COMPANY REGISTRATION NUMBER." 03523388 CHARITY REGISTRATION NUMBER: 1068549 The Nancy Oldfield Trust Limited Company Limited by Guarantee Unaudited financial statements 30 September 2021
The Nancy Oldfield Trust Limited Company Limited by Guarantee Financial statements Year ended 30 September 2021 Page TStee5, annu81 port (incorporating the directors, reporti Independent examinerfs report lo the trustees Slatemènl of financi activthes linduding income and expènditure account) Balance sheet 12 Notes lo the financial slatem&nls 13
The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees, annual report (incorporating the directors, report> Year ended 30 September 2021 The trustees, who are also the directors f()r the purposès of company law, present their report and the unaudited financial statements of the charity for Ihe year ended 30 Septembèr 2021. The financial statements have bèèn prepared in accordance with the ac£ounling policies set out in notes lo the accounts and comply with the Charity's gQV8rning document, the Charities Act 2011 and Companies Act 2006 and Accounting and Reporting by Cttaritse5'. SlemÈnl of Recomménded Practice applicable lo charities preparing their accounts in accordance with the FinanrAal Reporting Standard applicable in the UK and Republic of Iieland publishèd in O¢lober 2019. Reference and admini$trntivè d•tslls Reglst•r•d charity nam• The Nan¢y Oldfièld Twst Limited Charity rtrgl$tr•tlon numb9r 1Cf8549 Company règistrntion number 03523388 Prlnclpal office and r•gi$t•rod office Irstead Road Nealishead Norwich NR12 8BJ The truBtees The Iwslees who served during the year and 81 the de of approval were as follows.. Mrs V Khambatia (Chairman) D Lennard-Jones (Vice Chairl S I Gèoige (Company Secretary and Treasurer) J Copping Mrs D F Harber P M Hawes Ms H James Mrs E J Ollior Irgsigned 4 May 20211 S Smith
The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees, annual report (Incorporating the directors. report> iconiinuedl Year ended 30 September 2021 C•ntre Manager S Bradnock Fundraising ¢onsultants Felton Fundraising and Appeals 91 Easlgale Street North Elmham Deieham Norfolk NR20 SHE Indepondent examiner Mark Proclor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 OLB Soll¢ltors Loathès Prior 74 The Close NOlCh Norfolk NR14DR stockbrokels Barratt & Cookè Limffed 516 Opie Street N¢N4ich Norfolk NR13DW
The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees. annual report (Incorporating the directors, report) (conllnvld) Year ended 30 September 2021 Objectlvtrs and a¢tlvlll•$ Principal objectives The Trust exists to prowde Ihe opportunity and facilib'es for anyone who 1$ disadvantagad in any way, or who has any form ol disability, to experience and enjoy a variety of walei b8sÈd 8cbvities afloat on the Norfolk Broads. Fulty accessible self-calering a¢commodalion ashore enables individuals and their helpers lo participate on arther a residential or daily basis. Staff ale experienced In providing activities for people wth particulai neèds and hold the necessary qualifications relevant lo their duties. A te8m of volunteers works with the staff lo lead and support sailing, canoeing, environmental studies, fishing and bird wal¢hing and provide instruction tts help develop the personal skills of individuals within a safe and $ympalhelic environment. The Trust owns and maintains its propety on the waterside al Neatishead. a5 well 8$ 8 lltsating base on Barton Broad, together with a varlety of motor boats, safety boats, sailing boats, canoes, and associated equipment. Publ1¢ bonttfrt The Trustees consider th& Tru$t providès a publ benefft as defined by the Charity Commission through ils objectives ol providing sailing and other 8¢tivilies lor disabled or disadvantaged people on the Norfolk Broads. These objectives are set out in rnore detail undei 'obje¢tves and a¢tivities' and numbers of users und¥r'a¢hièvèments and perfoTmance'. hile visitors aTe encoura9ed lo don8le lo the Twst whèn they visit, access is not restficled if a visitor is nable to make such donation and a bursary fvnd has been established to provide free or subsidised activities where appropriate. All tnjstees give their lime volunt8ri1y and received no benefits frorn the charity foi their woth as trustees. The many volunteers also give IheiT time and ie¢9Ng no expenses for their work with the Trust. P¢rsonn•l, voluntsers and local support The Board tsf Truslèes wish to record their thanks and appreryation lo thé staff, volunteers and local supportets for their support during the year. Volunteers are involved with the many aspects of th& Trust's ath'wties. All volunteers who