ensure that the Underfall Yard continues to remain at the heart of the harbour.
Achievements and performance
a. Review of activities
Visitor and site activities
The Underfall Yard Trust entered the financial year facing uncertainty and new challenges, the Trust adapted to the changes and put the new requirements into place. On March the 16th 2020, the Underfall Yard was closed to the public. The Trust worked with the Harbour Office to ensure that the Harbour team and the docks engineers were kept as safe as possible so they could continue to carry out the necessary works to the waterway systems that keep Bristol secure. Where possible staff were put on Furlough and the office function adhered to government guidelines with only essential on site working. The Trust then worked on supporting the tenants especially at the start of the Government Lockdown. With so many unknowns it was thought that all of the businesses based at the yard could be facing an uncertain future, however most of the businesses continued to function. The site remained closed to the public until 1st July 2020 when the gates were opened and the café offered a limited outdoor service, the site was then closed again on the 4th November 2020 and remained closed until the 29th March 2021.
The Trust set up the Underfall Yard Trading Company Limited to deal with the commercial trading, which is mainly the Café and some retail sales. The company is wholly owned by the trust and profits from the company will be gift aided back to the Trust.
The Trust received a grant from the Heritage Cultural Recovery Fund of £25,500. The grant funded a cover for the knuckle which has proved to be of exceptional value allowing customers to remain outside but with some protection from adverse weather. This has made the Trading company profitable despite closures and limited service. The grant also allowed for a newer computer system which has allowed staff to easily work from home and assisted with ensuring covid security.
All volunteer activities were halted throughout the year as were tours and visits. The Trust developed virtual tours and visits throughout the year which proved to be very popular. A Web Cam was installed on the Visitor Centre tower to provide a live stream of the harbour. A small number of socially distanced tours were undertaken whenever the Government rules allowed.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (CONTINUED)
Yard businesses
Many of the businesses based at the yard continued to work throughout the year. Businesses that are very customer focused or offer training were badly affected by the various lockdowns and restrictions. The Trust deferred rent for some tenants and did not implement the annual rent increase for all tenants. All of the businesses based at the yard have continued to trade and no units have been handed back to the Trust. Most of the deferred rent was repaid before the end of the year, agreements for repayment are in place for the outstanding rent.
There was no change in the tenants at the yard.
The current tenants are:
Adventurous Activities Bristol City Council Bristol Maritime Academy Fire Iron Art Blacksmithing Independent Composites Ltd Offshore Marine People & Academy Omni Digital Ltd RB Boat Building Ltd Shipshape (Everyday things Ltd) Star Yachts Ltd Steamship Engineering Stuart Hambly Fabrications Traditional Rigging Severnside Sub-Aqua Club Avon Scout County Sailing
Summary of finances
The Trust operates and maintains the Underfall Yard site and does not receive external funding. Rental income and a service charge to tenants is the main source of funds for the Trust. Boats moored at the yard are charged and the operation of the slipway generates revenue.
At the beginning of the year the budgets were reworked, as the major source of Income for the Trust is from tenant rental. Throughout the year income from donations, tours, groups and activities was greatly reduced. With the Harbour closed income from the slipway was also severely reduced. Grants from Bristol City Council, for local businesses were managed through the rates and as the Trust receives Charitable relief were not available, this proved problematic for many of the tenants and caused problems for several of them. The Trust made use of the furlough scheme and reduced expenditure wherever possible.
Heritage recovery grant was not all spent within the timeframe, it was agreed that the unspent funds could be transferred to reserves, on the 24th March £11,789 was transferred to reserves.
Although it was a difficult year the Trust has once again made an operational surplus for the year.
