Company registration number: 02541591 Charity registration number: 1053468 ## The Amelia Methodist Trust Company Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 August 2022 HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY ## **The Amelia Methodist Trust Company Limited** ## **Contents** |Strategic Report|1 to 2| |---|---| |Trustees' Report|3 to 7| |Independent Examiner's Report|8| |Statement of Financial Activities|9 to 10| |Balance Sheet|11 to 12| |Notes to the Financial Statements|13 to 29| ## **The Amelia Methodist Trust Company Limited** ## **Strategic Report for the Year Ended 31 August 2022** The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 August 2022, in compliance with s414C of the Companies Act 2006. ## **Financial review** Income exceeded expenditure by £306,136 (2021: £73,359) on unrestricted funds. The increase in 2022 over 2021 is largely the result of a single large legacy of £250,000. We continue to focus on generating more sustainable income streams, including better targeting of our income raising activities and improved marketing. Our aim for the future is to achieve a reasonable underlying annual surplus. After actuarial gains/losses on defined benefit schemes of £5,039, a surplus of £311,175 was generated for unrestricted funds. We were fortunate to receive grants of £115,694. This money allowed us to invest in our facilities, and to improve our services to young people and visitors. There was a surplus of £13,057 on restricted funds and this will be carried forward to fund projects in the next financial year. The deficit on restricted funds last financial year (2021) was £8,796, which was met from restricted reserves brought forward from previous years. The movement in restricted and unrestricted funds as set out gives an overall surplus for the year of £324,232 (2021: £66,747). Total net assets stand at £1,592,769 (2021: £1,268,537). ## _**Policy on reserves**_ The Council of Management have decided to hold reserves for the following reasons; �to protect the continuity of the charity's work, in spite of uncertain future income streams, an allowance to cover six months expenditure of unrestricted funds, i.e. to provide a source of funding in the event of unexpected funding shortfalls �to ensure the charity can meet its legal obligations and enable an orderly wind-up should this become necessary �to provide the capital needed to finance expansion of the charity as defined by the business plan. If the charity is to grow, it needs injections of money to finance investment �to provide the funds needed to replace and maintain assets. In recognition of the above the Trustees have determined to set up a Designated Reserve to fund renewals, substantial repairs and future development of the Amelia Trust Farm land and buildings. A sum of £300,000 was transferred from unrestricted funds to a designated fund for Property Renewal and Development in 2022. This Reserve is in recognition of the considerable property the Amelia Trust Farm owns and needs to develop and maintain. This consists of about 160 acres of land (including 30 acres of woodland) and several substantial buildings. It is believed that the Designated Reserve will assist in securing the financial sustainability of the Farm. The Charity Commission SORP 2015 describes reserves as "that part of a charity's income funds that is freely available". This definition therefore excludes restricted funds and that part of unrestricted funds that is not readily available for spending e.g. income funds that could only be realised by disposing of fixed assets held for charity use. In accordance with the Company's Reserves Policy, the Council of Management have calculated the level of reserves that need to be maintained. At the balance sheet date, available free reserves held were £398,600. The Council of Management are committed to continuously monitoring the level of available reserves and assessing the requirements of the charitable company. Balances will be reviewed and considered throughout the year both as part of scheduled meetings or should any significant changes in the organisation take place. Page 1 ## **The Amelia Methodist Trust Company Limited** ## **Strategic Report for the Year Ended 31 August 2022** ## _**Investment policy and objectives**_ Under the Memorandum and Articles of Association, the charity has the power to make any investment that the Trustees see fit. The strategic report was approved by the trustees of the charity on 22 November 2022 and signed on its behalf by: ......................................... Rev Dr S D Wigley Trustee Page 2 ## **The Amelia Methodist Trust Company Limited** ## **Trustees' Report** The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2022. ## **Objectives and activities** ## _**Objects and aims**_ Our vision is to be a