assist on the Water are provided with training and supervisior) in Order that they Can demonstrate the minimum standards of knowledge and ¢ompetencè as laid down by the TTuslees. hjl volunteers are èneouraged to gain the nationally recognised qualthcions appropriate for the actiwties they help with and where possiblè this is both provided by and funded by the Trust. Employ8• Involvement and employment of dl$abl•d p•opl8 Regular slafl and volunteer meetings are held lo keep personnel inlomed and up to dale, these are led by the Centre Manager. Tmstees are provided with regular briefings about the WO of the Trust. A newsletter keeps wsilors informed. Poliues and procedures exist regarding Equal Opportunitiès. Voluntaers aftd Health and Safety matters. Wè wish to take our visitors afloat safety and il is essèntial staff and volunteers have appropriate practical qualilicalions. skills and experience in order to be able lo do Ihi8. We provide training programmes to enable people lo gain experience and acquire the necessary skills and qualifications. At present we do not have any st8ff with disabilities. IM*n our most recent vacancies were last advertised, we received no applications frorn disabled applicants. The Trust will continue to consider how It can encourage $u¢h applications for fvlure vacancies.
The Nancy Oldfield Trust Limited Company Limlted by Guarantee Trustees, annual report (incorporating the directors. report) {¢onVnuodJ Year ended 30 September 2021 A¢hiev•ments and performance Visitor numbers During the year, which was signifi¢8ntty affected by the Covid 19 pandemic, the Trust ¢alered for thtr following numbers of visitors.. Non-residential measured in half day sessions 2021: 1,582 {2020'. 1,510) Residential visitors plus their carer5 measured in bed nights 2021.. 365 {2020.' 1951 As can be seen from the above, day wsitor sessions were very slighlty higher than Ihg previous year but residential visits recovered more significandy, neady doubling on the previou5 yearfs ffigurès. The Trust worked hard to ensure that the impact of the ¢oronavirus was minimised as much as possible through the season by diversifying activrty provision lo incTea5e business resiliènce and promote the recovery of the Trust's aGtiwlies once the Spring lockdown ended and visitors weie able to return. Fixed assets During the year the Tru51 spent £89,91712020.' £5,385} on the folkjwing fixed a55ets'. Paddle boats- £28,714 Sailing boats- É22,656 Pioneer Mulli bo81- £25,430 Other addilion5- £13,117 In addition to this a boat valued at £30,000 was donated to the Tw$l. Investrnenls There wèro a number of changes in the investment portfolio bui no change in the overall inve51menl strategy. Thè market value ol the portfolio al the year end was £247.445. with realised profrts of £3,059 and unrealised profits of £11.894.
The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees, annual report (incorporating the dlre¢tors' report) (ConnUed) Year ended 30 September 2021 A¢hièvements and perfomiance fcontinu Fundraising In a typical year the Trusl is not in recpt of any ststLrtory funding or govemment gr8nt and depends ènli¥ely on the donations received for visits, unsoliuled donions and income from its investments and ils own fvndiaising efforts.. Howèver, through the period of the COVID-19 Pandemic (including this financial y*arl the Trust has received Furlough payments from HM Treasury as well as spectfic grants from the County Counal, District Council and the Local Enterprise Partnership (LEP} to aid COVID rtrcovery (In the main grants for capital items). The Trust does not own or have 8ny interest in a trading subsidiary. Although a signifant part of the Trust's revenue has resulted from unsolicited gifts and donations from visitors 8nd others, fundraising has been mainly concentrated on grant making trusts. The Trusl is greatly dependent on the giants received from the charrtable trusts, foundations and organisations and the trustees thank them all for their generous support. The following charitable trltsts, foundations and or9anisalions are specifically acknowledged as requested.. Anne French Memorial Twsl Garfield Weston Foundation Posl¢ode Places Trust North Norfolk District Council- Tourism Sector Support Grant New Anglia Local Enterprise Partnership- Business Resilience and Recovery Schemg Norfolk County Council- Social Inlra51ru¢turÈ Fund Finan¢i•l revi•w The results of the TTusl'$ operation$ for the year arfr s&t out in detail on pages 1119 28. The nel èxpenditure in the General Fund before transfe and other recognised gains and 1058es amounted to £37,93912020." ntrl gxpenditure of £134.5371.