The Underfall Yard Trading Company made a profit of £8,004, this will be retained for this year to provide working capital for the company and in future years will be gift aided to the Trust.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (CONTINUED)
Staffing
The staffing structure put into place in 2018 works well and was in place at the start of the year. It allows for seven-day cover for yard, office and visitor related business. Comprising of four core members of staff, The Director who is in overall charge, a Heritage, Learning and Volunteer Manager, a Finance and Administration Coordinator and a Site and Machinery Coordinator, these members of staff take on weekend and Duty Manager cover on a rota basis. In addition, there are the café staff a Café Manager, Cook and several part time general café staff.
The staff are usually assisted by a 52 strong group of regular volunteers who provide several different services such as Visitor Centre welcome, guided tours, workshop preservation and pump demonstrations.
In the year all eligible staff with the exception of the Director were put on furlough from 1st April 2020. The introduction of flexible furlough from 1st July meant that staff could be brought back into the workplace in a managed way and provide a more balanced skill set. The Site and Machinery Coordinator left during the year and was not replaced, the position will be changed to deliver the needs of the Trust and recruited for in 2021.
Machinery
The restoration and repair of machinery at the yard was put on hold. Throughout the year the hydraulic pumps and the workshop line drive were run for maintenance purposes and for online tours.
Capital works
A comprehensive programme of capital works contract was completed in February 2018. Future capital works will be undertaken when buildings become available, it is essential that all works are completed in a sensitive manner and address the various challenges posed by an historic site with Scheduled Monument status. Future works will require changes to the internal structure of the buildings and may include roof repairs, gutter repairs, structural support for buildings, repointing and repairing brickwork, electrical and plumbing repairs. Special attention is required when selecting the approach and materials to ensure that they are suitable for the site historically, structurally and aesthetically achieving the Trusts aim of restoring and preserving the buildings without changing their appearance. All future works require full planning permission and close contact with Heritage England.
b. Factors relevant to achieve objectives
The Trust is required to operate in a way both compatible with its own charitable objects and within the various terms and conditions as laid out by its funders; in addition, it must also adhere to the financial and reporting requirements of its funders as well as to its own internal procedures.
c. Investment policy and performance
The Trust holds no formal investments; current investment income is derived from rental yields. One of the three accounts currently held with Lloyds Bank functions is a deposit account and derives interest income from short term treasury deposits.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial review
a. Going concern
After making appropriate enquiries and reassessing the next two years financial forecast due to the Covid 19 pandemic, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Reserves policy
The charity aims to build up a reserve of free funds, equivalent to approximately 6 months charitable expenditure, to provide against any temporary downturn in rental or other income. This suggests a reserve of around £150,000 together with an emergency fund of £5,000. The unrestricted funds stand at £183,061 which is augmented by the operating surplus on a regular basis, however £50,000 of this balance has been designated from the reserve to the slipway renovation project. Therefore, the free funds balance stands at £133,061. The current reserves balance is slightly lower than that required by the reserves policy. Based on income projections, the Trust anticipate being able to rebuild that balance back to reserve policy levels within five years. The trustees review the reserves policy on an annual basis.
c. Principal funding
All staffing, site costs and operations, are funded from boat, slipway, trading and rental income. Education and visit costs are covered by a small charge. Donations are used to provide additional resources when required. The Trust will undertake fundraising campaigns for future developments.
d. Fundraising policy
The charity does not directly raise funds from the public.
e. Material investments policy
Decisions relating to material investments are taken at full board level after a robust costing, cost benefit analysis and, where appropriate, external professions' advice.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
a. Constitution
The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 22 December 1993. The company is a private company limited by guarantee and as such does not have share capital. The governing documents are the Memorandum and Articles of Association. The liability of each member is limited to an amount not exceeding £1.
The main activities of the Underfall Yard Trust are to;
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a) To preserve for the benefit of the public of the townspeople of the City of Bristol and of the nation at large, the Underfall Yard which is of historical, architectural and constructional interest.