countryside sanctuary for everyone to enjoy the benefits of a therapeutic, natural environment and a place where vulnerable people can experience positive changes in their lives. The Amelia Methodist Trust Company Limited, known locally as The Amelia Trust Farm, is a limited company with charitable objectives whose aims are to be a:- �Safe space for disadvantaged young people to develop the skills they need to progress into adulthood �Fun place where everyone can learn about nature and enjoy the outdoors �Welcoming place for volunteers of all ages and abilities to work with animals, in our organic gardens or on maintenance projects around the Farm �Quiet place for those coping with bereavement, illness or mental health issues such as veterans of the armed forces struggling with PTSD We help young people facing multiple disadvantages from South Wales to get their lives back on track by involving them in meaningful activities at the Farm. Without our support they enter adulthood without the life skills needed to cope let alone succeed and could end up unemployed, dependent on drugs or in prison. The Farm is also open to the general public throughout the year to be a countryside sanctuary for everyone to enjoy. The Amelia Trust Farm is responsible for maintaining 160 acres of property comprising a number of buildings, workshops and agricultural land. The Amelia Trust Farm has employed 20 staff (through a mix of full and part time on permanent and casual contracts) and has the support of around 60 regular volunteers, enabling an estimated 20,000 people, including day visitors, to benefit from its work. Page 3 ## **The Amelia Methodist Trust Company Limited** ## **Trustees' Report** ## _**Public benefit**_ There are no restrictions placed upon the families who can benefit from our aims and objectives. We believe that no-one should be excluded from society and the Farm is open to all. The young people we are currently supporting come to us from a variety of complex backgrounds and often display challenging behaviour. They may have involvement in risk taking behaviour and they may have a lack of parental support. This in turn can make it significantly more difficult for them to access activities often enjoyed by other young people. We have worked directly through our intervention programmes throughout the academic year according to need. On referral to the Farm, we undertake an evaluation of the needs of the young person from a physical, psychological, social and environmental perspective. Through the delivery of practical and purposeful activities the young people learn how to cope with their emotions such as anger, tolerate differences and make positive choices. In addition, we host and work in partnership the Innovate Trust Field Days project working with adults with learning disabilities teaching them horticultural skills. In August 2018, a partnership with Woody's Lodge (charity number: 1173752) was formed. Woody's support armed forces veterans, reservists and those who have served in the emergency services and extend this support to include their families. We believe that together with our partners we provide a holistic environment that benefits some of the most marginalised members of our society. Amelia Trust Farm is open to the public each day for visitors to benefit from the countryside and farm surroundings including groups from nurseries, schools and colleges. We provide a targeted programme of activities aimed at visitors during school holiday periods which help with our fundraising efforts. The following quotes are from people who have benefited from our charitable work: “If it wasn’t for this place my mental health would be in the bin.” “The difference this team has made to not only our son, but us as a family is undeniably one of the most positive things that’s happened over the last five years.” “In the midst of absolute despair and after years of battling with systems in which our son just did not fit, he has found his place to thrive.” “The staff at the Farm never gave up, encouraged, inspired, challenged, corrected and cheered our boy on until finally he started to achieve, needing less cajoling and independently started to show his true colours. He has now enrolled onto a college course”. For more than two decades, Amelia Trust Farm has hosted the Pupil Referral Unit for the Vale of Glamorgan Council which has brought in a steady and substantial rental income to the charity during that time. However, the Vale Council has decided to move this provision to a purpose-built unit and will therefore vacate their premises at the Farm at the end of August 2023. Plans have therefore been put in place to explore how the loss of valuable rental income can be replaced by other sources of revenue. Whilst we are excited and optimistic about our plans for the