The Nancy Oldfield Trust Lirnited Company Llmited by Guarantee Trustees, annual report {In¢orporating the directors, report) (tondnued) Year ended 30 Septèmber 2021 Flnancial review (¢onfJnu•dJ Re$erv¢s pollcy The Trusvs free reserves al 30 Sgptember 2021 comprised General Fund nel OUent as$el$ l¢a$h and debtors less credilorsl and inveslmewjts 01 £236,26012020.' £248,158} and Designated Fund5 of £85.383 12020.. £85,383}. Restricted funds at 30 September 2021 were £46,758 12020. £50,280). Tglal funds at 30 September 2021 were £865,060 {2020.' £802,980). The Iruslees consideT the foll¢)wing fa¢tor$ in assessing the level of Teswwfrs required to be rnaintained on an on-golng basis.. lal The uncertainly surrounding revenue streams from year to year, particulady in the light of thè ongoing pandèmic. In a typical year Ilhal is Its say a non-pandernic yearl the Tnjst receives no statutory funding and relies largely on voluntary donations and grants Iof Ihe majorbty of 11$ in¢ome. The current economic climate is very Challenging and for the loreseeable luluie the Trustees expect that the costs of Nnning the centre will exceed income. Ibl onOing eosts which continue to rise partly duè to inc¥eases which are outside the control of the Tru51ees and those required to meet Heahh and Safety and insurance requirements. (el The long term c031s of repairing and replacing the Trust's fleet of boats and quay headings and upgrading facilities lo modern day standards. These will vary from year to y&ar and on some occasions will be significant. Idl Reliance on the investment portfolio lo contribute to Ihe income ol the Trust. Irweslment in¢ome is currently £8,854 p. lel The 5ea50nal nature of the Trust's aclivrties with cash balances being signifindY lower in the winter months when visiloi donations are small. Invèstment policy The Tiusl's investment policy is conservative. minimising fisk while seekin9 to oblain a balance befvleen capital growth and income. A fimi o151o¢kbrokers is retained to advise on and manage the portfolio on a discretionary basis. However, the Trustees still lake responsibility lor overall investment decisions. Plans for future pertods The Twst successfully applied for several grants to enable it lo provide new Cowd secure activ¢lies, including pedal boab"ng, single handed sailing for beginners and stand up paddleboafding. The Twst will ¢ontinue lo look for irnaginaliv$ and innovative ways lo enable Visitors to get out on the water as leVery from the pandemic continues.
The Nancy Oldfield Trust Limited Company Limited by Guarantee Trustees, annual report (incorporating the dlrectors, report) (tonllnue Year ended 30 September 2021 Stru¢tur•. governance and management Governing documont The Nancy Oldfield Trust was èstablished under a trust deed dated 22 M8r¢h 1984. The trade and assets of the Trust were transferred lo The N8n¢y Oldfield Trust Limited on 1 April 1998. The Nan¢y Oldfield Tntrsl Limited is a MpanY limited by guarantee and is governed by its MemorandLtm and Artides of Association as atnended September 2016. Each mernber is liable lo contributè a sum not exceeding £10 in the event the company bein9 wound up. The company 15 also registered with the Charity Commission. Rocrultment and appointment of Trustees As a genèral rule the Board is betsveen ten and twelve members all of whom have sorne particulai and relevant experien¢È or skill that can be offered lo the Charily. al present there are only eight members of the board. Reoruilment is undertaken by advertising widely for expressions ol interest and the appointing new trustees as appropriate lo achieve a balance of expertise, and experience on the 8oard. All potential Trustees have the opportunity lo visit the Trust and mefyt the Chairman. Centre Manager and othei Trustees before a fomial inteNiew procedure. Trus$ Induction and training On appointment Trustees are provlded with". The charity's Memorand¢Jm and Articles of A53walion The latest acGounls of the charity Details of Charity Commission guidance notes CC3 - 'The EssentSal Tiusl&e- what you need to know, what you need to do" In add((ion, Twstees Bre encouraged to read Charity Commisslon and other newsletters and lo attend courses designed lo keep them abreasl of their duts'es and responsibilrti&$. Rlsk management Thè Trustèes acknowledge the Charity Commission's reeommendation Ihem lo undertake a review of the major risks to which the Trust is exposed. Risk managèment is now reviewed on a regulai basis lo ensure they can update accordingly. OryanlsatSonal structure The Tiusl88s are directors within the meaning of the Companies Act 2006. The Trustees al the date of thls port are listed in Ihe'Reference and AdministratNe Detsils, section ol this document. The Trustees meet three OF four times a year. Ind•p•ndènt •xamin&r A resolution lo vèappoinl Mark Proctor FCA DChA of Lovewell Blake LLP a$ independent examiner will be proposed al the next Annual Genèral Meeting. Small eompany provisions This rèport has been prepared taking advantage of the sm311 companies, exemption of sect¢on 415A of the Companiès Act 2006.