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b) To advance the education of the public of the Underfall Yard within Bristol's floating harbour and the City of Bristol by way of the development and retention of the traditional and contemporary maritime skills
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c) To register the Trust's interest in the future of the areas immediately surrounding the Underfall Yard, the heritage of the floating harbour and to work with stakeholders to support appropriate adoption of these areas for use in the furtherance of the Trust's objects.
In considering these objectives, the Trustees have had regard to the Charity Commission’s guidance on public benefit and confirm that, in their opinion, the Trust both by way of its establishment and the stated objectives above, seeks to deliver a clear public benefit to the City of Bristol, its current and future citizens, and to the wider community, through the preservation and continued working of this historic boatyard.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The rotation of trustees was subject to discussion during the financial year and new Trustees with the appropriate skills are being sought as part of a longer-term strategy.
c. Organisational structure and decision-making policies
The Board of Trustees is overseen by the Chair, supported by the Treasurer, Secretary and board members. The Board meets four times a year at regular intervals. This is supplemented by working groups focused on aspects of the business as required. The working groups can be given delegated authority to take decisions on behalf of the full Board of Trustees however major decisions such as staff appointments and critical budget changes are brought before the Board.
d. Policies adopted for the induction and training of Trustees
Trustees are appointed on recommendation by current trustees having regard to their range and depth of relevant experience and are inducted via site visits and a familiarisation from existing trustees and Trust staff. All trustees are made aware of the Trust Health & Safety and Equal Opportunities policies, and Training is provided as and when deemed necessary.
e. Pay policy for senior staff
As the Charity has only a small number of employees, the policy is to pay a sensible salary for the role performed.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (CONTINUED)
f. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and whilst those risks have increased as a result of the Heritage Lottery Fund project, the Trustees are satisfied that systems and procedures are in place to mitigate exposure to the major risks, these however are subject to continuing improvement and scrutiny; additional systems put in place as funder requirements during the project continue and have been improved upon to ensure a robust approach to payment approval and recording.
The Trustees have looked at the risks from the Covid 19 pandemic, careful cost control has been put in place to mitigate future losses from tenants going out of business and a potential increase in bad debts, tenants have been encouraged to communicate with the Trust on a regular basis so that any risks can be identified in good time.
Plans for future periods
a. FUTURE DEVELOPMENTS
The Pandemic which closed the site and Visitor Centre at the end of March 2020 meant that the Trust had to reevaluate its short and long-term strategies. Education and visitor focused programmes and activities are expected to come back slowly throughout 2021. The Trust will be unable to deliver its education programmes in the immediate future but is using the time to develop new activities and programmes. The Visitor Centre and visitor related activities are expected to resume but will do so slowly and as part of a managed programme.
An outdoor photographic exhibition took place in the summer of 2021 showcasing the work of Jem Southam and featured black and white images of the harbour taken at the end of the 70’s.
An overhaul of the historic slipway will be undertaken at the end of 2021, new castings will be made and timbers replaced in areas of rot, this will ensure that the Trust can once again slip vessels up to 150 tons.
The Trustees will update the 5-year strategic plan to reflect these changes and ensure the delivery of strategic objectives in a self-sustaining way. The Trust will, continue to review the staffing structure and the financial forecasts; finalise and adopt the new five-year business plan; review the Vision and the strategic priorities to ensure they are still fit for purpose and that that they reflect developments in the area and the external financial and political environment. The Trust will continue to work with Bristol City Council to improve relations and progress the site as was envisioned.
The Funding agreement with Bristol City Council allows for more spaces to be handed over to the Trust. These spaces are essential to the long-term future growth of the Trust and require long-term planning, this is now underway ensuring that the Trust can fully utilise these spaces when they become available and that there is a funding plan in place.
