## **KINGSHILL HOUSE LIMITED** ## **Management Committee and Directors’ Report for the year ended 31st March 2022** ## **Achievements and performance** ## **Financial review** The results for the year and the charity’s financial position at the end of the year are shown in the attached financial statements. A net deficit of £4,853 for the year under review reflected the continuing impact of the COVID 19 pandemic, both on the reduced support received from grant-giving bodies and the income derived from events and activities. Cost pressures also contributed to the deficit, particularly increased expenditure on maintenance and repairs to the House. Overall income reduced substantially whilst the costs of maintaining the building and establishing the staff team required for recovery and future development rose. Kingshill House Limited is registered with the Charity Commission and complies with the requirements of the Charity Commission in terms of an annual independent inspection of the organisation’s accounts and submitting the accounts as part of the Charity Commission’s annual return. The management committee operates a system of general funds to cover the core running costs of the House and restricted funds to cover the costs associated with particular activities or projects. The management committee seeks to hold a minimum level of funding in reserve. This is determined as three months general running costs. The committee established and has maintained a system that closely monitors cash to maintain that position. The general fund income reflects fees from events, workshops and other activities and income from room hire charges and fees for private functions (including weddings) other than those events or activities specifically supported by restricted funding. ## **Principal funding sources** The core funding agreement with Stroud District Council remains in place, based on a reducing scale of support year on year. ## **Major risks and management of those risks** The management committee has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. In the light of Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(as amended for accounting periods commencing from 1 January 2019), the Management Committee has carried out a review of the major strategic, business and operational risks to which the company is exposed. Systems have been established to mitigate those risks and procedures have been implemented to minimise any potential impact on the company, should they materialise. The management committee continues to monitor the Risk Register on a regular basis. ## **Activities** In the year to end March 2022 the House reopened to users and saw a gradual return to classes and workshops as a new program developed by its management team became established, which is expanding and accelerating as a revised Business Plan is developed and implemented. At the same time, much management effort was expended on the repair and maintenance of the House itself and its outbuildings. This focus continues. The Management Committee began a process of recruiting new Director/Trustees for the charity which has seen new appointments made since the year end. ## **Forward Plans** Through the summer and autumn months of 2022 a comprehensive review of the charity’s Business Plan has been ongoing and has identified the challenges of a very difficult economic environment impacting both on expectations of grant support and on the behaviour and spending by past and potential users of the House. It has also identified the significant opportunities offered by the House’s location and facilities and the enthusiasm and commitment of the staff team now in place. Plans that take forward an increased range of offerings across creative arts, culture and well-being for groups and individuals are already attracting support whilst significant contributions to core costs are expected from the long-term rental of under-utilised space and from private or joint-venture events that exploit the unique opportunities offered by the House and grounds. As required by its lease with Stroud District Council, the Charity has begun a detailed appraisal around that lease and the freehold option and is in consultation with SDC officers accordingly. ## **Structure, governance and management** The charity is a company limited by guarantee and is registered as a charity with the Charity Commission. The affairs of the company are governed by its memorandum and articles of association. The Management Committee, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mrs C M Darlaston Mr M D Slater Mr D Bush Mr C E Rose (Resigned 31 August 2022) Mrs A M Isherwood Mr N Ginley (Resigned 17 May 2022) Mr T Hall (Appointed 5 October 2021) Dr P M Winterbottom (Appointed 2 March 2022) Mrs R Tapping (Appointed 1 March 2022) Mr C L Creswick (Appointed 1 March 2022) Major events and policy decisions are taken by the trustees while decisions concerning the day to day running of the charity in terms of the utilisation of Kingshill