COMPANY REGISTRATION NUMBER: 03523388 CHARITY REGISTRATION NUMBER: 1068549
The Nancy Oldfield Trust Limited Company Limited by Guarantee Unaudited financial statements 30 September 2020
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Financial statements
Year ended 30 September 2020
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 10 |
| Statement of financial activities (including income and expenditure account) | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 |
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 30 September 2020
The Board of management, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2020.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
Reference and administrative details
The Nancy Oldfield Trust Limited
Registered charity name Charity registration number 1068549 Company registration number 03523388 Principal office and registered Irstead Road office Neatishead Norwich NR12 8BJ
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mrs V Khambatta (Chairman) D Lennard-Jones (Vice Chair) S I George (Company Secretary and Treasurer) J Copping Mrs D F Harber P M Hawes Ms H James (appointed 24 July 2020) Mrs E J Ollier S Smith
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
| Centre Manager | S Bradnock |
|---|---|
| Fundraising consultants | Felton Fundraising and Appeals |
| 91 Eastgate Street | |
| North Elmham | |
| Dereham | |
| Norfolk | |
| NR20 5HE | |
| Independent examiner | Mark Proctor FCA DChA |
| Lovewell Blake LLP | |
| Chartered accountants | |
| Bankside 300 | |
| Peachman Way | |
| Broadland Business Park | |
| Norwich | |
| NR7 0LB | |
| Solicitors | Leathes Prior |
| 74 The Close | |
| Norwich | |
| Norfolk | |
| NR1 4DR | |
| Stockbrokers | Barratt & Cooke Limited |
| 5/6 Opie Street | |
| Norwich | |
| Norfolk | |
| NR1 3DW |
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Objectives and activities
Principal objectives
The Trust exists to provide the opportunity and facilities for anyone who is disadvantaged in any way, or who has any form of disability, to experience and enjoy a variety of water based activities afloat on the Norfolk Broads. Fully accessible self-catering accommodation ashore enables individuals and their helpers to participate on either a residential or daily basis. Staff are experienced in providing activities for people with particular needs and hold the necessary qualifications relevant to their duties. A team of volunteers works with the staff to lead and support sailing, canoeing, environmental studies, fishing and bird watching and provide instruction to help develop the personal skills of individuals within a safe and sympathetic environment.
The Trust owns and maintains its property on the waterside at Neatishead, as well as a floating base on Barton Broad, together with a variety of motor boats, safety boats, sailing boats, canoes, and associated equipment.
Public benefit
The Trustees consider the Trust provides a public benefit as defined by the Charity Commission through its objectives of providing sailing and other activities for disabled or disadvantaged people on the Norfolk Broads. These objectives are set out in more detail under 'objectives and activities' and numbers of users under 'achievements and performance'.
While visitors are encouraged to donate to the Trust when they visit, access is not restricted if a visitor is unable to make such donation and a bursary fund has been established to provide free or subsidised activities where appropriate.
All trustees give their time voluntarily and received no benefits from the charity for their work as trustees. The many volunteers also give their time and receive no expenses for their work with the Trust.
Personnel, volunteers and local support
The Board of Trustees wish to record their thanks and appreciation to the staff, volunteers and local supporters for their support during the year.
Volunteers are involved with the many aspects of the Trust's activities. All volunteers who assist on the water are provided with training and supervision in order that they can demonstrate the minimum standards of knowledge and competence as laid down by the Trustees. All volunteers are encouraged to gain the nationally recognised qualifications appropriate for the activities they help with and where possible this is both provided by and funded by the Trust.
Employee involvement and employment of disabled people
Regular staff and volunteer meetings are held to keep personnel informed and up to date, these are led by the Centre Manager. Trustees are provided with regular briefings about the work of the Trust. A newsletter keeps visitors informed. Policies and procedures exist regarding Equal Opportunities, Volunteers and Health and Safety matters. We wish to take our visitors afloat safely and it is essential staff and volunteers have appropriate practical qualifications, skills and experience in order to be able to do this. We provide training programmes to enable people to gain experience and acquire the necessary skills and qualifications. At present we do not have any staff with disabilities. When our most recent vacancies were last advertised, we received no applications from disabled applicants. The Trust will continue to consider how it can encourage such applications for future vacancies.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Achievements and performance
Visitor numbers
During the year, which was significantly affected by the Covid 19 pandemic, the Trust catered for the following numbers of visitors:
Non-residential measured in half day sessions 2020: 1,510 (2019: 3,798) Residential visitors plus their carers measured in bed nights 2020: 195 (2019: 1,210)
As can be seen from the above day visitor sessions were reduced to 40% of the previous year with residential visits suffering an even higher reduction to 16% of the previous year figures. The Trust worked hard to ensure that the impact of the coronavirus was minimised as much as possible through the season and is diversifying activity provision to increase business reliance and promote the recovery of the Trust's activities when lockdown and tier restrictions are relaxed.