future, we are concerned about the immediate future and particularly the next three years as we find funding for capital improvement projects whilst continuing to deliver our charitable aims during uncertain economic time with inflationary pressures and cost of living increases. We also recognise that income from grant funders will be also be squeezed. A designated reserve for the development and maintenance of property and buildings at the Farm has therefore been put in place to support the charity and ensure it remains resilient. The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 4 ## **The Amelia Methodist Trust Company Limited** ## **Trustees' Report** ## **Structure, governance and management** ## _**Nature of governing document**_ The Amelia Methodist Trust Company Limited is a company limited by guarantee (no. 2541591) and is governed by its Memorandum and Articles of Association. It is also a charity and is registered with the Charity Commission with the number 1053468. The Council of Management have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in 2015. ## _**Recruitment and appointment of trustees**_ The Council of Management are selected according to the skills and experience they can bring to the running of the Amelia Methodist Trust Company Limited. Council members are re-appointed on an annual basis at the Annual General Meeting. ## _**Induction and training of trustees**_ The Council of Management has adopted an appointment and induction procedure for prospective Council of Management Members, which is reviewed annually. ## _**Organisational structure**_ The voluntary Council of Management governs the organisation and its role is to set the overall objectives for the organisation and to ensure that the organisation remains within its moral and legal obligations. The Council of Management retains ultimate control of the actions of the Amelia Methodist Trust Company Limited. The Amelia Methodist Trust was formed when the original benefactor gave the land to the Methodist Church and the Amelia Methodist Trust operates from the same premises as the Company. It originally performed the works now undertaken by the Amelia Methodist Trust Company Limited. The Amelia Methodist Trust (charity number: 1001546) is in the process of being merged with the Amelia Methodist Trust Company Limited whereby the assets of the Amelia Methodist Trust will be transferred into the Amelia Methodist Trust Company Limited. The Council of Management draws its membership from a variety of backgrounds and met six times during the year with 87.5% attendance. It is responsible for the organisation's strategy and policy framework and delegates the day-to-day management and implementation to the Director. The Finance and Strategy Sub-Committee met to monitor -the financial position of the organisation, discuss and appraise new developments, prepare recommendations to the Council of Management and ensure that fund raising deadlines were recognised. A report on key financial indicators is delivered regularly to the Council of Management. The organisation continues to fund raise through approaching grant making bodies and organising fundraising events and activities. The Amelia Trust Farm is registered with the Fundraising Regulator to promote high standards and good governance. Page 5 ## **The Amelia Methodist Trust Company Limited** ## **Trustees' Report** ## **Trustees and officers** The trustees and officers serving during the year and since the year end were as follows: |Trustees:|Rev Dr S D Wigley| |---|---| ||S Davies| ||L Marianne Cordery| ||A P Cross| ||G Peace| ||V Johns-Powell| ||N P Rodgers| ||F Clarke| |**Reference and Administrative**|**Details**| |Charity Registration Number:|1053468| |Company Registration Number:|02541591| ||The charity is incorporated in Wales.| |Registered Office:|Amelia Trust Farm| ||Five Mile Lane| ||Barry| ||Vale of Glamorgan| ||CF62 3AS| |Independent Examiner:|HSJ Accountants Ltd| ||Severn House| ||Hazell Drive| ||Newport| ||South Wales| ||NP10 8FY| |Solicitors:|Geldards LLP Solicitors| ||Dumfries House| ||Dumfries Place| ||Cardiff| ||CF10 3ZF| |Bankers:|CAF Bank Limited| ||25, Kings Hill Avenue| ||West Malling| ||Kent| ||ME19 4JQ| Page 6 ## **The Amelia Methodist Trust Company Limited** ## **Trustees' Report** ## **Statement of Trustees' Responsibilities** The trustees (who are also the directors of The Amelia Methodist Trust Company Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The annual report was approved by the trustees of the charity on 22 November 2022 and signed on its behalf by: ......................................... Rev Dr S D Wigley Trustee Page 7 ## **The Amelia Methodist Trust Company Limited** ## **Independent Examiner's Report to the trustees of The Amelia Methodist Trust Company Limited ("the