House are taken by the administrative staff. None of the Management Committee has any beneficial interest in the company. All of the Management Committee are members of the company and guarantee to contribute £1 in the event of a wind up. The Management Committee report was approved by the Board of Management Committee. Mrs A M Isherwood Chair of Directors and Trustee Dated: 22/12/2022 **Charity Registration No. 1055651** **Company Registration No. 03166320 (England and Wales)** ## **KINGSHILL HOUSE LIMITED** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **KINGSHILL HOUSE LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Management Committee** Mrs C M Darlaston Mr M D Slater Mr D Bush Mrs A M Isherwood Mr T Hall Dr P M Winterbottom Mrs R Tapping Mr C L Creswick (Appointed 5 October 2021) (Appointed 2 March 2022) (Appointed 1 March 2022) (Appointed 1 March 2022) **Charity number** 1055651 **Company number** 03166320 **Registered office** Kingshill House Kingshill Dursley Gloucestershire United Kingdom GL11 4BZ **Independent examiner** I G Lansdown BSc. ACA Azets Prospect House 5 May Lane Dursley Gloucestershire GL11 4JH **Bankers** Lloyds Bank plc 12 Rowcroft Stroud Gloucestershire GL5 3BD CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET ## **KINGSHILL HOUSE LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Management Committee report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5| |Statement of financial position|6| |Notes to the financial statements|7 - 17| ## **KINGSHILL HOUSE LIMITED** ## **MANAGEMENT COMMITTEE REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ The Management Committee present their report and accounts for the year ended 31 March 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019) ## **Objectives and activities** The charity's objects are to provide a centre accessible to the whole community, such that any prevailing barriers to enjoyment of and participation in education, arts community activities are minimised and eventually removed. The directors intend that the centre should be the leading cultural provider and promoter in the Dursley and Cam Area. ## **Activities undertaken to further public benefit** The company exists to advance the education of the public in the arts and other leisure and recreational activities, through the provision of an arts and meeting centre known as Kingshill House. The management committee confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The Management Committee have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Use of volunteers** The company benefits from services provided, on a voluntary basis, by members of the community as well as the board of directors in addition to their duties as directors. No monetary value is placed upon these services, but without them the operation of the company would be difficult. - 1 - ## **KINGSHILL HOUSE LIMITED** ## **MANAGEMENT COMMITTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Achievements and performance** ## **Financial review** The results for the year and the charity’s financial position at the end of the year are shown in the attached financial statements. A net deficit of £4,853 for the year under review reflected the continuing impact of the COVID 19 pandemic, both on the reduced support received from grant-giving bodies and the income derived from events and activities. Cost pressures also contributed to the deficit, particularly increased expenditure on maintenance and repairs to the House. Overall income reduced substantially whilst the costs of maintaining the building and establishing the staff team required for recovery and future development rose. Kingshill House Limited is registered with the Charity Commission and complies with the requirements of the Charity Commission in terms of an annual independent inspection of the organisation’s accounts and submitting the accounts as part of the Charity Commission’s annual return. The management committee operates a system of general funds to cover the core running costs of the House and restricted funds to cover the costs associated with particular activities or projects. The management committee seeks to hold a minimum level of funding in reserve. This is determined as three months general running costs. The committee established and has maintained a system that closely monitors cash to maintain that position. The general fund income reflects fees from events, workshops and other activities and income from room hire charges and fees for private functions (including weddings) other than those events or activities specifically supported by restricted funding. ## **Principal funding sources** The core funding agreement with Stroud District Council remains in place, based on a reducing scale of support year on year. ## **Major risk and management of those risks** The Management Committee has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. In the light of Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(as amended for accounting periods commencing