The Nancy Oldfield Trust Llmlted Company Limited by Guarantee Trustees. annual report (Incorporatlng the dlrector5' report) (conthued) Year ended 30 September 2021 Tho Intee. annual report was approved on trustees by.. . X#.L2 . and slgned on b&h81f of the board of Mrs V Khambatta (Chairman) Trust¢e
The Nancy Oldfield Trust Limited Company Limited by Guarantee Independent examiner's report to the trustses of The Nancy Oldfield Trust Limited Year ended 30 September 2021 I report to the ¢haFty trustees on my examination ol the finan¢181 statements of the company foT the year ended 30 September 2021 which comprise the statement of financi81 acb"v¢b"es {in¢ludin9 inrne and expenditure account). balance sheet and the related notes. Respon5ibiliti•$ and ba$ls of report A8 the charity's trustees of the cornpany land also its directors lor the purp05e5 of company 13w} YOLI 3T& responsible ft>r the pièparation of the )Inancial slalemenls in a¢¢ordance with the Tequiremenl$ of the Companie5 Act 20061'lhÈ 2006 ACVI. Having satisfied myself that the financial slaleménts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for indepen¢Jenl examination, I report in respect of my examirbalion ol your company's fin8ncial slalements a9 carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out rny examination I have lollowed the Directions given by tt)e Charity Commission under section 14515}Ib} of the 2011 Act. Independent *mIn¢$ $tstement Since the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirrn that l am gualified lo undertake the examination becausè l am a member of the Inslilule of Chartèred AccoLsntants in England and Wales IICAEW), which is one of the listed bodies. I have ctsmpleted my examination. I n[iMI that no matters have come to my attertIn in connection with Ihe examination giving me cause to believe that in any material resped.. accounting records were not kept in respect of the company as required by section 386 of the 2008 Act,. or the finan¢i81 slatemanls do not accord with those iecords," or the financial statements do nol Comply with the accounting requirements of section 396 of the 200S Act other than any requiiernÈnt that the accounts give a 'lrue and fairf VI which is not a matter considered as part of an independenl examination.. or the financial statements have not been prepared In a¢¢ordance with the methods and Principles of the Statement of Recommended Practice for aocounling and reporting by charitses applicable lo charities preparing Iheii accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021.
