SEFTON PARK PALM HOUSE PRESERVATION TRUST
ANNUAL REPORT AND ACCOUNTS
for the year ended
31 March 2021
REGISTERED NUMBER: 03272897
CHARITY NUMBER: 1059957
SEFTON PARK PALM HOUSE PRESERVATION TRUST
Accounts
for the year ended 31 March 2021
| Contents | Page |
|---|---|
| Company Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheets | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Accounts | 11 |
SEFTON PARK PALM HOUSE PRESERVATION TRUST
Charity Information for the year ended 31 March 2021
| Company number: | 03272897 |
|---|---|
| Charity number: | 1059957 |
| Trustees: | A Brown |
| J Carden (resigned 1 October 2020) | |
| D Ellis | |
| F Parkinson | |
| M Pearson | |
| P Wilsher | |
| Registered office: | Sefton Park Palm House |
| Sefton Park | |
| Liverpool | |
| L17 1AP | |
| Bankers: | CAF Bank Limited |
| 25 Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Independent Examiner: | P Durrance FCCA |
| Mitchell Charlesworth LLP | |
| Chartered Accountants | |
| 5 Temple Square | |
| Temple Street | |
| Liverpool | |
| L2 5RH |
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Report of the Trustees for the year ended 31 March 2021
The trustees (who are also the directors of the company for the purposes of the Companies Act) present their annual report together with the accounts of the charity for the year ended 31 March 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust’s governing document, applicable law and the requirements of the Statement of Recommended Practice, ‘Accounting and Reporting by Charities (SORP 2019)’.
Governing document
The Trust is a company limited by guarantee incorporated on 7 March 2001 and is governed by a Memorandum and Articles of Association dated 1 November 1996 (as amended in 2016).
Organisation
The Board of Trustees, which must have a minimum of three and a maximum of fifteen, administers the Trust.
The Palm House has a small employee base, and a number of temporary event staff, who run the Palm House on a day-to-day basis. The Board delegated authority to the Director for managing the Palm House, including employees, customers and suppliers, as well as the operational matters including finance, employment and business plan reporting.
Objects and activities
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To preserve for the public benefit of the people of the County of Merseyside and of the nation at large, the building known as Sefton Park Palm House, Sefton Park, Liverpool.
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In the interests of social welfare to provide or assist in the provision of facilities for recreation and other leisure time occupation for the public at large with the object of improving their conditions of life.
To preserve the building, architecture and plants
The building and grounds of Sefton Park Palm House continued to be well maintained by Liverpool City Council.
To establish broad recreational activity
The Palm House and grounds are open to the public every day (apart from times when an event is taking place), allowing visitors the chance to enjoy the building and its fine collection of plants. Admission is free.
We continue to offer our established events and to introduce new ones.
The Palm House holds the Green Tourism Award at Gold level as well as the VAQAS award from Visit England.
Revenue
The report highlights the impact of the COVID pandemic on the Trust’s revenue and the strategies to mitigate the impact of the Palm House being closed. The main source of income, weddings and events, both came to an abrupt halt due to Government Restrictions and “lockdown” which completely changed normal life
Public benefit
The trustees have due regard to the guidance published by the Charity Commission on public benefit. Activities during 2020-21 have been severely restricted although a number of events have moved on-line. The Trustees objective has been to ensure that post pandemic the Palm House will continue to provide a venue space, hosting activities and events that fulfil a public benefit definition and that benefit remains the key driver of our work.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Report of the Trustees for the year ended 31 March 2021
Achievements and Performance
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The period from March 2020 to March 2021 was the most challenging period that the Trust encountered with the advent of the Covid 19 pandemic and the national emergency that followed. The UK government imposed stringent measures that effectively brought normal life to a halt with a national lockdown. For organisations such as the Trust that rely on events and visitors to generate income, the closure of the building and banning of all gatherings, weddings being the primary source of income, abruptly terminated all income whilst at the same time ending the hopes and long-term plans for customers. The Board adopted a survival strategy with the objective of retaining the Palm House team and maintaining the economic viability of the Trust for as long as possible. All strategic developments were put on hold. This was against a backdrop of uncertainty with no clear understanding of timescales. However, it was recognised that events that involve large gatherings such as those at the Palm House would be subject to greater restrictions than other sectors of the economy.