Designated funds allocated from reserves in the previous year for the re-roofing of the self-catering bungalow were used for this purpose.
Fixed assets
During the year the Trust spent £5,385 (2019: £1,288) on new fixed assets.
Investments
There were a number of changes in the investment portfolio but no change in the overall investment strategy. The market value of the portfolio at the year end was £222,374, with realised losses of £10,435 and unrealised losses of £12,765.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Achievements and performance (continued)
Fundraising
The Appeals Trustee directs all major fundraising activity. A fundraising consultancy firm, working to a contract that is reviewed annually, assists by undertaking research, production of appeal letters, applications and literature.
The Trust is not in receipt of any statutory funding or government grant (except COVID furlough payments) and depends entirely on the donations received for visits, unsolicited donations and income from its investments and its own fundraising efforts. The Trust does not own or have any interest in a trading subsidiary. Although a significant part of the Trust's revenue has resulted from unsolicited gifts and donations from visitors and others, fundraising has been mainly concentrated on grant making trusts. The Trust is greatly dependent on the grants received from the charitable trusts, foundations and organisations. The Trustees wish to acknowledge and thank them all for their generous support:
Alan Boswell Group Charitable Trust Awards for All Educational Foundation of Alderman John Norman Florence Clarke Charitable Trust Limbourne Trust Lynn Foundation Norfolk Community Foundation - Ranworth Trust Phillips Charitable Trust The 29th May 1961 Charitable Trust The Frognal Trust The J and D Hambro Charitable Trust The Lady Hind Trust The Mickleham Trust The Philip and Elizabeth Rackham Charitable Trust The Rainford Trust The Sir Cliff Richard Charitable Trust The Sobell Foundation Stewards Company Barnabas Trust
Financial review
The results of the Trust's operations for the year are set out in detail on pages 11 to 25.
The net expenditure in the General Fund before transfers and other recognised gains and losses amounted to £157,737 (2019: net expenditure of £13,030).
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Financial review (continued)
Impact of COVID-19
As with many charities the impact of the lockdown has been immense. The Trust was able to gradually reopen from the beginning of July but with only a very few visitors. The impact of the pandemic meant that many of the Trust's visitors were in the very vulnerable category and the day centres and residential homes were not undertaking any visits; so this meant that the Trust was working with individuals or small social bubbles.
The Trust was unable to apply for any of the initial support from the Local Authority as it does not pay business rates; so the decision was made to indefinitely postpone the building of the new motor boat and use the reserves to cover the loss of income from the effects of Covid19 for the current and probably for the following financial year. However, the Trust was able to make full use of the Government's furlough scheme.
This decision should enable the Trust to survive the impact on Covid19 but will not enable the funding of capital projects from reserves as the Trustees recognise that the impact on revenue funding will continue into 2021/2022.
The remainder of the free reserves at 30 September 2020 totalled £248,158 in the General Fund and £85,383 in Designated Funds. By 31 January 2021 the general fund reserves will have reduced to approximately £139,000 (due to reduced income in the winter months - see (e) below). The Trustees do not wish to see reserves reduce below this level and recognise that this can only be achieved by continuing the fund raising campaign to generate grant income for revenue expenditure as well as for capital projects.
The Covid-19 pandemic has impacted the plans for the future and the activities of the Trust. The profit and loss performance for the year to date equates to a deficit of £31,870, however this is inclusive of £10,000 depreciation adjustment and so on a cash basis the deficit is smaller at around £21,870. This reduction has occurred due to Covid-19 impacting on visitors being unable to visit the centre and thus income is down £28k, RYA course income is down £6k, although furlough claim income has amounted to £18k. The budget for the year to 30 September 2021 assumed a deficit of £60k but following the impact of Covid-19 this is over £80k.
The cash balances are currently around £139,000 with the investment portfolio valued at £248,000, after reduction in value in March, which has since recovered. The portfolio has yielded dividend income of around £1,680 so far and is likely to reach the target budgeted.
Despite the impact of Covid-19 on visitor income (partially offset by furlough claim income) the Trust remains in a healthy financial position with cash and investments available. Operations are to be reviewed in light of Covid-19 with a view to generating new / additional sources of income and reducing costs.
Reserves policy
The Trust's free reserves at 30 September 2020 comprised General Fund net current assets (cash and debtors less creditors) and investments of £248,158 (2019: £114,662) and Designated Funds of £85,383 (2019: £321,715). Restricted funds at 30 September 2020 were £50,280 (2019: £63,186). Total funds at 30 September 2020 were £802,980 (2019: £953,181).