from 1 January 2019), the Management Committee has carried out a review of the major strategic, business and operational risks to which the company is exposed. Systems have been established to mitigate those risks and procedures have been implemented to minimise any potential impact on the company, should they materialise The management committee continues to monitor the Risk Register on a regular basis. ## **Activities planned to achieve aims** In the year to end March 2022 the House reopened to users and saw a gradual return to classes and workshops as a new program developed by its management team became established, which is expanding and accelerating as a revised Business Plan is developed and implemented. At the same time, much management effort was expended on the repair and maintenance of the House itself and its outbuildings. This focus continues. The Management Committee began a process of recruiting new Director/Trustees for the charity which has seen new appointments made since the year end. - 2 - ## **KINGSHILL HOUSE LIMITED** ## **MANAGEMENT COMMITTEE REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Forward plans** Through the summer and autumn months of 2022 a comprehensive review of the charity’s Business Plan has been ongoing and has identified the challenges of a very difficult economic environment impacting both on expectations of grant support and on the behaviour and spending by past and potential users of the House. It has also identified the significant opportunities offered by the House’s location and facilities and the enthusiasm and commitment of the staff team now in place. Plans that take forward an increased range of offerings across creative arts, culture and well-being for groups and individuals are already attracting support whilst significant contributions to core costs are expected from the long-term rental of under-utilised space and from private or joint-venture events that exploit the unique opportunities offered by the House and grounds. As required by its lease with Stroud District Council, the Charity has begun a detailed appraisal around that lease and the freehold option and is in consultation with SDC officers accordingly. ## **Structure, governance and management** The charity is a company limited by guarantee and is registered as a charity with the Charity Commission. The affairs of the company are governed by its memorandum and articles of association. The Management Committee, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Mrs C M Darlaston Mr M D Slater Mr D Bush Mr C E Rose (Resigned 31 August 2022) Mrs A M Isherwood Mr N Ginley (Resigned 17 May 2022) Mr T Hall (Appointed 5 October 2021) Dr P M Winterbottom (Appointed 2 March 2022) Mrs R Tapping (Appointed 1 March 2022) Mr C L Creswick (Appointed 1 March 2022) Major events and policy decisions are taken by the trustees while decisions concerning the day to day running of the charity in terms of the utilisation of Kingshill House are taken by the administrative staff. None of the Management Committee has any beneficial interest in the company. All of the Management Committee are members of the company and guarantee to contribute £1 in the event of a wind up. The Management Committee report was approved by the Board of Management Committee. .............................. ## **Mrs A M Isherwood** Chair of Directors and Trustee Dated: ......................... - 3 - ## **KINGSHILL HOUSE LIMITED** ## **INDEPENDENT EXAMINER'S REPORT TO THE MANAGEMENT COMMITTEE OF KINGSHILL HOUSE LIMITED** I report to the Management Committee on my examination of the financial statements of Kingshill House Limited (the charity) for the year ended 31 March 2022. ## **Responsibilities and basis of report** As the Management Committee of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. Dated: 22 December 2022 I G Lansdown BSc. ACA Azets Prospect House, 5 May Lane Dursley, Gloucestershire GL11 4JH - 4 - ## **KINGSHILL HOUSE LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
42,911
30,326
Charitable activities
**4**
53,776
-
Other trading activities
**5**
1,377
-
Investments
**6**
25,774
-
**Total income**
123,838
30,326
**Expenditure on:**
Raising funds
**7**
982
-
Charitable activities
**8**
139,840
18,195
**Total resources**
**expended**
140,822
18,195
**Net (expenditure)/income for**
**the year/**
**Net movement in funds**
(16,984)
12,131
Fund balances at 1 April
2021
47,896
4,522
**Fund balances at 31**
**March 2022**
30,912
16,653|**Total**
Unrestricted
Restricted
funds
funds
**2022**
2021
2021
**£**
**£**
**£**
73,237
106,838
9,360
53,776
21,068
-
1,377
17
-
25,774
23,981
-
154,164
151,904
9,360
982
349
1,659
158,035
126,417
7,496
159,017
126,766
9,155
(4,853)
25,138
205
52,418
22,758
4,317
47,565
47,896
4,522|Total
2021
**£**
116,198
21,068
17
23,981| |---|---|---| |||161,264| |||2,008| |||133,913| |||135,921| |||25,343
27,075| |||52,418| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 5 - ## **KINGSHILL HOUSE LIMITED** ## **STATEMENT OF FINANCIAL POSITION** ## _**AS AT 31 MARCH 2022**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Stocks