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A number of actions were taken by the Board and Director throughout the 2020-21 financial year to ensure the survival of the Trust and retention of the team. It is hard to describe retrospectively the level of uncertainty that existed and the emotional impact of the pandemic. Whilst this report focuses on the economic impact of the Covid pandemic, it needs to be noted that there was significant impact on individuals faced with uncertainty, fear and loss, and that the Trustees were acutely aware of this personal impact on the Palm House team. The Board continued to meet on line throughout the year with additional meetings as required and to support the Director throughout this very challenging period.
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When the UK Government introduced the Coronavirus Job Protection Scheme. A number of staff were put into the furlough scheme. At that time the Board made the decision to use the financial reserve established to deal with unanticipated events to maintain staff salaries at 100% (the furlough scheme covered 90%) and to support ongoing activity at the PH.
This was a crucial period for the retention and rebooking of weddings which meant that a number of staff could not be furloughed, but kept on full salary on the understanding that reputation was paramount, and retaining existing business was crucial to the future. The introduction of flexible furlough allowed resources to be managed more effectively. The furlough scheme is anticipated to end on 30 September 2021. To date, no redundancies have been made
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During 2020-2021, the Board asked for an increased frequency of financial reporting, The director with support from Mitchell Charlesworth, provided regular updates on financial forecasts/ scenarios as the year progressed and regulations changed and small gatherings were permitted. Forecasts were also provided in response to changes in the “furlough” scheme such as the introduction of flexible furlough. Throughout there was a high degree of uncertainty.
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The Director and staff worked extremely hard to retain wedding bookings with the vast majority transferred to new dates. On a number of occasions rebooked events had to be moved a second time as regulations changed, or did not change as anticipated. The vast majority of bookings were retained and re booked to future dates. It needs to be recognised that many customers were naturally very distressed by the restrictions and the impact on a key life event, adding to the pressure experienced by staff in addition to the considerable workload that ensued.
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From the outset, staff were helped to work remotely in line with Government guidance, or when guidance allowed, a limited number of staff were permitted to work in the office in accordance with the Covid Risk Assessment. Remote staff meetings were introduced twice a week to assist in retaining a team spirit and ensure communication.
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Throughout the period, the director maintained close contact with Liverpool City Council to ensure compliance with their regulations.
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For a limited time during the period, local relaxations in regulations allowed “covid safe” events to take place. Such an event was organised at the PH by Raw. The event was held outside and numbers strictly controlled, but it as extremely well supported. Staff worked throughout the event and made a significant contribution to funds.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Report of the Trustees for the year ended 31 March 2021
Achievements and Performance (continued)
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At the point when rules were relaxed to allow takeaway food and beverages, the café offer at the Palm House that had been totally closed, was re designed to provide a takeaway offer. The offer continued to evolve as regulations changed. This proved extremely successful and has made a significant financial contribution to income. Much higher footfall in the park during COVID restrictions has no doubt helped the café business, but the opportunity to generate a strong customer base was taken very effectively. Many people expressed their gratitude for the opening of the Palm House and catering offer. Advice was taken to ensure the safety of staff including the introduction of split shifts. A successful bid was made to the City Council to obtain funding for external seating and tables, designed to help support hospitality businesses in the City. The café has become a popular destination in the park and we intend to build on that success in the future. The rapid and successful development of the catering offer represents diversification of income set out in the strategic plan
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Grant applications. A successful bid was made for emergency funding from the National Heritage Lottery Fund, the funding was designed to provide support to Heritage Assets and could only be used for funding of defined costs (£69K) for care of the building and running of the Charity. Further bids were made by the Director to access funds from the City Council (£5K)and City Region (£18K) .