The trustees consider the following factors in assessing the level of reserves required to be maintained on an on-going basis:
(a) The uncertainty surrounding revenue streams from year to year. The Trust receives no statutory funding and relies largely on voluntary donations and grants for the majority of its income. The current economic climate still remains difficult and for the foreseeable future the Trustees expect that the costs of running the centre will exceed income.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Financial review (continued)
(b) On-going costs which continue to rise partly due to increases which are outside the control of the Trustees and those required to meet Health and Safety and insurance requirements.
(c) The long term costs of repairing and replacing the Trust's fleet of boats and quay headings and upgrading facilities to modern day standards. These will vary from year to year and on some occasions will be significant.
(d) Reliance on the investment portfolio to contribute to the income of the Trust. Investment income is currently £7,660 p.a.
(e) The seasonal nature of the Trust's activities with cash balances being significantly lower in the winter months when visitor donations are small.
Investment policy
The Trust's investment policy is conservative, minimising risk while seeking to obtain a balance between capital growth and income. A firm of stockbrokers is retained to advise on and manage the portfolio on a discretionary basis. However, the Trustees still take responsibility for overall investment decisions.
Plans for future periods
The Trust has applied for several grants to enable it to provide new 'Covid' secure activites. If these are successful it will mean that the Trust is able to offer new activities in 2021.
The Trust has also been offered a large motorboat from one of the local boatyards and is currently negotiating with the owners and getting a survey before accepting this generous gift. This would be a welcome replacement for the previous planned project of having a new boat built, as those reserves earmarked for this planned project will no longer be available.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2020
Structure, governance and management
Governing document
The Nancy Oldfield Trust was established under a trust deed dated 22 March 1984. The trade and assets of the Trust were transferred to The Nancy Oldfield Trust Limited on 1 April 1998.
The Nancy Oldfield Trust Limited is a company limited by guarantee and is governed by its Memorandum and Articles of Association as amended September 2016. Each member is liable to contribute a sum not exceeding £10 in the event of the company being wound up.
The company is also registered with the Charity Commission.
Recruitment and appointment of Trustees
As a general rule the Board is between ten and twelve members all of whom have some particular and relevant experience or skill that can be offered to the Charity, at present there are only nine members of the board. Recruitment is undertaken by advertising widely for expressions of interest and the appointing new trustees as appropriate to achieve a balance of expertise, and experience on the Board. All potential Trustees have the opportunity to visit the Trust and meet the Chairman, Centre Manager and other Trustees before a formal interview procedure.
Trustees induction and training
-
On appointment Trustees are provided with:
-
The charity's Memorandum and Articles of Association
-
The latest accounts of the charity
-
Details of Charity Commission guidance notes CC3 - "The Essential Trustee - what you need to know,
-
what you need to do"
In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
Risk management
The Trustees acknowledge the Charity Commission's recommendation for them to undertake a review of the major risks to which the Trust is exposed. The Trustees do review the risk assessment periodically to ensure they can update accordingly.
Organisational structure
The Trustees are directors within the meaning of the Companies Act 2006. The Trustees at the date of this report are listed in the 'Reference and Administrative Details' section of this document.
The Trustees meet three or four times a year.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
Independent examiner
A resolution to reappoint Mark Proctor FCA DChA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
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The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees, annual report lincorporating tho directors, report) Iconllnuedj Yoar ended 30 September 2020 The Irustè&s' annual POrt was approved on Iruslees by.. ..xo..Ll. and signed on behalf of the board of Mrs V Khambatta Ichaimianl Truslee
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Independent examiner's report to the trustees of The Nancy Oldfield Trust Limited
Year ended 30 September 2020
I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 September 2020 which comprise the statement of financial activities (including income and expenditure account), balance sheet and the related notes.