Company")** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022. ## **Responsibilities and basis of report** As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of The Amelia Methodist Trust Company Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s statement** Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of FCCA ACA DChA BFP, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of The Amelia Methodist Trust Company Limited as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ...................................... Mr Andrew Hill FCCA ACA DChA BFP Severn House Hazell Drive Newport South Wales NP10 8FY 1 December 2022 Page 8 ## **The Amelia Methodist Trust Company Limited** ## **Statement of Financial Activities for the Year Ended 31 August 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** |**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
**Expenditure on:**
Raising funds
8
Charitable activities
9
Total expenditure
Net income
**Other recognised gains and losses**
Actuarial gains on defined benefit pension
schemes
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
23|**Unrestricted**
**funds**
**£**
296,327
295,821
22,251
1,791
94,191
710,381
(1,627)
(402,618)
(404,245)
306,136
5,039
311,175
1,266,303
1,577,478|**Restricted**
**funds**
**£**
-
52,126
-
-
-
52,126
-
(39,069)
(39,069)
13,057
-
13,057
2,234
15,291|**Total**
**2022**
**£**
296,327
347,947
22,251
1,791
94,191| |---|---|---|---| ||||762,507| ||||(1,627)
(441,687)| ||||(443,314)| ||||319,193
5,039| ||||324,232
1,268,537| ||||1,592,769| The notes on pages 13 to 29 form an integral part of these financial statements. Page 9 ## **The Amelia Methodist Trust Company Limited** ## **Statement of Financial Activities for the Year Ended 31 August 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** |**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
**Expenditure on:**
Raising funds
8
Charitable activities
9
Total expenditure
Net income/(expenditure)
Transfers between funds
**Other recognised gains and losses**
Actuarial gains on defined benefit pension
schemes
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
23|**Unrestricted**
**£**
20,872
308,988
4,230
427
89,870
424,387
(29)
(350,999)
(351,028)
73,359
3,000
2,184
78,543
1,187,760
1,266,303|**Restricted**
**£**
-
43,104
-
-
-
43,104
-
(51,900)
(51,900)
(8,796)
(3,000)
-
(11,796)
14,030
2,234|**Total**
**2021**
**£**
20,872
352,092
4,230
427
89,870| |---|---|---|---| ||||467,491| ||||(29)
(402,899)| ||||(402,928)| ||||64,563
-
2,184| ||||66,747
1,201,790| ||||1,268,537| All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 23. The notes on pages 13 to 29 form an integral part of these financial statements. Page 10 ## **The Amelia Methodist Trust Company Limited** ## **(Registration number: 02541591) Balance Sheet as at 31 August 2022** |**Note**
**Fixed assets**
Tangible assets
16
**Current assets**
Debtors
17
Cash at bank and in hand
18
**Creditors: Amounts falling due within one year**
19
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
20
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
23
**Unrestricted income funds**
Unrestricted funds
**Total funds**
23|**2022**
**£**
878,878
43,608
700,115
743,723
(28,438)
715,285
1,594,163
(1,394)
1,592,769
15,291
1,577,478
1,592,769|**2021**
**£**
905,469
27,784
365,585| |---|---|---| |||393,369
(22,281)| |||371,088| |||1,276,557
(8,020)| |||1,268,537| |||2,234
1,266,303| |||1,268,537| The notes on pages 13 to 29 form an integral part of these financial statements. Page 11 ## **The Amelia Methodist Trust Company Limited** ## **(Registration number: 02541591) Balance Sheet as at 31 August 2022** For the financial year ending 31 August 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 9 to 29 were approved by the trustees, and authorised for issue on 22 November 2022 and signed on their behalf by: ......................................... ......................................... Rev Dr S D Wigley S Davies Trustee Trustee The notes on pages 13 to 29 form an integral part of these financial statements. Page 12 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **1 Charity status** The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: Amelia Trust Farm Five Mile Lane Barry Vale of Glamorgan CF62 3AS These financial statements were authorised for issue by the trustees on 22 November 2022. ## **2 Accounting policies** ## **Summary of significant accounting policies and key accounting estimates** The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. ## **Statement of compliance** 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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Basis of preparation** The Amelia Methodist Trust Company Limited 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 notes. ## **Going concern** The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. ## **Exemption from preparing a cash flow statement** The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. ## **Income and endowments** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Page 13 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## _**Donations and legacies**_ Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. ## _**Investment income**_ Investment income is recognised on a receivable basis. ## _**Charitable activities**_ Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding to support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability . Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance. ## _**Other income**_ Rents are included when receivable and are shown net of void periods. ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. ## _**Raising funds**_ These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. ## _**Charitable activities**_ Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 14 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **Tangible fixed assets** Individual fixed assets costing £1,000.00 or more are initially recorded at cost. ## **Depreciation and amortisation** Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: |**Asset class**|**Depreciation method and rate**| |---|---| |Freehold property|2% on cost| |Motor vehicles|25% on cost| |Office equipment|25% on cost| ## **Trade debtors** Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. ## **Trade creditors** Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Page 15 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **Pensions and other post retirement obligations** The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. ## **3 Income from donations and legacies** |Donations and legacies;
Donations from individuals
Legacies
Gift aid reclaimed|**Unrestricted**
**funds**
**General**
**£**
20,737
263,392
12,198
296,327|**Total**
**2022**
**£**
20,737
263,392
12,198
296,327|**Total**
**2021**
**£**
19,409
-
1,463| |---|---|---|---| ||||20,872| ## **4 Income from charitable activities** |Alternative education
Community engagement|**Unrestricted**
**funds**
**General**
**£**
178,746
117,075
295,821|**Restricted**
**funds**
**£**
12,145
39,981
52,126|**Total**
**2022**
**£**
190,891
157,056
347,947|**Total**
**2021**
**£**
206,036
146,056| |---|---|---|---|---| |||||352,092| Page 16 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** Grants received, included in the above, are as follows: |**Activity**
Local Authority Contracts
Alternative education
Grants
Alternative education
Residents and day visitors
Community engagement
Grants
Community engagement
CAF American Donor Fund
The National Lottery Heritage fund
Huggard Charitable Trust
SCGF Feasibility Project
Global Make Some Noise
BBC Children in Need
Mary Homfray Charitable Trust
Mayoral Fund - Penarth town Council
Single Farm Payment
Simon Gibson Charitable Trust
G C Gibson Charitable Trust
First Give Bro Morgannwg
Admiral (EUI)
Waterloo Foundation
WG Covid Grant
The National Lottery Community Fund
Coronavirus Job retention Scheme
GVS Covid Grant|**2022**
**£**
146,961
43,929
85,291
71,765
347,947
**2022**
**£**
30,000
22,813
20,000
12,895
7,325
4,415
4,000
3,878
3,368
3,000
2,500
1,000
500
-
-
-
-
-
**115,694**|**2021**
**£**
127,795
72,241
91,824
54,232| |---|---|---| |||346,092| |||**2021**
**£**
-
-
14,500
-
21,325
4,054
4,000
-
5,079
3,000
2,500
-
-
35,000
24,750
9,976
1,790
500| |||**126,474**| Page 17 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **5 Income from other trading activities** |Trading income;
Sales of goods and services
Events income;
Other events income
**6**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
**7**
**Other income**
Rental income|**Unrestricted**
**funds**
**General**
**£**
1,506
20,745
22,251
**Unrestricted**
**funds**
**General**
**£**
1,791
**Unrestricted**
**funds**
**General**
**£**
94,191|**Total**
**funds**
**£**
1,506
20,745
22,251
**Total**
**2022**
**£**
1,791
**Total**
**2022**
**£**
94,191|**Total**
**2021**
**£**
4,230
-| |---|---|---|---| ||||4,230| ||||**Total**
**2021**
**£**
427| ||||**Total**
**2021**
**£**
89,870| ## **8 Expenditure on raising funds** ## **a) Costs of trading activities** |**Note**
Events and conferences|**Unrestricted**
**funds**
**General**
**£**
1,627
1,627|**Total**
**2022**
**£**
1,627
1,627|**Total**
**2021**
**£**
29| |---|---|---|---| ||||29| ||||**Total**
**costs**
**£**| Page 18 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **9 Expenditure on charitable activities** |**Note**
Alternative education
Community
engagement
Staff costs
Governance costs
10|**Unrestricted**
**funds**
**General**
**£**
66,085
61,134
270,165
5,234
402,618|**Restricted**
**funds**
**£**
1,762
16,556
20,751
-
39,069|**Total**
**2022**
**£**
67,847
77,690
290,916
5,234
441,687|**Total**