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HLF funding for the Signage and Interpretation Project. In March 2020, a joint bid by the Trust and Liverpool City Council was awarded £232K by the National Lottery Heritage Fund, with match funding of £33K from LCC. The bid based on an earlier project is designed to have a major impact on the interpretation of the PH, the visitor experience and community engagement. As a joint project with LCC, a collaboration agreement sets out the relationship between the two parties. The progress of the two-year project has inevitably suffered due to the pandemic. Early in 2021 a part time project officer was appointed for the two-year post, totally funded by the award. Many of the project objectives have been ambitions of the Trust in the past, and the project is an exciting opportunity to develop the PH and links to a wider community.
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Previous reports have emphasised the success of Health and Wellbeing programme and the positive impact that this has made to many people. With lockdown, all of this work stopped immediately and has not resumed. This led to the rapid development of an on-line presence for the Palm House with a range of events and, latterly, on line talks that have proved popular, with in some cases, new audiences from Australia and the USA. This is an area that the Trust is keen to develop in future years and build on our success.
Plans for future periods
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As of March 2021, the pandemic continues to dominate all aspects of life with tight social restrictions imposed by the Government. The hospitality industry is particularly badly affected with businesses forced to close. It is not clear when or how a version of normality will return and the uncertainty makes planning a challenge. The Trust has maintained salaries throughout and has not made any redundancies. The majority of weddings cancelled due to the pandemic have been rescheduled for later in 2021 and 2022, and it is expected that there will be particularly busy periods later in 2021, assuming gatherings of reasonable numbers are permitted. Losses have been minimised through a combination of careful planning and management of funds and long-term policy of building financial reserve, the use of the Job Protection Scheme, successful bids for funding from the HLF and City Region, together will a small number of successful “Covid compliant events” and the success of the Palm House café, losses have been minimised and are manageable. The Board is in no doubt that the resourcefulness and resilience of the staff have been key to this, as has the goodwill of the community, for example in supporting the café.
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At an appropriate point, the volunteer scheme will be restarted. 2021 is the joint anniversary of the reopening of the restoration of the Palm House 20 years ago and its first opening 125 years ago. Subject to restrictions, the plan is to hold a number of events later in the year to mark the anniversaries, the thank those who have been involved and enabled the rescue and re opening of the Palm House in 2001. We intend to use the events as the catalyst to restart and rebuild many of the activities that have been on hold. They will also be an opportunity to look ahead at a brighter future and carry forward some of the lessons learnt. The café offer has been transformed and we are keen that the customer base that has been built will continue to develop and grow in response to an innovative offer.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Report of the Trustees for the year ended 31 March 2021
Plans for future periods (continued)
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Website. Following a competitive process, designers have been commissioned to provide a new website that is easier to navigate and more user friendly than the existing site. The new site will include features the allow on line bookings for events, clearer up to date information on the programme. The Trust is keen to continue and develop the use of on-line media to maintain existing audiences and develop new ones in conjunction with the HLF project in particular.
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HLF project. The Trust is keen to seen the long term benefits from the Interpretation Project and will encourage a long term view whilst ensuring that the stated project outcomes are delivered.
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Mobile catering unit - The Director has proposed the purchase of a mobile unit which would allow visitors to purchase refreshments even when the Palm House is closed for weddings and other events. It would be situated close to the perimeter fencing.
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Towards the end of 2020, the board began to plan recruitment of new trustees. There are a number of skills and experience gaps and the board has reduced in number. It was not felt appropriate to begin this process during the height of the pandemic. The roles will be advertised widely to encourage diversity of applications and a process has been outlined with the intention of having new trustees in place towards the end of 2021. It is felt important that the process allows potential trustees to have time to understand the operations of the Trust and get to know staff and trustees, as well as each other. It is essential to find the right calibre of person with an approach and commitment that will support the continued development of the Palm House. The objective is to have new board members to be appointed in time for the 2021 AGM.
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2020-21 has seen exceptional circumstances that have completely changed a way of life and will continue to do so. Through planning and resourcefulness, the Trust has survived, and investment in retaining existing business should secure the future when use of the Palm House for events and weddings is permitted. The Government has indicated that the Furlough scheme will end in early Autumn of 2021, as such the Trust is working towards the scenario of a resumption of trading, possibly restricted, from mid 2021.