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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the financial statements of the company 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 company's financial statements 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
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:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
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
-
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 accounts to be reached.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
4 February 2021
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 30 September 2020
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | ||||
| funds | funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | £ | |
| Income and endowments | ||||||
| Donations and legacies | 5 | 61,201 | - | 42,676 | 103,877 | 449,415 |
| Other trading activities | 6 | 3,810 | - | – | 3,810 | 12,959 |
| Investment income | 7 | 8,554 | - | – | 8,554 | 9,035 |
| Other income | 8 | 34,696 | - | – | 34,696 | 3,800 |
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||
| Total income | 108,261 | - | 42,676 | 150,937 | 475,209 | |
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||
| Expenditure | ||||||
| Raising funds | ||||||
| Raising funds | 9 | (13,472) | - | – | (13,472) | (22,527) |
| Charitable activities | 10 | (229,326) | - | (35,140) | (264,466) | (247,179) |
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||
| Total expenditure | (242,798) | - | (35,140) | (277,938) | (269,706) | |
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||
| Net (expenditure)/income and net | ||||||
| movements in funds before gains and | ||||||
| losses on investments | ||||||
| (134,537) | - | 7,536 | (127,001) | 205,503 | ||
| Net (losses)/gains on investments | 11 | (23,200) | - | – | (23,200) | 1,669 |
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|||
| Net (expenditure)/income before transfer of | ||||||
| funds | (157,737) | - | 7,536 | (150,201) | 207,172 | |
| Transfers between funds | 256,774 | (236,332) | (20,442) | – | – | |
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───────── |
||
| Net movement in funds | 99,037 | (236,332) | (12,906) | (150,201) | 207,172 | |
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| Reconciliation of funds | ||||||
| Total funds brought forward | 568,280 | 321,715 | 63,186 | 953,181 | 746,009 | |
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| Total funds carried forward | 667,317 | 85,383 | 50,280 | 802,980 | 953,181 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 26 form part of these financial statements.
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The Nancy Oldfield Trust Limited Company Limited by Guarantee Balance sheet 30 September 2020 2020 2019 Flxed a$$•ts Tangiblè fix&* asssts Investments 16 17 419.159 222,374 453.618 207,203 641,533 660,821 Currtrnt a$5ets Debtor5 Cash 8t bank and in hand - Restricted Cash at bank and in hand - D8signat8d C8sh 8l bank and in hand- Unr8Stricted 18 24,799 $0.280 16,189 100.713 6,771 63.186 226,715 8,863 191,981 305,535 Creditors.. Amoufits falling due within one y•ar 19 130,534} 113,1751 Net cuent assets 161,447 292,360 Totsl assets less current Ilabilities 802,980 953,181 Not assot5 802,980 953,181 Funds of the charity Restiicted funds Unrestrfcted funds S),280 752.700 63,186 889.995 Total charlty funds 21 802,980 953,181 For thè yaar ending 30 Sèpt8mbar 2020 thè eharfty was entltlad to exemplon from audk under section 477 of the Companies Act 2006 relating to 8rnall comp8ni8S. Dirèctors, résp0n8ibilitS'. The members have not required the company to obtaln an audlt of its financial statsments for the year in question in accordan with section 476., The directors ackrK)wledge their reSponsilItt&S for complying With th8 wuir8rn8nt5 of the Act with respect to accounting records and the preparation of financial statements. These finandal ststements have been prepared in accordance wlh the prov1&or appli¢abbg to ¢ompani8$ subjoct to th8 srnall compani8s' r8gim8. Th8S8 financial stat8rn8nts wér8 approvad by the board of trsta@S and authorlsed for Issug on 21 january.2021 and are signed on behalf of the board by.. Y/ka Mrs V Khambatta ICh8irmanl Trust88 Company r8gistr8tion numb8r'. 03523388 The notes on pag 13 to 26 forrn part of thwa8 financial statsments. 12.
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 30 September 2020
1. General information
The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Irstead Road, Neatishead, Norwich, NR12 8BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to the charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), Companies Act 2006 and the Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016.
The charity constitutes a public benefit entity as defined by FRS 102.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified to include investment assets at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The trustees have considered the impact of the COVID-19 pandemic in making this assessment.
Fund accounting
-
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
-
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
-
Restricted funds are subjected to restrictions on the expenditure imposed by the donor or through the terms of an appeal.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
3. Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
Donations and legacies Income from donations and legacies includes grants, donations, and gifts and is included in full in the Statement of Financial Activities when entitlement is established. Legacies are included in the Statement of Financial Activities when the legacy has been received unless, before receipt, there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.
Grants Grants both income and capital are credited in full in the Statement of Financial Activities when entitlement is established.
- Investment income
Investment income is included when receivable.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates:
-
Costs of raising funds comprise the costs associated with attracting donations and fundraising.
-
Charitable activities comprise those costs incurred by the charity in the delivery of its undertakings and services for its beneficiaries.
-
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.
Tangible assets
All fixed assets are initially recorded at cost except for assets which are gifted to the Trust. Gifted assets are included at the Trustees estimate of the value at the date of the gift.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property, improvement and quay - 2%, 6.67%, and 10% straight line Boat, yachts and houseboat - 10% straight line Vehicles, plant and equipment - 10% straight line
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
3. Accounting policies (continued)
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Pension contributions
The Trust makes contributions to the defined contribution personal pension scheme for all employees. The charge to the Statement of Financial Activities represents those contributions payable by the Trust during the year.