**2021**
**£**
69,882
67,691
255,746
9,580| |---|---|---|---|---| |||||402,899| ## **10 Analysis of governance and support costs** ## **Governance costs** ## **Unrestricted** |Independent examiner fees
Examination of the financial statements
Trustees remuneration and expenses
Legal fees
Other governance costs|**General**
**£**
1,850
153
88
3,143
5,234|**Total**
**2022**
**£**
1,850
153
88
3,143
5,234|**Total**
**2021**
**£**
1,850
-
4,738
2,992| |---|---|---|---| ||||9,580| Page 19 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **11 Net incoming/outgoing resources** Net incoming resources for the year include: |Other non-audit services
Depreciation of fixed assets|**2022**
**£**
1,850
32,257|**2021**
**£**
1,850
36,158| |---|---|---| ## **12 Trustees remuneration and expenses** During the year the charity made the following transactions with trustees: £Nil (2021: £Nil) of expenses were reimbursed to Trustees during the year. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. ## **13 Staff costs** The aggregate payroll costs were as follows: |**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2022**
**£**
261,356
17,913
11,647
290,916|**2021**
**£**
235,801
10,763
9,182| |---|---|---| |||255,746| The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows: |Direct Services
Management and administration|**2022**
**No**
8
2
10|**2021**
**No**
8
2| |---|---|---| |||10| No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the charity were £63,430 (2021 - £70,457). Page 20 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** |**14 Independent examiner's remuneration**||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Examination of the financial statements|1,850|1,850| Page 21 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **15 Taxation** The charity is a registered charity and is therefore exempt from taxation. ## **16 Tangible fixed assets** |**Cost**
At 1 September 2021
Additions
At 31 August 2022
**Depreciation**
At 1 September 2021
Charge for the year
At 31 August 2022
**Net book value**
At 31 August 2022
At 31 August 2021|**Land and**
**buildings**
**£**
1,471,953
4,367
1,476,320
570,824
29,427
600,251
876,069
901,129|**Furniture and**
**equipment**
**£**
26,750
1,299
28,049
22,410
2,830
25,240
2,809
4,340|**Motor vehicles**
**£**
29,264
-
29,264
29,264
-
29,264
-
-|**Total**
**£**
1,527,967
5,666| |---|---|---|---|---| |||||1,533,633| |||||622,498
32,257| |||||654,755| |||||878,878| |||||905,469| ## **17 Debtors** |Trade debtors
Prepayments
Other debtors|**2022**
**£**
24,390
14,253
4,965
43,608|**2021**
**£**
9,811
13,918
4,055| |---|---|---| |||27,784| ## **18 Cash and cash equivalents** |Cash on hand
Cash at bank|**2022**
**£**
2,736
697,379
700,115|**2021**
**£**
400
365,185| |---|---|---| |||365,585| Page 22 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **19 Creditors: amounts falling due within one year** |Trade creditors
VAT grant repayable
Other creditors
Accruals|**2022**
**£**
5,406
4,031
2,180
16,821
28,438|**2021**
**£**
1,806
1,890
1
18,584| |---|---|---| |||22,281| ## **20 Creditors: amounts falling due after one year** |Other creditors|**2022**
**£**
1,394|**2021**
**£**
8,020| |---|---|---| ## **21 Pension and other schemes Defined contribution pension scheme** The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £11,647 (2021 - £9,182). ## **Defined benefit pension schemes** The company participates in the TPT Growth Plan Scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: ## **Deficit contributions** From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly and increasing by 3% each on 1st April) Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. Page 23 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows: ## **Deficit contributions** From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. ## **PRESENT VALUES OF PROVISION** ||31 August 2022
(£s)|31 August 2021
(£s)|31 August 2020
(£s)| |---|---|---|---| |Present value of provision|1,394|8,020|10,204| ## **RECONCILIATION OF OPENING AND CLOSING PROVISIONS** ||31 August 2021
(£s)|31 August 2021
(£s)| |---|---|---| |Provision at start of period|8,020|10,204| |Unwinding of the discount factor (interest expense)|46|50| |Deficit contribution paid|(1,572)|(2,223)| |Remeasurements - impact of any change in assumptions|(61)|(11)| |Remeasurements - amendments to the contribution schedule|(5,039)|-| |Provision at end of period|1,394|8,020| Page 24 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **INCOME AND EXPENDITURE IMPACT** |**INCOME AND EXPENDITURE IMPACT**||| |---|---|---| ||31 August 2021
(£s)|31 August 2021
(£s)| |Interest expense|46|50| |Remeasurements – impact of any change in assumptions|(61)|11| |Remeasurements – amendments to the contribution schedule|(5,039)|-| |Contributions paid in respect of future service*|*|*| |Costs recognised in income and expenditure account|*|*| *includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. ## **ASSUMPTIONS** ||31 August 2022