Funds held as custodian
The Trust holds deposit funds for Omni Digital Ltd of £7,800, Offshore Marine Ltd of £7,250, Mathew Wilcox of £900 and Steamship Engineering of £600 in the reserve account, £3.28 of interest was earned on the deposits in the year.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
I Wilkinson
Trustee Date:
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNDERFALL YARD TRUST
OPINION
We have audited the financial statements of The Underfall Yard Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement 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 financial statements:
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give a true and fair view of the state of the Group's and of the parent charitable 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;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNDERFALL YARD TRUST (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements 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.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNDERFALL YARD TRUST (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report 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 financial statements.
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:
Identifying and assessing potential risks related to irregularities
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we have considered the nature of the industry and sector, control environment and business performance
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we have considered the results of our enquiries of management about their own identification and assessment of the risk of irregularities.
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for any matters identified we have obtained and reviewed documentation of the Group's policies and procedures relating to:
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identifying, evaluating, and complying with laws and regulations whether they were aware of any instances of non-compliance;
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detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
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the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
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we have considered the matters discussed among the audit engagement team including internal tax specialists regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
- revenue recognition cut off
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNDERFALL YARD TRUST (CONTINUED)
Audit response to risks identified
We identified revenue recognition cut off as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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enquiring of management concerning actual and potential litigation claims;
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
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reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Due to the Covid-19 pandemic the engagement team performed remote audit testing using online portals to share documentation securely and video calls to make enquiries. This has not had any detrimental impact on our ability to identify and respond to risks.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNDERFALL YARD TRUST (CONTINUED)
USE OF OUR REPORT
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, 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 members those matters we are required to state to them in an Auditors' Report 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
David Butler FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back
Bristol BS1 6FL
Date:
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THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Raising funds 8 Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 93,895 203,700 97,741 2 395,338 92,764 216,979 309,743 85,595 97,466 85,595 183,061 |
Restricted funds 2021 £ - - - - - - 91,517 91,517 (91,517) 3,380,922 (91,517) 3,289,405 |
Total funds 2021 £ 93,895 203,700 97,741 2 395,338 92,764 308,496 401,260 (5,922) 3,478,388 (5,922) 3,472,466 |
Total funds 2020 £ 12,400 234,378 39,577 785 287,140 57,078 306,355 363,433 (76,293) 3,554,681 (76,293) 3,478,388 |
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 33 form part of these financial statements.
Page 15
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02885156 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
20,860 277,347 298,207 (48,625) |
2021 £ 3,222,884 3,222,884 249,582 3,472,466 3,472,466 3,289,405 183,061 3,472,466 |
6,953 197,578 204,531 (40,544) |
2020 £ 3,314,401 |
|---|---|---|---|---|
| 3,314,401 163,987 |
||||
| 3,478,388 | ||||
| 3,478,388 | ||||
| 3,380,922 97,466 |
||||
| 3,478,388 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:
I Wilkinson
Trustee
The notes on pages 19 to 33 form part of these financial statements.
Page 16
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:02885156 COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2021
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
20,323 269,853 290,176 (48,599) |
2021 £ 3,222,884 1 3,222,885 241,577 3,464,462 3,464,462 3,464,462 - 3,464,462 3,464,462 |
6,953 197,578 204,531 (40,544) |
2020 £ 3,314,401 - |
|---|---|---|---|---|
| 3,314,401 163,987 |
||||
| 3,478,388 | ||||
| 3,478,388 | ||||
| 3,478,388 | ||||
| 3,380,922 97,466 |
||||
| 3,478,388 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
I Wilkinson
Trustee Date:
The notes on pages 19 to 33 form part of these financial statements.
Page 17
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Interest received Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 19 to 33 form part of these financial statements |
2021 £ 79,767 2 - 2 - 79,769 197,578 277,347 |
2020 £ 42,030 785 (1,190) (405) - 41,625 155,953 197,578 |
|---|---|---|
Page 18
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The Underfall Yard Trust is a company limited by guarantee and a charity, registered at the Charity Commission in England and Wales. The registered office is 2 Temple Back East, Temple Quay, Bristol, BS1 6EG. The principal office is Underfall Yard Boatyard, Cumberland Road, Bristol, BS1 6XG.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Underfall Yard Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the Financial Statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these Financial Statements.