Risk management
Sefton Park Palm House Preservation Trust’s board of trustees review risk on a regular basis.
Reserves policy
It is the responsibility of the trustees to assess the main risks the Trust is exposed to, particularly those relating to the operations and finances of the Trust. The Trustees undertake this assessment and ensure that systems are in place to mitigate and manage the Trust’s exposure to any major risks. The Trustees have confirmed the requirement to maintain free reserves equivalent to 12 months costs (circa £270K) in order to absorb major fluctuations in income received without curtailing services to its beneficiaries. This period has seen those reserves used for the first time to cover a deficit. The Trust’s intention is to maintain the reserve at 12 months costs
Trustees
Trustee induction and training is an on-going process with regular review (eg skills audit) .
The Trustees who served during the year are detailed on page 1. Patrick Hurley continued to serve as Council Observer on the board.
By Order of the Trustees
| By Order of the Trustees | |
|---|---|
| A Brown | P Wilsher |
| Chair | Trustee |
26 October 2021
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Mitchell Charlesworth LLP
Chartered Accountants
5 Temple Square · Temple Street · Liverpool · L2 5RH
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SEFTON PARK PALM HOUSE PRESERVATION TRUST
I report to the charity trustees on my examination of the accounts of the group for the year ended 31 March 2021 which are set out on pages 7 to 20.
Responsibilities and basis of report
As the charity trustees of the group (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 group 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 group’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 group’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 the Association of Chartered Certified Accountants, 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 that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
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.
P Durrance FCCA MITCHELL CHARLESWORTH LLP Liverpool
26 October 2021
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2021
| Unrestricted Restricted Notes Funds Funds Income from:- £ £ Donations 2 83,892 78,588 Charitable activities 4 7,627 - Investment income 3 121 - Commercial trading operations 5 200,743 - Total income 292,383 78,588 Expenditure on:- Charitable activities 6 336,803 82,758 Total expenditure 336,803 82,758 Net income/(expenditure) (44,420) (4,170) Total of funds brought forward 539,927 4,170 Total funds carried forward 495,507 - |
Total 2021 £ 162,480 7,627 121 200,743 370,971 419,561 419,561 (48,590) 544,097 495,507 |
Total 2020 £ 52,916 25,974 463 550,416 |
|---|---|---|
| 629,769 | ||
| 538,589 | ||
| 538,589 | ||
| 91,180 452,917 |
||
| 544,097 |
All activities relate to continuing operations.
The notes on pages 11 to 20 form part of these accounts.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2021
Comparative information for the year ended 31 March 2020
| Unrestricted Restricted Notes Funds Funds Income from:- £ £ Donations 2 52,916 - Investment income 3 463 - Commercial trading operations 5 550,416 - Charitable activities 6 25,974 - Total income 629,769 - Expenditure on:- Raising funds 7 334,364 - Charitable activities 8 200,912 3,313 Total expenditure 535,276 3,313 Net income/(expenditure) 94,493 (3,313) Total of funds brought forward 445,434 7,483 Total funds carried forward 539,927 4,170 |
Total 2020 £ 52,916 463 550,416 25,974 629,769 334,364 204,225 538,589 91,180 452,917 544,097 |
|---|---|
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Balance Sheets 31 March 2021
| Notes Fixed assets Tangible assets 12 Current assets Stock 13 Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Funds Unrestricted funds General funds 19 Designated funds 19 Restricted funds 20 Total funds 21 |
Consolidated 2021 2020 £ £ 50,490 61,392 9,241 6,544 117,267 80,000 804,271 731,161 930,779 817,705 485,762 335,000 445,017 482,705 495,507 544,097 225,507 269,927 270,000 270,000 495,507 539,927 - 4,170 495,507 544,097 |
Company 2021 2020 £ £ 50,490 61,392 - - 98,955 1,840 259,368 332,347 358,323 334,187 13,306 142,073 345,017 192,114 395,507 253,506 125,507 (20,664) 270,000 270,000 395,507 249,336 - 4,170 395,507 253,506 |
|---|---|---|
For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees’ responsibilities
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a) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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b) The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
Approved by the Trustees on 26 October 2021, authorised for issue and signed by:-
A Brown P Wilsher Trustee Trustee Company Registration Number: 03272897
The notes on pages 11 to 20 form part of these accounts.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Statement of cash flows For the year ended 31 March 2021
| Notes Cash flows from operating activities Net cash provided by (used in) operating activities 16 Cash flows from investing activities Interest received Fixed asset acquisitions Change in cash and cash equivalents in the year ending 31 March 2021 Cash and cash equivalents as at 1 April 2020 17 Cash and cash equivalents as at 31 March 2021 17 |
Total 2021 £ 72,989 121 - 73,110 731,161 804,271 |
Total 2020 £ 137,150 463 (8,111) 129,502 601,659 731,161 |
|---|---|---|
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
1. Summary of accounting policies
(a) General information and basis of preparation
Sefton Park Palm House Preservation Trust is a company limited by guarantee and a registered charity in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out in the Trustees’ Report on page 2.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Group accounts
The accounts consolidate the results of the charity and its wholly owned subsidiary, SPPHPT Trading Company Limited on a line-by-line basis.