The Nancy Oldfield Trust Limlted Company Limited by Guarantee Independent examinerfs report to the trustees of The Nancy Oldfleld Trust Limited i¢onerftued) Year ended 30 September 2021 I have no concerns and have come across no other matters in nnetOn with the examination to which attention should be drawn in this report in order to enable a propel understanding of the accounts to be reached. Mark Proctor FCA DChA Independenl Examiner Lovewell Blake LLP Chartered accounlanls Bankside 300 Peachman Way Broadland Bu$ine$s Park Norwich NR7 OL8 0210212022 10
The Nancy Oldfield Trust Limited Company Limited by Guarantee Statement of financial a¢tivlties (including income and expenditure account) Year ended 30 September 2021 2021 Restricted funds Total funds 2020 Unrestricted funds Total funds Income and endowments Donations and legacies Other trading activities Inveslrnenl in¢ome Other income 138,CQ8 1,736 8,865 35,598 146,385 282,453 1,736 8,865 35,598 103,877 3,810 8.554 34.696 Total in¢om• 182,267 146,385 328,652 150,937 Expendltur• Raising fvnds Raising fvnds Charitable aclivities {9,1721 1211,0341 1220,2061 19,172) 1272,3531 {281,5251 113,4721 1264.466} 1277,938) 10 161,3191 (61.3191 Total expenditure Net incomellexpenditurel #nd n•t movements In funds before gains •nd lo$s•s on investments 137,9391 85,066 47.127 1127,001} Nel gain51{lossesl on irbvestments 11 14,953 14,953 (23,200) Ilèt ineom•lloxpènditurnl before tran#fer ol lunds 122,9861 85,066 62,080 {150,201) Transfers between lunds 88.588 (88,5881 N•t movement in funds 65.602 13.5221 62,080 {150,201) Re¢on¢iliation of funds Total funds brought fOard Totsl funds carried forwafd 752.700 50,280 802,980 953.181 818,302 46,758 865,060 802,980 The statement of financial actiwties includes all gains and losses recognised in the year. All income and expenditure derive from contsnuin9 acliwties. The notes on pages 13 to 26 fomi part of th•$• flnancial statements. 11
The Nancy Oldfleld Trust Llmlted Company Llmlted by Guarantae Balance sheet 30 September 2021 2021 2020 Nots Flxed assets Tangible fixed assets Investrnents 16 17 496,659 247.445 419,159 222,374 744,104 641.533 Curr¢nt u$•ts Debto Cash at bank and Sn hand- Restrict Cash al bank and in hand- Designated Cash at bank and in hand- Unrestricted 18 6.162 46,758 16,189 59.398 24,799 50,280 16.189 100,713 191.981 128,507 Crodltorn: Amounts tslling duè wlthln one year 17.551) (30.534} N¢t currnnt •ts 120.956 161.447 Totsl a88ets le88 current Ilabllltl•8 865.060 802,980 802,980 865.060 Funds of tha charlty Re$th¢tgd fvnds Unreslrthd funds 46,758 818,302 50.280 752.700 Total Charity fund 21 865.060 802.980 For the ye8r endlng 30 September 2021 tho charity was entitl8¢J to exemption from audlt Lmder sethlon 477 of the Companies Act 2006 lating to small companies. Direct, respon$ibilfaes". Tho members have not rgquirod tha company lo obtsin 8n audlt of ils fin8nog1 $ta¢gments for the year In qu&stion in accordance with section 476.. The dire¢lors acknowledge theiT Tesponsibllthes for rthnptying with the requlrgmants of thè wRh restfdct to 8cwunln9 records and the prepardlion of finanryal stsl8ments. These ffinanci81 ststements have been prepared in accordanco with the provlslons applicabte to cornpanl8s subject to the small comp8nies' reglmo. The e financial statements were approved by tha tx)8rd of truste6B arKI 8ulhorised for 1s8ue on .l*.Al., and are slgned on behalf of the board by.. Y/kJ J..A. rs V Khambatta Ichaimian) Twstee ompany rogistrabon number: 03523388 Tho notss on Pa9 13 to 26 form part of th010 finan¢l•l statsm•nts. 12