4. Limited by guarantee
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Visitor donations | 34,148 | – | 34,148 |
| Legacies | |||
| Legacies | – | – | – |
| Grants | |||
| Grants and other donations | 27,053 | 42,676 | 69,729 |
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|
| 61,201 | 42,676 | 103,877 | |
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- 15 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
5. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Donations | |||
| Visitor donations | 88,309 | – | 88,309 |
| Legacies | |||
| Legacies | 253,166 | – | 253,166 |
| Grants | |||
| Grants and other donations | 68,182 | 39,758 | 107,940 |
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|
| 409,657 | 39,758 | 449,415 | |
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6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Fundraising | 731 | 731 | 1,065 | 1,065 |
| Shop income | 122 | 122 | 488 | 488 |
| RYA Course | 1,507 | 1,507 | 11,376 | 11,376 |
| Miscellaneous Income | 1,450 | 1,450 | 30 | 30 |
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|
| 3,810 | 3,810 | 12,959 | 12,959 | |
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7. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Interest | 586 | 586 | 67 | 67 |
| Dividends | 7,968 | 7,968 | 8,968 | 8,968 |
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|
| 8,554 | 8,554 | 9,035 | 9,035 | |
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|
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Profit on disposal of fixed asset | 3,270 | 3,270 | 3,800 | 3,800 |
| Furlough income | 31,426 | 31,426 | – | – |
─────── |
─────── |
────── |
────── |
|
| 34,696 | 34,696 | 3,800 | 3,800 | |
═══════ |
═══════ |
══════ |
══════ |
8. Other income
- 16 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
9. Raising funds
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Consultancy fees and expenses | 9,094 | 9,094 | 8,997 | 8,997 |
| RYA course expenses | 1,428 | 1,428 | 5,417 | 5,417 |
| Other, including Run Norwich | 2,950 | 2,950 | 8,113 | 8,113 |
─────── |
─────── |
─────── |
─────── |
|
| 13,472 | 13,472 | 22,527 | 22,527 | |
═══════ |
═══════ |
═══════ |
═══════ |
10. Expenditure on charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Staff costs | 105,541 | 23,250 | 128,791 |
| Boat maintenance | 12,195 | 4,318 | 16,513 |
| Other boat costs | 5,539 | – | 5,539 |
| House running costs | 28,215 | 3,505 | 31,720 |
| Vehicle running costs | 2,192 | – | 2,192 |
| Office, stationary & sundry | 15,282 | – | 15,282 |
| Insurance | 14,642 | – | 14,642 |
| Bursaries | – | 4,067 | 4,067 |
| Legal and professional fees | 2,596 | – | 2,596 |
| Depreciation | 39,844 | – | 39,844 |
| Governance cost | 3,280 | – | 3,280 |
───────── |
─────── |
───────── |
|
| 229,326 | 35,140 | 264,466 | |
═════════ |
═══════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Staff costs | 111,850 | 12,450 | 124,300 |
| Boat maintenance | 14,387 | 4,567 | 18,954 |
| Other boat costs | 6,844 | – | 6,844 |
| House running costs | 10,995 | – | 10,995 |
| Vehicle running costs | 1,201 | – | 1,201 |
| Office, stationary & sundry | 20,241 | – | 20,241 |
| Insurance | 16,189 | – | 16,189 |
| Bursaries | – | 4,734 | 4,734 |
| Legal and professional fees | 681 | – | 681 |
| Depreciation | 39,915 | – | 39,915 |
| Governance cost | 3,125 | – | 3,125 |
───────── |
─────── |
───────── |
|
| 225,428 | 21,751 | 247,179 | |
═════════ |
═══════ |
═════════ |
|
| Analysis of Governance costs: | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Independent examination | 2,880 | 2,760 | |
| Investment management fee | 400 | 365 | |
────── |
────── |
||
| 3,280 | 3,125 | ||
══════ |
══════ |
- 17 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
11. Net (losses)/gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | (23,200)═══════ |
(23,200)═══════ |
1,669══════ |
1,669══════ |
12. Net (expenditure)/income
| Net (expenditure)/income is stated after charging/(crediting): | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 39,844 | 39,915 |
| Gains on disposal of tangible fixed assets | (3,270) | (3,800) |
═══════ |
═══════ |
|
| Independent examination fees | ||
| 2020 | 2019 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,880══════ |
2,670══════ |
13. Independent examination fees
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 120,173 | 115,418 |
| Social security costs | 4,349 | 4,093 |
| Employer contributions to pension plans | 4,041 | 3,944 |
| Other employee benefits | 228 | 845 |
───────── |
───────── |
|
| 128,791 | 124,300 | |
═════════ |
═════════ |
Key Management Personnel
The Centre Manager and Finance Officer represent the Key Management Personnel for the Trust. The total value of remuneration and benefits received by Key Management Personnel was £41,710 (2019: £40,891).