The trustees have taken advantage of S408 Companies Act 2006 from the requirement to prepare a separate Statement of Financial Activities for the charity. The net incoming resources dealt with in the accounts of the charity are £142,001 (2019: £9,346 ).
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds is charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
1. Summary of accounting policies (continued)
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to special performance conditions and is recognised as earned as the related services are provided. Grant income included in this category provides funding to support performance activities and is recognised when there is entitlement, certainty of receipt and the amounts can be measured with sufficient reliability.
Investment income is earned through holding assets for investment purposes such as bank deposits.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Expenditure on charitable activities includes the costs of associated events, maintenance of the building and wages and salaries.
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Other expenditure represents those items not falling into the category above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at the charity’s registered office. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Building renovations - 20% straight line Equipment - 20% straight line Fixtures and fittings - 33% straight line
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
1. Summary of accounting policies (continued)
(g) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(h) Operating leases
Rentals payable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
(i) Employee benefits
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
(j) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(k) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements and the impact of Covid-19 on post reporting date activities. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern, and the trustees continue to assess the operational risks as a result of Covid-19 on the group to mitigate the impact.
2.
3.
| Income from raising funds Unrestricted Restricted £ £ Donations and other sundry income 14,792 - Legacies - - Grant income - HLF emergency fund 69,100 - Grant income - Government grants - 78,588 83,892 78,588 Investment income Unrestricted Restricted £ £ Bank interest receivable 121 - |
Total 2021 £ 14,792 - 69,100 78,588 162,480 Total 2021 £ 121 |
Total 2020 £ 40,416 12,500 - - 52,916 |
|---|---|---|
| Total 2020 £ 463 |
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
| 4. Income from charitable activities Unrestricted Restricted £ £ Fundraising events 7,627 - 7,627 - 5. Commercial trading operations Subsidiary company Turnover Cost of sales Gross profit Administration expenses Other income Surplus before taxation Taxation Surplus after taxation Distribution to parent company Deficit/Surplus for the period Fixed assets Current assets Creditors due within one year Total net assets |
Total Total 2021 2020 £ £ 7,627 25,974 7,627 25,974 2021 2020 (As restated) £ £ 188,928 550,417 (62,212) (108,946) 126,716 441,471 (188,210) (152,096) 11,815 - (49,679) 289,375 - - (49,679) 289,375 (140,910) (207,543) (190,589) 81,822 663,865 618,513 (563,865) (327,924) 100,000 290,589 |
|---|---|
The charity, together with the trustees, hold all the voting rights of SPPHPT Trading Limited, a company incorporated in England and Wales, which organises commercial hire of the Palm House and events. A gift aid donation amounting to £140,910 (2020: £207,543 ) has been eliminated on consolidation.