2.2 GOING CONCERN
The management team has produced forecasts and budgets that have also been modelled to reflect plausible downside scenarios within the economy, fluctuations in costs and income and further risks related to COVID-19 pandemic, these have been reviewed by the Trustees. They demonstrate that the Trust is forecast to generate profits and cash up to the year ending 31st of March 2023, in addition the Trust has sufficient cash reserves to enable the Trust to meet its obligations as they fall due for a period of at least 6 months, without any income receipts, from the date of signing of these financial statements. Our management team up-dates these forecasts and budgets as each financial year progresses and reports to the Trustees, allowing the Trust to react in a timely way to any risks arising. As such, the Trustees are satisfied that the Trust has adequate resources and processes in place to continue to operate as a going concern.
2.3 INCOME
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 19
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Long-term leasehold property | - Over the term of the lease |
|---|---|
| Extension to forge | - 15% straight line |
| Interpretation assets | - Straight line over 3 to 10 years |
| Office equipment | - Straight line over 3 years |
| Computer equipment | - Straight line over 3 years |
| Building restoration | - Over the term of the lease |
2.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 20
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 CASH AT BANK AND IN HAND
Cash at bank and 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.
2.10 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
2.11 FINANCIAL INSTRUMENTS
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 PENSIONS
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
2.13 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 21
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2021 £ Donations 2,706 Grants 91,189 93,895 Total 2020 12,400 |
Total funds 2021 £ 2,706 91,189 93,895 12,400 |
Total funds 2020 £ 12,400 - |
|---|---|---|
| 12,400 | ||
5. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2021 £ Rental income - boats, slipway and workshop 198,920 Electricity income 4,780 203,700 Total 2020 234,378 |
Total funds 2021 £ 198,920 4,780 203,700 234,378 |
Total funds 2020 £ 228,843 5,535 |
|---|---|---|
| 234,378 | ||
Page 22
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. INCOME FROM OTHER TRADING ACTIVITIES
Income from fundraising events
| Unrestricted funds 2021 £ Cafe sales - Total 2020 39,577 Income from non charitable trading activities Unrestricted funds 2021 £ Cafe sales 97,741 |
Total funds 2021 £ - 39,577 Total funds 2021 £ 97,741 |
Total funds 2020 £ 39,577 |
|---|---|---|
| Total funds 2020 £ - |
In the year ended 31 March 2020, all Cafe sales were made in the Charity. The Subsidiary ("Underfall Yard Trading Company") was incorporated on 19 March 2020. In the year ended 31 March 2021, all Cafe sales were made in the Subsidiary.
7. INVESTMENT INCOME
| Unrestricted funds 2021 £ Bank interest 2 Total 2020 785 |
Total funds 2021 £ 2 785 |
Total funds 2020 £ 785 |
|---|---|---|
Page 23
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. EXPENDITURE ON RAISING FUNDS
FUNDRAISING TRADING EXPENSES
| Unrestricted funds 2021 £ Cafe costs 3,027 Total 2020 57,078 OTHER TRADING EXPENSES Unrestricted funds 2021 £ Cafe costs 46,848 Cafe wages 42,889 89,737 |
Total funds 2021 £ 3,027 57,078 Total funds 2021 £ 46,848 42,889 89,737 |
Total funds 2020 £ 57,078 |
|---|---|---|
| Total funds 2020 £ - - |
||
| - |