The average head count of employees during the year was 8 (2019: 8).
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
15. Trustee remuneration and expenses
No remuneration was paid to the Trustees in either the current or previous year and no Trustees were reimbursed for expenditure during either the current or previous year.
- 18 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
16. Tangible fixed assets
| Property, | Boats, yachts |
Vehicles, | ||
|---|---|---|---|---|
| improvement | and |
plant and | ||
| and quay | houseboat | equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 October 2019 | 598,455 | 382,173 | 38,425 | 1,019,053 |
| Additions | – | 4,866 | 519 | 5,385 |
───────── |
───────── |
─────── |
─────────── |
|
| At 30 September 2020 | 598,455 | 387,039 | 38,944 | 1,024,438 |
═════════ |
═════════ |
═══════ |
═══════════ |
|
| Depreciation | ||||
| At 1 October 2019 | 226,556 | 310,598 | 28,281 | 565,435 |
| Charge for the year | 17,003 | 20,975 | 1,866 | 39,844 |
───────── |
───────── |
─────── |
─────────── |
|
| At 30 September 2020 | 243,559 | 331,573 | 30,147 | 605,279 |
═════════ |
═════════ |
═══════ |
═══════════ |
|
| Carrying amount | ||||
| At 30 September 2020 | 354,896 | 55,466 | 8,797 | 419,159 |
═════════ |
═════════ |
═══════ |
═══════════ |
|
| At 30 September 2019 | 371,899═════════ |
71,575═════════ |
10,144═══════ |
453,618═══════════ |
All of the above fixed assets are used for direct charitable purpose by the Trust.
Fixed asset include a property which was originally gifted to the Nancy Oldfield Trust at a valuation of £105,000, being the Trustee's estimate of the value at the date of the gift.
17. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2019 | 207,203 |
| Additions | 78,318 |
| Disposals | (50,382) |
| Fair value movements | (12,765) |
───────── |
|
| At 30 September 2020 | 222,374 |
═════════ |
|
| Impairment | |
| At 1 October 2019 and 30 September 2020 | |
| Carrying amount | |
| At 30 September 2020 | 222,374 |
═════════ |
|
| At 30 September 2019 | 207,203═════════ |
All investments shown above are held at valuation.
- 19 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
17. Investments (continued)
The investment portfolio comprises of the following listed investments:
| Holding | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Henderson International Income Trust Plc Ord 1p shares | 11,664 | 13,527 |
| M&G Charifund Income Units | – | 12,195 |
| Gilts: Treasury Stock 0.125% Index Linked 2024 | 12,370 | 12,650 |
| BP Plc Ordinary US$ 0.25 shares | – | 10,574 |
| Astrazeneca Plc Ordinary Shares | 11,840 | – |
| Other investments with market value < 5% of portfolio | 186,500 | 158,257 |
───────── |
───────── |
|
| 222,374 | 207,203 | |
═════════ |
═════════ |
|
| Gains/(losses) on Investment assets are made up as follows: | ||
| £ | £ | |
| Realised | (10,435) | (2,042) |
| Unrealised | (12,765) | 3,711 |
─────── |
────── |
|
(23,200)═══════ |
1,669══════ |
The fair value of listed investments is determined by reference to the quoted price of identical assets in an active market at the balance sheet date.
The cost of investments at 30 September 2020 was £192,377 (2019: £161,514).
As at 18 January 2021 the overall valuation of the investments has increased to around £248,000.
18. Debtors
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 24,799 | 6,771 |
═══════ |
══════ |
|
| Creditors: Amounts falling due within one year | ||
| 2020 | 2019 | |
| £ | £ | |
| Trade creditors | 21,384 | 2,639 |
| Accruals and deferred income | 7,211 | 8,801 |
| Social security and other taxes | 1,939 | 1,735 |
─────── |
─────── |
|
| 30,534 | 13,175 | |
═══════ |
═══════ |
|
| Deferred income | ||
| 2020 | 2019 | |
| £ | £ | |
| At 1 October 2019 | 4,830 | 12,751 |
| Amount released to income | (4,298) | (12,319) |
| Amount deferred in year | 1,022 | 4,398 |
────── |
─────── |
|
| At 30 September 2020 | 1,554 | 4,830 |
══════ |
═══════ |
19. Creditors: Amounts falling due within one year
20. Deferred income
- 20 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
20. Deferred income (continued)
Deferred income represents deposits in advance of activities to be undertaken in the following year and sponsorship income received in advance of a future event.