| 6. Analysis of expenditure on Charitable activities Unrestricted Restricted £ £ Direct costs 265,559 78,588 Support costs 71,244 4,170 Total 336,803 82,758 |
Total 2021 £ 344,147 75,414 419,561 |
Total 2020 £ 438,651 99,938 538,589 |
|---|---|---|
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
| 7. Support costs Governance costs (note ) Depreciation Legal and professional Information technology Advertising Telephone Printing and stationery Subscription Premises costs Insurance Other Bad debts 8. Governance costs Independent examination fees Accountancy 9. Net outgoing resources for the year This is stated after charging: Depreciation External examiner’s fees: Independent examination Accountancy 10. Staff costs and numbers Salaries and wages Social security costs Pension contributions |
2021 £ 15,423 10,902 8,394 5,971 2,175 1,721 4,291 3,513 19,000 2,145 949 930 75,414 2021 £ 850 14,573 15,423 Total 2021 £ 10,902 850 14,573 Total 2021 £ 216,692 8,786 3,319 228,797 |
2020 £ 17,654 10,902 5,284 3,323 8,492 1,846 5,663 7,564 18,215 2,019 1,472 17,504 99,938 2020 £ 800 16,854 17,654 Total 2020 £ 10,902 800 16,854 Total 2020 £ 200,229 10,603 3,065 213,897 |
|---|---|---|
There are no employees earning at the rate of £60,000 or more per annum.
The amount above includes £95,060 (2020: £94,545) paid to Key Management Personnel during the year. The Charity deem the key management personnel to be the director, events manager and visitor manager.
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
10. Staff costs and numbers (continued).
The average weekly number of employees during the year, calculated on the basis of full time equivalents, was as follows:-
| Total | 2021 Number 19 |
2020 Number 18 |
|---|---|---|
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year (2020 £Nil).
11. Taxation
The company is exempt from corporation tax on its charitable activities.
| 12. | Tangible fixed assets | Building | Fixtures & | |||
|---|---|---|---|---|---|---|
| renovations | Equipment | Fittings | Total | |||
| Group and company | £ | £ | £ | £ | ||
| Cost or valuation | ||||||
| At 1 April 2020 | 74,976 | 73,458 | 166,986 |
315,420 | ||
| At 31 March 2021 | 74,976 | 73,458 | 166,986 | 315,420 | ||
| Depreciation | ||||||
| At 1 April 2020 | 70,519 | 73,458 | 110,051 | 254,028 | ||
| Charge for period | 1,189 | - | 9,713 |
10,902 | ||
| At 31 March 2021 | 71,708 | 73,458 | 119,764 | 264,930 | ||
| Net book value | ||||||
| At 31 March 2021 | 3,268 | - |
47,222 |
50,490 | ||
| At 31 March 2020 | 4,457 | - |
56,935 |
61,392 | ||
| 13. | Stocks | Group | Company | |||
| 2021 | 2020 | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Goods for resale | 9,241 | 6,544 | - | - |
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
| 14. Debtors Group 2021 2020 £ £ Trade debtors 101,865 70,259 Accrued income and prepayments 15,402 9,741 Amounts due from subsidiary undertaking - - 117,267 80,000 15. Creditors: Amounts falling due within Group one year 2021 2020 £ £ Trade creditors 6,411 25,946 Other taxes and social security 36,056 22,813 Accruals and deferred income 443,295 286,241 Amounts due from subsidiary undertaking - - 485,762 335,000 16. Reconciliation of net income/(expenditure) to net cash flows from operating activities Net income/(expenditure) for the reporting period as per the statement of financial activities Interest receivable Depreciation charges (Increase)/decrease in stock (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities 17. Analysis of cash and cash equivalents Cash in hand Cash at bank Total of cash and cash equivalents There are no financial liabilities classified as debt held by the charity. |
Company 2021 2020 (As restated) £ £ 450 1,125 7,097 715 91,408 - 98,955 1,840 Company 2021 2020 (As restated) £ £ 1,465 636 6,991 3,744 4,850 2,698 - 134,995 13,306 142,073 Total 2021 Total 2020 £ £ (48,590) 91,180 (121) (463) 10,902 10,902 (2,697) (4,931) (37,267) 680 150,762 39,782 72,989 137,150 Total Total 2021 2020 £ £ 6,520 1,642 797,751 729,519 804,271 731,161 |
|---|---|
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Notes to the Accounts Year ended 31 March 2021
18. Related party transactions
There were no transactions with related parties during the year.