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Expenditure Total 2020 |
Activities undertaken directly 2021 £ 136,223 105,428 |
Support costs 2021 £ 172,273 200,927 |
Total funds 2021 £ 308,496 306,355 |
Total funds 2020 £ 306,355 |
|---|---|---|---|---|
ANALYSIS OF DIRECT COSTS
Page 24
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS (continued)
| Staff costs Slipway services Staff training |
Total funds 2021 £ 132,297 3,926 - 136,223 |
Total funds 2020 £ 97,605 7,606 217 |
|---|---|---|
| 105,428 |
ANALYSIS OF SUPPORT COSTS
| Depreciation Health and safety Building works and repairs Waste disposal Yard duties Advertising Insurance Water, gas and electricity Telephone HLF recovery grant expenditure Bad debts Professional fees Travel and entertainment Bank charges Other support and office costs Equipment Governance costs Non recoverable VAT |
Total funds 2021 £ 91,517 291 11,933 2,797 5,202 1,085 12,984 19,861 786 11,509 - 7,107 2 1,187 1,186 - 4,750 76 172,273 |
Total funds 2020 £ 91,990 774 35,807 3,482 9,476 5,156 8,081 18,276 1,406 - 8,111 1,707 685 1,433 3,639 482 3,000 7,422 |
|---|---|---|
| 200,927 |
Page 25
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. AUDITORS' REMUNERATION
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's auditor for the audit of the Company's | ||
| annual accounts | 3,500 | 3,000 |
| Fees payable to the Company's auditor in respect of: | ||
| All non-audit services not included above | 1,250 | - |
11. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2021 £ 159,779 11,798 3,609 175,186 |
Group 2020 £ 89,985 4,644 2,976 97,605 |
Company 2021 £ 122,097 7,805 2,395 132,297 |
Company 2020 £ 89,985 4,644 2,976 |
|---|---|---|---|---|
| 97,605 |
The average number of persons employed by the Company during the year was as follows:
| Group | Group | |
|---|---|---|
| 2021 | 2020 | |
| No. | No. | |
| Employees | 7 | 4 |
No employee received remuneration amounting to more than £60,000 in either year.
The total employee benefits of the key management personnel amounted to £36,120 (2020: £34,400).
12. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 26
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. TANGIBLE FIXED ASSETS
GROUP AND COMPANY
| COST OR VALUATION At 1 April 2020 Disposals At 31 March 2021 DEPRECIATION At 1 April 2020 Charge for the year On disposals At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Long-term leasehold property £ 391,127 - 391,127 39,023 7,823 - 46,846 344,281 352,104 |
Extension for forge £ 7,522 (7,522) - 7,522 - (7,522) - - - |
Interpretation assets £ 241,416 - 241,416 134,317 24,014 - 158,331 83,085 107,099 |
Computer and office equipment £ 3,067 - 3,067 2,828 202 - 3,030 37 239 |
Building restoration £ 2,973,915 - 2,973,915 118,956 59,478 - 178,434 2,795,481 2,854,959 |
Total £ 3,617,047 (7,522) 3,609,525 302,646 91,517 (7,522) 386,641 3,222,884 3,314,401 |
|---|---|---|---|---|---|---|
Page 27
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. FIXED ASSET INVESTMENTS
| COMPANY COST OR VALUATION Additions AT 31 MARCH 2021 NET BOOK VALUE AT 31 MARCH 2021 |
Investments in subsidiary companies £ 1 |
|---|---|
| 1 | |
| 1 |
PRINCIPAL SUBSIDIARIES
The following was a subsidiary undertaking of the Company:
| Name | Company | Registered office or principal | Principal activity | ||
|---|---|---|---|---|---|
| number | place of business | ||||
| Underfall | Yard Trading Company | 12526940 | C/O Underfall Yard Trust | Food and beverage | |
| Limited | Underfall Boatyard, Cumberland | retailer | |||
| Road, Bristol, United Kingdom, | |||||
| BS1 6XG | |||||
| Class of | Holding | Included in | |||