**14**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**17**
Unrestricted funds|**2022**
**£**
1,354
2,443
45,809
49,606
(10,111)|**2021**
**£**
**£**
8,070
205
5,526
56,313
62,044
(11,812)
39,495
47,565
16,653
30,912
47,565|**£**
2,186
50,232| |---|---|---|---| ||||52,418| ||||4,522
47,896| ||||52,418| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The accounts were approved by the Management Committee on 22 December 2022 Mrs A M Isherwood **Chair of Directors and Trustee** ## **Company Registration No. 03166320** - 6 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **Charity information** Kingshill House Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Kingshill House, Kingshill, Dursley, Gloucestershire, GL11 4BZ, United Kingdom. ## **1.1 Accounting convention** The accounts have been prepared in accordance with the charity's charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Management Committee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Management Committee continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Management Committee in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 7 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 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. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and equipment 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. - 8 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** **(Continued)** ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Management Committee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. - 9 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **3 Donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Donations and gifts
1,027
-
Grants
41,884
30,326
42,911
30,326
**For the year ended 31 March 2021**
106,838
9,360
**Charitable activities**
**Hire income**
**Workshop,**
**classes &**
**events**
**Other income**
**£**
**£**
**£**
Income
15,963
36,195
-
Other income
-
-
1,618
15,963
36,195
1,618||**Total**
**2022**
**£**
1,027
72,210
73,237
**Total**
**2022**
**£**
52,158
1,618
53,776|**Total**
**2021**
**£**
1,340
114,858| |---|---|---|---| ||||116,198| ||||116,198| ||||**Total**
**2021**
**£**
21,054
14| ||||21,068| ## **4 Charitable activities** ## **5 Other trading activities** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Trading activity income: other|1,377|17| - 10 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **6 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Rental income|25,770|23,958| |Interest receivable|4|23| ||25,774|23,981| ## **7 Raising funds** |**Unrestricted**
**Restricted**
**funds**
**funds**
**£**
**£**
Fundraising and publicity
Advertising and publcity
730
-
Trading costs
Bar and function costs
252
-
982
-
**For the year ended 31 March 2021**
Fundraising and publicity
210
1,659
Trading costs
139
-
349
1,659|**Total**
**2022**
**£**
730
252
982|**Total**
**2021**
**£**
1,869| |---|---|---| |||139| |||2,008| |||1,869
139| |||2,008| - 11 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **8 Charitable activities** |**Room hire**
**Workshop,**
**classes &**
**events**
**£**
**£**
Depreciation and impairment
224
224
Tutor fees
-
15,690
Events
-
2,862
Room hire costs
2,717
-
2,941
18,776
Share of support costs (see note 9)
64,355
64,355
Share of governance costs (see note 9)
3,804
3,804
71,100
86,935
**Analysis by fund**
Unrestricted funds
62,545
77,295
Restricted funds
8,555
9,640
71,100
86,935
**For the year ended 31 March 2021**
Unrestricted funds
59,829
66,588
Restricted funds
3,748
3,748
63,577
70,336|**Total**
**2022**
**£**
448
15,690
2,862
2,717
21,717
128,710
7,608
158,035
139,840
18,195
158,035|**Total**
**2021**
**£**
448
7,488
691
1,421| |---|---|---| |||10,048
111,972
11,893| |||133,913| |||126,417
7,496| |||133,913| - 12 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **9 Support costs** |Staff costs
Depreciation
Operating lease charges
Irrecoverable input vat
Rent, rates and water
Light, heat and power
Insurance
Repairs
Telephone and postage
Computer running costs
Printing and stationery
Sundry ( inc. input vat)
Letting fees
Independent examiners
fees
Accountancy, book
keeping and payroll
Bank charges and
interest
Professional fees
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
87,223
-
2,444
-
1,726
-
4,825
-
547
-
5,258
-
3,251
-
18,118
-
908
-
1,291
-
514
-
730
-
1,875
-
-
1,200
-
3,298
-
502
-
2,608
128,710
7,608
128,710
7,608|**2022**
**£**
87,223
2,444
1,726
4,825
547
5,258
3,251
18,118
908
1,291
514
730
1,875
1,200
3,298
502
2,608
136,318
136,318|**2021 Basis of allocation**
**£**
84,157
Allocated on time
786
Allocated on time
1,317
Allocated on time
-
Allocated on time
998
Allocated on time
4,456
Allocated on time
2,977
Allocated on time
12,307
Allocated on time
934
Allocated on time
1,385
Allocated on time
430
Allocated on time
882
Allocated on time
1,343
Allocated on time
1,100
Governance
3,700
Governance
357
Governance