% per annum|31 August 2021
% per annum|31 August 2020
% per annum| |---|---|---|---| |Rate of discount|4.46|0.63|0.55| The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The following schedule details the deficit contributions agreed between the company and the scheme at each year end period: ## **DEFICIT CONTRIBUTIONS SCHEDULE** |Year ending|31
August
2022
(£s)|31 August 2021
(£s)|31 August 2020
(£s)| |---|---|---|---| |Year 1|607|2,289|2,223| |Year 2|607|2,358|2,289| |Year 3|253|2,429|2,358| |Year 4|-|1,029|2,429| |Year 5|-|-|1,029| The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the company's balance sheet liability. ## **22 Contingent liabilities** In the event of the winding up of the charity any remaining property would revert to the Methodist Homes charity. Page 25 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **23 Funds** |**Unrestricted**
**_General_**
General Fund
**_Designated_**
Building & Development Fund
**Total Unrestricted**
**Restricted**
Huggard Trust
Children in Need
Single Farm Payment
Global Make Some Noise
National Lottery Community Fund
National Lottery Heritage fund
Admiral Insurance
**Total restricted**
**Total funds**|**Balance at 1**
**September**
**2021**
**£**
1,266,303
-
1,266,303
-
-
-
-
2,234
-
-
2,234
1,268,537|**Incoming**
**resources**
**£**
710,381
-
710,381
810
4,415
3,368
7,325
-
22,813
500
39,231
749,612|**Resources**
**expended**
**£**
(404,245)
-
(404,245)
(810)
(4,092)
(3,368)
(7,325)
(2,234)
(8,345)
-
(26,174)
(430,419)|**Transfers**
**£**
(300,000)
300,000
-
-
-
-
-
-
-
-
-
-|**Other**
**recognised**
**gains/(losses)**
**£**
5,039
-
5,039
-
-
-
-
-
-
-
-
5,039|**Balance at 31**
**August 2022**
**£**
1,277,478
300,000| |---|---|---|---|---|---|---| |||||||1,577,478| |||||||-
323
-
-
-
14,468
500| |||||||15,291| |||||||1,592,769| Page 26 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** |**Unrestricted funds**
**_General_**
General Fund
**Restricted**
Huggard Trust
Children in Need
Single Farm Payment
Global Make Some Noise
GVS Covid Grant
Coronavirus Job Retention Scheme
National Lottery Community Fund
**Total restricted funds**
**Total funds**|**Balance at 1**
**September**
**2020**
**£**
1,187,760
-
-
-
14,000
30
-
-
14,030
1,201,790|**Incoming**
**resources**
**£**
424,387
381
4,054
5,079
21,325
500
1,790
9,976
43,105
467,492|**Resources**
**expended**
**£**
(351,028)
(381)
(4,054)
(5,079)
(35,325)
(530)
(1,790)
(4,742)
(51,901)
(402,929)|**Transfers**
**£**
3,000
-
-
-
-
-
-
(3,000)
(3,000)
-|**Other**
**recognised**
**gains/(losses)**
**£**
2,184
-
-
-
-
-
-
-
-
2,184|**Balance at 31**
**August 2021**
**£**
1,266,303
-
-
-
-
-
-
2,234| |---|---|---|---|---|---|---| |||||||2,234| |||||||1,268,537| Page 27 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** The specific purposes for which the funds are to be applied are as follows: BBC Children in Need – transition funding to support young people leaving the GROW programme. The Huggard Trust provided funding to pay for Christmas lunches for young people and volunteers as well as work with our young people. Single Farm Payment - grant to help the farming industry. Global Make Some Noise for staff working with our young people. The National Lottery Community Fund provided funding for the installation of new IT infrastructure at the Farm. GVS, Glamorgan Voluntary Services – grant used to fund Coronavirus safety measure. Coronavirus Job Retention Scheme – U.K. government grant used to fund salaries of staff on furlough. The National Lottery Heritage Fund - grant used to fund costs associated with the Community Woodlands Scheme. Admiral Insurance - grant to be used to fund a visitor attraction feature in 2022/23. During the year the Trustees have elected to transfer £300,000 from the charity's general unrestricted fund into a specific designated fund to ensure that adequate resources are retained to maintain the farm in future years and provide support where wrequired for future development projects. Page 28 ## **The Amelia Methodist Trust Company Limited** ## **Notes to the Financial Statements for the Year Ended 31 August 2022** ## **24 Analysis of net assets between funds** |Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
878,878
-
428,432
300,000
(28,438)
-
(1,394)
-
1,277,478
300,000
**Unrestricted**
**funds**
**General**
**£**
905,469
391,135
(22,281)
(8,020)
1,266,303|**Restricted**
**funds**
**£**
-
15,291
-
-
15,291
**Restricted**
**funds**
**£**
-
2,234
-
-
2,234|**Total funds at**
**31 August**
**2022**
**£**
878,878
743,723
(28,438)
(1,394)| |---|---|---|---| ||||1,592,769| ||||**Total funds at**
**31 August**
**2021**
**£**
905,469
393,369
(22,281)
(8,020)| ||||1,268,537| Page 29