| 19. Funds Unrestricted funds Group General fund Designated funds (see below) Company General fund Designated funds (see below) Designated funds Group and company Emergency operating fund Comparative information in respect Funds Unrestricted funds Group General fund Designated funds (see below) Company General fund Designated funds (see below) Designated funds Group and company Emergency operating fund |
As at Incoming Outgoing As at 01.04.20 Resources resources Transfers 31.03.21 £ £ £ £ £ 269,927 292,383 (336,803) - 225,507 270,000 - - - 270,000 539,927 292,383 (336,803) - 495,507 (20,664) 396,040 (249,869) - 125,507 270,000 - - - 270,000 249,336 396,040 (249,869) - 395,507 As at 01.04.20 New designations Utilised/ released in year As at 31.03.21 £ £ £ £ 270,000 - - 270,000 of the preceding period is as follows:- As at Incoming Outgoing As at 01.04.19 Resources resources Transfers 31.03.20 £ £ £ £ £ 175,434 629,769 (535,276) - 269,927 270,000 - - - 270,000 445,434 629,769 (535,276) - 539,927 (33,323) 286,893 (274,234) - (20,664) 270,000 - - - 270,000 236,677 286,893 (274,234) - 249,336 As at 01.04.19 New designations Utilised/ released in year As at 31.03.20 £ £ £ £ 270,000 - - 270,000 |
|---|---|
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
| 20. Restricted funds As at 01.04.20 Incoming Resources Outgoing Resources Transfers Group and company £ £ £ £ Heritage Lottery Fund 2,995 - (2,995) - Holt Grant 1,175 - (1,175) - Government grants - 78,588 (78,588) - 4,170 78,588 (82,758) - Comparative information in respect of the preceding period is as follows:- Restricted funds As at 01.04.19 Incoming Resources Outgoing Resources Transfers Group and company £ £ £ £ Heritage Lottery Fund 4,848 - (1,853) - Holt Grant 2,635 - (1,460) - 7,483 - (3,313) - 21. Analysis of net assets between funds Unrestricted Restricted Designated Funds funds funds Group £ £ £ Tangible fixed assets 50,490 - - Net current assets 175,017 - 270,000 Net assets at 31 March 2021 225,507 - 270,000 Company £ £ £ Tangible fixed assets 50,490 - - Net current assets 175,017 - 270,000 Net assets at 31 March 2021 125,507 - 270,000 Comparative information in respect of the preceding period is as follows:- Unrestricted Restricted Designated Funds funds funds Group £ £ £ Tangible fixed assets 57,222 4,170 - Net current assets 212,705 - 270,000 Net assets at 31 March 2020 269,927 4,170 270,000 Company £ £ £ Tangible fixed assets 57,222 4,170 - Net current assets (77,886) - 270,000 Net assets at 31 March 2020 (20,664) 4,170 270,000 |
As at 31.03.21 £ - - - |
|---|---|
| - | |
| As at 31.03.20 £ 2,995 1,175 |
|
| 4,170 | |
| Total Funds £ 50,490 345,017 495,507 £ 50,490 345,017 395,507 Total Funds £ 61,392 482,705 544,097 £ 61,392 192,114 253,506 |
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SEFTON PARK PALM HOUSE PRESERVATION TRUST
Notes to the Accounts Year ended 31 March 2021
22. Operating lease commitments
At the 31 March 2021 the company has no formal commitment for the lease of the buildings and continues to occupy the premises by mutual consent.
23. Members’ liability
The company is limited by guarantee and has no share capital. Every member of the charity undertakes to contribute to the assets of the charity, in the event of being wound up while he or she is a member or within one year of ceasing to be a member for debts and liabilities of the charity contracted before he or she ceases to be a member, such amount as may be required not exceeding £1.
24. Related party transactions
During the year M Pearson, a trustee of the charity, delivered workshops at the Palm House. Amounts totalling £160 (2020 £330) were paid to M Pearson on an arms length basis.
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