21. Analysis of charitable funds
| Transfer | At 30 | ||||||
|---|---|---|---|---|---|---|---|
| At | 1 October | Gain on | Between | September | |||
| 2019 | **Income ** | Expenditure | Investments | Funds | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted funds | |||||||
| General funds | 568,280 | 108,261 | (242,798) | (23,200) | 256,774 | 667,317 | |
═════════ |
═════════ |
═════════ |
═══════ |
═════════ |
═════════ |
||
| Designated | |||||||
| Property | |||||||
| Maintenance and | |||||||
| Improvement | 38,189 | – | – | – | – | 38,189 | |
| Boat Replacement | 280,526 | – | – | – | (236,332) | 44,194 | |
| Volunteer Training | 3,000 | – | – | – | – | 3,000 | |
───────── |
───────── |
───────── |
─────── |
───────── |
───────── |
||
| Total Designated | 321,715 | – | – | – | (236,332) | 85,383 | |
═════════ |
═════════ |
═════════ |
═══════ |
═════════ |
═════════ |
||
| Restricted funds | |||||||
| Property | |||||||
| Maintenance | 5,174 | – | – | – | (957) | 4,217 | |
| Site Improvements | 2,729 | – | – | – | (2,729) | – | |
| Fire Alarms and | |||||||
| Doors | – | 3,746 | (3,505) | – | (241) | – | |
| Boat and Sailing | |||||||
| Equipment | 16,852 | – | (4,318) | – | (8,534) | 4,000 | |
| Boat Maintenance | 3,342 | – | – | – | (3,342) | – | |
| Ark Piling | – | 4,680 | – | – | – | 4,680 | |
| Health & Safety | 656 | – | – | – | (656) | – | |
| Computer | |||||||
| Equipment | 3,983 | – | – | – | (3,983) | – | |
| Salaries | – | 23,250 | (23,250) | – | – | – | |
| Bursary Fund | 30,450 | 11,000 | (4,067) | – | – | 37,383 | |
──────── |
───────── |
────────── |
─────── |
─────── |
───────── |
||
| Total Restricted | 63,186 | 42,676 | (35,140) | – | (20,442) | 50,280 | |
═════════ |
═════════ |
══════════ |
═══════ |
═══════ |
═════════ |
||
| Total Funds | 953,181 | 150,937 | (277,938) | (23,200) | – | 802,980 | |
═════════ |
═════════ |
═════════ |
═══════ |
═══════ |
═════════ |
- 21 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
| Transfer | At 30 | ||||||
|---|---|---|---|---|---|---|---|
| At | 1 October | Gain on | Between | September | |||
| 2018 | **Income ** | Expenditure | Investments | Funds | 2019 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted funds | |||||||
| General funds | 579,641 | 234,925 | (247,955) | 1,669 | – | 568,280 | |
═════════ |
═════════ |
═════════ |
═══════ |
═══════ |
═════════ |
||
| Designated | |||||||
| Property | |||||||
| Maintenance and | |||||||
| Improvement | 38,189 | – | – | – | – | 38,189 | |
| Boat Replacement | 80,000 | 200,526 | – | – | – | 280,526 | |
| Volunteer Training | 3,000 | – | – | – | – | 3,000 | |
───────── |
───────── |
───────── |
─────── |
─────── |
───────── |
||
| Total Designated | 121,189 | 200,526 | – | – | – | 321,715 | |
═════════ |
═════════ |
═════════ |
═══════ |
═══════ |
═════════ |
||
| Restricted funds | |||||||
| Property | |||||||
| Maintenance | 5,174 | – | – | – | – | 5,174 | |
| Site Improvements | 2,729 | – | – | – | – | 2,729 | |
| Boat and Sailing | |||||||
| Equipment | 7,561 | 13,858 | (4,567) | – | – | 16,852 | |
| Boat Maintenance | 3,342 | – | – | – | – | 3,342 | |
| Health & Safety | 656 | – | – | – | – | 656 | |
| Computer | |||||||
| Equipment | 1,583 | 2,400 | – | – | – | 3,983 | |
| Salaries | – | 12,450 | (12,450) | – | – | – | |
| Bursary Fund | 24,134 | 11,050 | (4,734) | – | – | 30,450 | |
─────── |
─────── |
─────── |
──── |
──── |
─────── |
||
| Total Restricted | 45,179 | 39,758 | (21,751) | – | – | 63,186 | |
═══════ |
═══════ |
═══════ |
════ |
════ |
═══════ |
||
| Total Funds | 746,009 | 475,209 | (269,706) | 1,669 | – | 953,181 | |
═════════ |
═════════ |
═════════ |
══════ |
════ |
═════════ |
- 22 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
Unrestricted Funds The unrestricted funds are to provide the necessary financial resources to fund the day to day activities of the charity.