6,736 Governance
123,865
123,865| |---|---|---|---| ## **10 Management Committee** None of the Management Committee (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **11 Employees** The average monthly number of employees during the year was: |**Employment costs**
Wages and salaries
Settlement costs|**2022**
**Number**
7
**2022**
**£**
82,603
-|**2021**
**Number**
6| |---|---|---| |||**2021**
**£**
70,617
12,500| - 13 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ |**11**
**Employees**
Other pension costs
**12**
**Tangible fixed assets**
**Cost**
At 1 April 2021
Additions
At 31 March 2022
**Depreciation and impairment**
At 1 April 2021
Depreciation charged in the year
At 31 March 2022
**Carrying amount**
At 31 March 2022
At 31 March 2021
**13**
**Financial instruments**
**Carrying amount of financial assets**
Debt instruments measured at amortised cost
**Carrying amount of financial liabilities**
Measured at amortised cost
**14**
**Stocks**
Finished goods and goods for resale|**(Continued)**
869
1,040
87,223
84,157
**Fixtures and equipment**
**£**
15,649
8,777
24,426
13,464
2,892
16,356
8,070
2,186
**2022**
**2021**
**£**
**£**
693
912
(5,633)
(3,517)
**2022**
**2021**
**£**
**£**
1,354
205| |---|---| ||| ||**2022**
**£**
693
(5,633)
**2022**
**£**
1,354| - 14 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **15 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2022**
**£**
694
-
1,749
2,443|**2021**
**£**
239
673
4,614| |||5,526| ## **16 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2022**
**£**
1,961
3,382
290
4,478
10,111|**2021**
**£**
951
1,318
1,248
8,295| |||11,812| - 15 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **17 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement**|**in funds**|| |---|---|---|---|---| ||**Balance at 1**|**Incoming**|**Resources**|**Balance at 31**| ||**April 2021**|**resources**|**expended**|**March 2022**| ||**£**|**£**|**£**|**£**| |Accessibility|1,584||(1,584)|-| |Signage|239|-|(239)|-| |Stair lift|896|-|(448)|448| |Storytelling day|333|-|(120)|213| |Supported physical distancing|120|-|(120)|-| |Eat, meet and create|1,350|-|(844)|506| |AHF|-|7,500|(7,500)|-| |Response Respond|-|15,486|-|15,486| |Kickstart|-|7,340|(7,340)|-| ||4,522|30,326|(18,195)|16,653| Accessibility fund balance utilised during year. Signage fund utilised during the year. Stair Lift grant received of £2,240, lifts have been capitalised and depreciated over 5 years, the depreciation cost of £448 shown in resources expended. Storytelling fund partially utilised and carried forward to next year. Supported physical distancing fund to provide exclusive space for vulnerable people to have an opportunity to have a safe space and get involved in a creative task. Eat, meet and create fund to help mitigate social isolation caused by COVID19. AHF - Culture Recovery Grant to support fresh thinking and development of sustainability strategies at historic sites across England. Response Respond - Community climate action project. Kickstart - trainee employee. - 16 - ## **KINGSHILL HOUSE LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **18 Analysis of net assets between funds** |**Unrestricted**
**Restricted**
**£**
**£**
Fund balances at 31 March 2022 are represented by:
Tangible assets
7,622
448
Current assets/(liabilities)
23,290
16,205
30,912
16,653|**Total**
**£**
8,070
39,495| |---|---| ||47,565| ## **19 Operating lease commitments** ## **Lessee** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Within one year|2,294|3,211| ## **20 Related party transactions** Two members of the Management Committee had an interest in the following transactions:- - David Bush – his wife, Caroline Lambert operates on a part-time basis as a stained/fused glass tutor from Kingshill House. Caroline rents both the Art Room and a studio for several months of the year as well as being a self-employed tutor at Kingshill House. - Nigel Ginley – on occasions worked as a tutor alongside Caroline Lambert. Nigel has sold art work exhibited at Kingshill House. His wife, Jackie Ginley, provided workshops at Kingshill House. ## **21 Operating lease commitments** Kingshill House is occupied by the company under a lease from Stroud District Council dated 18 October 1999. The term is 25 years, the initial rent is £5 per annum and will be reviewed after 5 years and every 5 years thereafter. The lease requires that the company be responsible for the repair and maintenance of Kingshill House, and to carry out work as outlined in capital commitments. - 17 - **KINGSHILL HOUSE LIMITED REGISTERED ADDRESS:** Kingshill House Kingshill Lane Dursley Glos. GL11 4BZ Azets Prospect House 5 May Lane Dursley Glos GL11 4JH Dear Sirs, ## **KINGSHILL HOUSE LIMITED LETTER OF REPRESENTATION BY THE TRUSTEES:** During the course of your preparation and independent examination of our financial statements for the period ending 31[st] March 2022, the following representations were made to you by management and trustees. 