| shares | consolidation | ||||
| Ordinary | 100% | Yes |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Profit/(Loss) | Net assets |
|---|---|---|---|---|
| £ | £ | for the year | £ | |
| £ | ||||
| Underfall Yard Trading Company | 97,741 | 89,737 | 8,004 | 8,004 |
| Limited |
Page 28
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. DEBTORS
| Trade debtors Prepayments and accrued income |
Group 2021 £ 17,184 3,676 20,860 |
Group 2020 £ 4,638 2,315 6,953 |
Company 2021 £ 16,647 3,676 20,323 |
Company 2020 £ 4,638 2,315 |
|---|---|---|---|---|
| 6,953 |
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
Group 2021 £ 11,365 10,031 22,072 5,157 48,625 |
Group 2020 £ 6,180 9,794 19,630 4,940 40,544 |
Company 2021 £ 11,365 10,005 22,072 5,157 48,599 |
Company 2020 £ 6,180 9,794 19,630 4,940 |
|---|---|---|---|---|
| 40,544 |
Page 29
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds - all funds RESTRICTED FUNDS HLF Property Improvement Grant HLF Other Funds Other Funders TOTAL OF FUNDS |
Balance at 1 April 2020 £ 97,466 1,997,509 207,625 1,175,788 3,380,922 3,478,388 |
Income £ 395,338 - - - - 395,338 |
Expenditure £ (309,743) (54,349) (5,649) (31,519) (91,517) (401,260) |
Balance at 31 March 2021 £ 183,061 |
|---|---|---|---|---|
| 1,943,160 201,976 1,144,269 |
||||
| 3,289,405 | ||||
| 3,472,466 |
Page 30
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds - all funds RESTRICTED FUNDS HLF Property Improvement Grant HLF Other Funds Other Funders TOTAL OF FUNDS |
Balance at 1 April 2019 £ 81,769 2,051,858 213,274 1,207,780 3,472,912 3,554,681 |
Income £ 287,140 - - - - - |
Expenditure £ (271,443) (54,349) (5,649) (31,992) (91,990) (363,433) |
Balance at 31 March 2020 £ 97,466 |
|---|---|---|---|---|
| 1,997,509 207,625 1,175,788 |
||||
| 3,380,922 | ||||
| 3,478,388 |
RESTRICTED FUNDS
All restricted funds received relate specifically towards the preservation of Underfall Yard and the creation of a Maritime Centre of Excellence.
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2021 £ Tangible fixed assets - Current assets 231,686 Creditors due within one year (48,625) TOTAL 183,061 |
Restricted funds 2021 £ 3,222,884 66,521 - 3,289,405 |
Total funds 2021 £ 3,222,884 298,207 (48,625) |
|---|---|---|
| 3,472,466 |
Page 31
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted funds 2020 £ Tangible fixed assets - Current assets 138,010 Creditors due within one year (40,544) TOTAL 97,466 19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net expenditure for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charge Interest received (Increase)/decrease in debtors Increase in creditors NET CASH PROVIDED BY OPERATING ACTIVITIES 20. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand TOTAL CASH AND CASH EQUIVALENTS |
Restricted funds 2020 Total funds 2020 £ £ 3,314,401 3,314,401 66,521 204,531 - (40,544) 3,380,922 3,478,388 FROM OPERATING Group Group 2021 2020 £ £ (5,922) (76,293) 91,517 91,990 (2) (785) (13,907) 5,257 8,081 21,861 79,767 42,030 Group Group 2021 2020 £ £ 277,347 197,578 277,347 197,578 |
|---|---|
Page 32
THE UNDERFALL YARD TRUST (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
21. ANALYSIS OF CHANGES IN NET DEBT
| Cash at bank and in hand | At 1 April 2020 £ 197,578 197,578 |
Cash flows £ 79,769 79,769 |
At 31 March 2021 £ 277,347 |
|---|---|---|---|
| 277,347 |
22. RELATED PARTY TRANSACTIONS
During the year sales of £Nil (2020: £13,340) were made to a trustee and close family members of another trustee for mooring. The full commercial cost of mooring was received, there was no trustee benefit.
Page 33