Designated Funds These funds have been set aside in recognition of the trustees commitment to the costs described in the title.
Restricted Funds Each fund represents monies raised by grants given specifically towards the costs described in its title.
Transfers between funds
During the year restricted funds were transferred to unrestricted funds to reflect capital items purchased, on which there is no ongoing restriction.
Designated funds were transferred to unrestricted funds in the year to cover the impact on the Covid-19 pandemic.
Following a review of restricted funds, transfers have been made from restricted funds to unrestricted funds to account for items charged to unrestricted funds in previous years.
- 23 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
22. Analysis of net assets between funds
| At 30 | ||||||
|---|---|---|---|---|---|---|
| Tangible | September | |||||
| Fixed Assets | Investments | Debtors | **Cash at Bank ** | Creditors | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 419,159 | 153,180 | 24,799 | 100,713 | (30,534) | 667,317 |
═════════ |
═════════ |
═══════ |
═════════ |
═══════ |
═════════ |
|
| Designated | ||||||
| Property | ||||||
| Maintenance | ||||||
| and | ||||||
| Improvement | – | 25,000 | – | 13,189 | – | 38,189 |
| Boat | ||||||
| Replacement | – | 44,194 | – | – | – | 44,194 |
| Volunteer | ||||||
| Training | – | – | – | 3,000 | – | 3,000 |
───────── |
───────── |
─────── |
───────── |
─────── |
───────── |
|
| Total | ||||||
| Designated | – | 69,194 | – | 16,189 | – | 85,383 |
═════════ |
═════════ |
═══════ |
═════════ |
═══════ |
═════════ |
|
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | – | – | – | 4,217 | – | 4,217 |
| Boat and | ||||||
| Sailing | ||||||
| Equipment | – | – | – | 4,000 | – | 4,000 |
| Ark Piling | – | – | – | 4,680 | – | 4,680 |
| Bursary Fund | – | – | – | 37,383 | – | 37,383 |
──── |
──── |
──── |
─────── |
──── |
─────── |
|
| Total | ||||||
| Restricted | – | – | – | 50,280 | – | 50,280 |
════ |
════ |
════ |
═══════ |
════ |
═══════ |
|
| Total Funds | 419,159═════════ |
222,374═════════ |
24,799═══════ |
167,182═════════ |
(30,534)═══════ |
802,980═════════ |
- 24 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
| At 30 | ||||||
|---|---|---|---|---|---|---|
| Tangible | September | |||||
| Fixed Assets | Investments | Debtors | **Cash at Bank ** | Creditors | 2019 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 453,618 | 112,203 | 6,771 | 8,863 | (13,175) | 568,280 |
═════════ |
═════════ |
═══════ |
═════════ |
═══════ |
═════════ |
|
| Designated | ||||||
| Property | ||||||
| Maintenance | ||||||
| and | ||||||
| Improvement | – | 25,000 | – | 13,189 | – | 38,189 |
| Boat | ||||||
| Replacement | – | 70,000 | – | 210,526 | – | 280,526 |
| Volunteer | ||||||
| Training | – | – | – | 3,000 | – | 3,000 |
───────── |
───────── |
─────── |
───────── |
─────── |
───────── |
|
| Total | ||||||
| Designated | – | 95,000 | – | 226,715 | – | 321,715 |
═════════ |
═════════ |
═══════ |
═════════ |
═══════ |
═════════ |
|
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | – | – | – | 5,174 | – | 5,174 |
| Site | ||||||
| Improvements | – | – | – | 2,729 | – | 2,729 |
| Boat and | ||||||
| Sailing | ||||||
| Equipment | – | – | – | 16,852 | – | 16,852 |
| Boat | ||||||
| Maintenance | – | – | – | 3,342 | – | 3,342 |
| Health and | ||||||
| Safety | – | – | – | 656 | – | 656 |
| Computer | ||||||
| Equipment | – | – | – | 3,983 | – | 3,983 |
| Bursary Fund | – | – | – | 30,450 | – | 30,450 |
───────── |
──────── |
────── |
───────── |
─────── |
─────── |
|
| Total | ||||||
| Restricted | – | – | – | 63,186 | – | 63,186 |
═════════ |
═════════ |
══════ |
═════════ |
═══════ |
═════════ |
|
| Total Funds | 453,618 | 207,203 | 6,771 | 298,764 | (13,175) | 953,181 |
═════════ |
═════════ |
══════ |
═════════ |
═══════ |
═════════ |
- 25 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2020
23. Related party transactions
During the year a £100 donation was received from a trustee. There were no other related party transactions during the year (2019: none).
- 26 -