1. We have fulfilled our responsibilities as trustees under the Charities Act 2011 for preparing financial statements, in accordance with the applicable financial reporting framework, that give a true and fair view and for making accurate representations to you for the financial statements which you have prepared on our behalf for the Charity. 2. We confirm that all accounting records have been made available to you for the purpose of preparing our financial statements, in accordance with your terms of engagement, and that all the transactions undertaken by the Charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management, trustees’ and members’ meetings, have been made available to you. We have given you unrestricted access to persons within the Charity in order to obtain evidence for your independent examination, and have provided any additional information that you have requested for the purposes of the preparation of our financial statements. 3. All fixed assets of the Charity have been properly maintained and the amount of the depreciation provided is reasonably adequate. All assets disposed of or unused have been written off or adequately written down, and we have informed you of any fixed assets subject to a permanent diminution in value. 4. The stock amounting to £1,354 represents all the stocks and work in progress, wherever situated, owned by the Charity. They have been valued on a basis consistent with that used last year, at the lower of cost and net realisable value. Adequate provision has been made for obsolete, deteriorated or unusable stocks. Continued... - 2 - ## **KINGSHILL HOUSE LIMITED LETTER OF REPRESENTATION BY THE TRUSTEES:** 5. All other assets, less adequate provision for doubtful debts and liabilities, are included in the accounts and we have no reason to believe that any material items have been omitted. 6. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. 7. The Charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements. 8. We confirm that significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. 9. We confirm that all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements have been disclosed to you and accounted for and disclosed in accordance with the financial reporting framework. 10. All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements. 11. Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards. We confirm that we are aware that a related party of the Charity is a person or organisation which either (directly or indirectly) controls, has joint control of, or significantly influences the Charity or vice versa and as a result will include: trustees/directors, other key management, close family and other business interests of the previous. 12. The Charity has, at no time during the year, entered into any arrangement, transaction or agreement to provide credit facilities (including advances and credits granted by the Charity) for trustees, nor to provide guarantees of any kind on behalf of the trustees. 13. We confirm that the Charity has not contracted for any capital expenditure other than as disclosed in the financial statements. 14. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the Charity conducts its activities and which are central to the Charity's ability to conduct its activities, except as explained to you and as disclosed in the financial statements. 15. We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud. We confirm that we have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud. Continued… - 3 - ## **KINGSHILL HOUSE LIMITED LETTER OF REPRESENTATION BY THE TRUSTEES:** 16. We confirm that there have been no actual or suspected instances of fraud involving trustees, management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We also confirm that we are not aware of any allegations of fraud by former trustees, employees, regulators or others. 17. We confirm that, having considered our expectations and intentions for the next twelve months and the availability of unrestricted reserves, the Charity is a going concern. 18. We confirm that all grants, donations and other income, including those subject to special terms or conditions or received for restricted purposes, have been notified to you. There have been no breaches of terms or conditions during the period regarding the application of such income. 19. We confirm that we are not aware of any matters of material significance that should be reported to the Charity Commission. We confirm that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and expertise (and, where appropriate of supporting documentation) sufficient to satisfy ourselves that we can properly make these representations to you and that to the best of our knowledge and belief they accurately reflect the representations made to you by the directors during the course of your preparation of our financial statements. Yours faithfully, Signed on behalf of the Board of Directors. .............................................................. Trustee Date.......................................................