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements Year ended 30 September 2021 G•ngral InfOrntiOn Thè charity is a private ¢ompany limited by guarantee, re9islered in England and Wales and a registered charity in England and Wal¥s. The address of the registered office is Irslead Road, Neatishead, Nojwich, NR12 88J. stst¢ment of compliance These financial statements have been prepared in compliance with FRS 102,'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement ol RecornmÈnded Practicè applicable lo the charities preparing thèir accounts in accordance wf£h the Financial Reporting Standard applicable in the UK and Republic of IrÈland IFRS 1021 Icharities SORP IFRS 10211. Companies A¢t 2006 and the Charities Act 2031. The chaiity ha$ applied Update Bullebn 1 as published on 2 February 2016. Tha ¢harity constrtutes a public benefit enlily as defined by FRS 102. Accounting policie¥ Ba$1$ of proparatlon The ffinan¢ial statements have been prepared on the historical cost basis. as modified to include investment assets al fair value through income or expenditure. The financial statements are prepared in slerting, which is the funcb'onal currency of the entity. Golng concern The financial statements have been prepared on a going concern basis as the Iruslees believe that no maleiial uncertainties exist. The Iru5tees have considered the level of funds held and the expected level of income and expenditu for 12 months trom aulhoiising these financial statements. The budgeled income and expenditure is sufficient with the level ol reserves ft>r the charity to be able lo continue as a going concem. The trusteès hav6 considered the impad ol the COVID-19 p8ndèmic in making this assessment. Fund accounting Unrestricted fvnds are available for use al discretion of the Trustees in furtherance of the gèneral objectives of the Charity. De5ign8led funds are unrestricted funds earmarked by the Trustees for particular purposes. Restricted funds are subjected lo reslri¢lion$ On the expenditure imposed by the dono¥ or through the tems of an appeal. 13
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements {¢ontsnuqd) Year ended 30 September 2021 Accounting policies l¢onilnu•dJ Income All income is included in the stslernent ol financial activities when enlidernent has passed to the Charity, rt is probable that the economic bènefits assouated with the transaction will llow lo the Charity and the amount Can be reliably measured. The tollowing specifi¢ policies are applied lo 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 ActvItieS when entillemenl is e5t8blished. Legacies are included in the Slalement of Financial Actiwlio$ when the legacy has been received unless. bèfore receipt, there is sufficient evidence to provide the nece558ry 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 crediled in fvll in the Statement ol Financial A¢tiMties when enlitlemenl is established. Investment income Investment income is included when re¢eivatye. Expenditure Expenditure is recogrsised on an accruals basis as a liability ts Incurred. Expenditure includes VAT whith ¢annot be recovered, and is reported as part of the expenditure lo which il relates.. Costs of raising funds comprise the cost5 associated with 8ttrading donalions and fundraising. Charitable aclivilie5 comprise thosè costs incurred by the charity in the delivery of ils undertakings and seNices tor its beneficiaries. All cost5 are allocated beeen the expendituie c81egortes of the Slatemenl of Financial Aclwilies on a basis designed lo reflect the use of bhe resource. T•nglbl8 assets All fixed assets are initially recorded at cosl except for assets whi¢h are gifted to the Trust. Gifted assets are included al the Trustees esbmate of the value al the date ol the gift. D•pr•¢lallon Depreciation is cal¢ulated so as to wrrte off the 51 or valuation of an assel, less ils residual value, over the usefvl &onomic life of thal asset as lollows.. Piop¢rty, improvement and quay Boat. yachts and houseboat Vehides, plant and equipment 2•A. 6.67°A, and IOVO slraighl line 10% arKI 20Yts Straight line 10Yo straight linè 14
The Nancy Oldfield Trust Llmited Company Limited by Guarantse Notes to the financial statements (contsnuodj Year ended 30 September 2021 Accountlng policies (contint Invèstm¥nts Investments are recognised initially al fair v8lue which 15 normally the Iransactson price exduding transaction costs. Subsequently, they are tne3suied at fair value with changes recogni5ed in 'nel gain5 1 {lossesl on invèstments, in the Statement of Financial A¢b"vities if the shares are publicly tfaded or their faiT value can olheMise be measured reliably. Financial instrumènts A financial asset or a fin8na81 liabilty is recognised only when the enllly beMe$ a party to the ¢onlractual provisions of the inslrumenL Bas finanryal instruments are inrtially recognised at the amount receivable or payable including any related transaction cu$ls. unless the arrangement ConstiteS a financing transaction. where il is recognised at Ihe present value of thè future payments discounted al a market rale of interest for a slrni18r debt in$trument. Current assets and ¢UTfenl liabilities are subsequently measured al Ihe cash or other consideration expected to be paid or feceived and not discounted. Debt instruments are subsequently measuied al amortlsed Cost. Pension contrlbution¥ The Tiust makes contributions to the defined contribution personal pension scheme foT all employees. The chaige to the Statement of Financial Activities represents those contributions payable by the Trust during the year. Umlt•d by guarantee The Charity is a company Mited by guarantee and has share c3pital. The liability of each member in the event tsl winding up is limited to £10. DOtionS and l•gacies Unrtslrieted Funds Restricted Total Funds Funds 2021 Donatlons Visitor donations 88,947 88,947 Legacies Legacies 9,306 9,306 Grants Grants and oth&r donats'ons 37,815 146.385 184,200 136,088 146.385 282,453 15
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements (tontlnuéd) Year ended 30 September 2021 DonaUon$ and1gga¢les (conilnued) Unrestricted Funds Restricted Total Funds Funds 2020 Donations Visitor donations 34,148 34,148 Lègaciès Legacies Grants Grants and other donations 27,053 42.876 69,729 61.201 42.676 103,877 During the year ended 30 Septernber 2021 £69,90212020." £nill of government funding was received. Other trading a¢tiviti•$ Unre$lrietèd Totsl Funds Unrestricted Total Funds Funds 2021 Funds 2020 Fundraising Shop income RYA Course Misc011an90us Income 731 122 1,507 1.450 731 122 1,507 1,450 83 1,673 1,873 1,7 1,736 3.810 3,810 Investment Income Unre51ricted Total Fund$ Unrestricted Total Funds Funds 2021 Funds 2020 Interest Dividends 586 7.968 586 7,968 8,854 8,865 8,854 8,865 8,554 8,554 Other In¢omo Unrestricted Total Funds Unrestii¢ted Totsl Funds Funds 2021 Fund5 2020 Profitlllossl on disposal of fFxed assets Futlough in¢ome {3.1761 38.774 13,1761 38,774 3,270 31,428 3.270 31,426 35.598 35,598 34.696 34,696 16
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements (¢on¢inuod) Year ended 30 September 2021 Raising funds Ursrestricled Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2020 Consultancy fees and expenses RYA course expenses Other 9.034 70 68 9,034 70 68 9,094 1,428 2,950 9,094 1,428 2.950 9.172 9,172 13,472 13.472 10. Expenditure on ¢harEtsbl• activities Unrestricted Funds Restricted Total Fund$ Funds 2021 Staff wsls Boat maintenance Other boat costs House running costs Vehide rvnning costs Office. stationary & sundry Insurance BUrsaTS Legal and professional fees Dèpreciation Governance cost 89.390 9,711 2,387 30,490 994 14,960 19,676 30,000 5,477 2,386 889 119,390 15,188 4,773 31.379 994 15,501 19,676 22,026 1,033 39,041 3,352 541 22,026 1,033 39,041 3,352 211,034 61,319 272,353 Unrestricted Funds Resin'cted Totsl Funds Funds 2020 Slaff costs Boat maintenance Olhei boat costs House running costs Vehicle running ¢osts Office, stationary & sundry Insurance Bursaries Legal and professional fee5 Depreciation Gove¥nance ¢o$l 105,541 12,195 5,539 28,215 2,192 15,282 14,642 23.250 4.318 128,791 18,513 5,539 31,720 2,192 15,282 14,642 4,067 2,596 39,844 3,280 3.505 4,067 2,5 39,844 3,280 229.326 35.140 264,466 Analysis of Governance ¢0sts". 2021 2020 Independent examination Investmer)t manag¥rnenl fèe 2,982 370 2,880 400 3.352 3,280 17
The Nancy Oldfield Trust Limited Company Llmited by Guarantee Notes to the financial statements Year ended 30 September 2021 11. Net gainslllossesl on invostmènts Unrtrstricted Total Funds UnTeslricted Total Funds Funds 2021 Funds 2020 Gainsl{losse5} on tslher investment assets 14,953 14.953 123,200} {23,2001 12. N•t Incomollexpendlturnl Nel incomellexpendilure) is slated afier chargingllcredilin91.. 2021 2020 Depreciation of tangible fixed assets Lossllgain5} on disposal of tangible fixed assets 39,041 3,176 39,844 (3.2701 13. Independent •xamlnatlon f8•s 2021 2020 Fees payable lo the independent examiner for.. Independenl examination of the fin8ncial statements 2,982 2,880 14. Staff Costs The total staff costs and employee benefits for the repong period are analyseil as follows.. 2021 2020 Wages and salaries Social security costs Employer conlribulions to pension plans Olhgr omployee beneffits 113,140 3,640 2,570 40 120,173 4.349 4,041 228 119.390 128,791 Key Managemont Personngl The Centre Manager and Fin8n¢e Officer represent the Key Management Personn¥l for the Trust. The lolal value of remuneralion and benefi15 received by Key Management Personnel was £42,121 12020.. £41,710). The average head count of employees during the yearwas 812020.. 81. No employee received employee beneffils of more than £60,000 during the yeai {2020'. Nill. 15. TTU$tee remunèration and expenses No remuneralion wa5 paid to thè Trustees in either the current or previous year and no Trustees were reimbursed loi expenditure during ei(her the current or previous year. 18
The Nancy Oldfield Trust Llmited Company Limited by Guarantee Notes to the flnancial statements (continued) Year ended 30 September 2021 16. Tanglble fixed assets Property, Boats, Improvement yachts and and quay houseboat Vehicles, plant and èqulpment Total Cost At 1 October 2020 Addib'ons Disposals At 30 S•pt•mber 2021 598.455 387,039 108,906 {19,528) 476,417 38,944 9.011 13,1801 44,775 1.024.438 119,917 122,7081 600,455 1,121,647 Depreciation At l October 2020 Chaige foi the year Disposals At 30 Sèptèmber 2021 243,559 17,003 331,573 19,781 116,4581 334,896 30,147 2.257 12,8741 29.530 605,279 39.041 119,3321 624,988 260,562 Carrylng amount At 30 Sèpt•mber 2021 339,893 141,521 15.245 496,859 AI 30 September 2020 354,896 55.466 8,797 419,159 All of the above fixed assets are used for direct charitable purpose by the Tiust. Fixed assets include a property and a boat which weie originally gifted to Ihe Nancy Oldfield Trust at a valuation 01 £105.000 and £30,000 r¢spedively, being the Trustee'5 eslimale of the value al the date of the gifts. 17. InSIm*ts Listed Investments Cost or valuatlon Al 1 October 2020 Addition8 Disposals Fair value movements 222.374 38,92) 125,744} 11,894 At 30 September 2021 Imp•lmwnt At 1 0¢ttsr 2020 and 30 September 2021 Carying amount At 30 Septsmber 2021 At 30 September 2020 247,445 247,445 222,374 All inveslmenls shown above are held at V81uation. 19
The Nancy Oldfield Trust Limited Company Llmited by Guarantee Notes to the financial statements icontlnu•dl Year ended 30 September 2021 17. Inv•$thwnts (Conllnue The investrnent portftylio ¢omprisgs of the following listsd invèstments: Holdin9 2021 2020 Henderson Inlemalional In¢ome Trust PIC Ord 1p shares Gilts". Treasury Stock 0.125°h Index Linked 2024 Astrazenèca PIC Ordinary Shares Other investments wrth market value < 5fA of wrtlolio 13.365 12,758 8.062 213.260 11.664 12,370 11,840 186,500 247,445 222,374 Gainslllossesl on Investment assets ar¢ mado up as follows.. Re81ised Unrealised 11,894 3,059 110,4351 112,7651 14,953 123,2001 The fair value of listed investments is determined by reference lo the quoted pri¢e of identical assets in an a¢tive market at the balance sheet dale. The c051 of investments al 30 September 2021 was £208,15412020". £192.377). 18. D•btors 2021 2020 Prepayments and accrued income 6,162 24,799 19. Credltors: Amounts falling due within tsno y•ar 2021 2020 Trade credito[8 Accruals and deferred income Social securily and other taxes 715 4,799 2,037 21,384 7,211 1,939 7.551 30,534 20. Deferred in¢om# 2021 2020 At 1 October 2020 Amount released to incomè Amount defèrrèd in year At 30 S•ptember 2021 1,554 11,0801 4.830 14.298} 1.022 1,142 1.554 D¢f&rred income represents depo$ils in advance ol activities lo be undertakan in the followin9 year. 20
The Nancy Oldfield Trust Llmited Company Limited by Guarantee Notes to the financial statements (Contrnuedl Year ended 30 September 2021 21. Analysis of charitable funds Transhr At30 Bètwg¢n Soptsmb•r Fund5 2021 Atl Gain on October 2020 Incomè Exp•ndltur• Investments Unrestricted funds General funds 667,317 182.267 1220.2061 14,953 88,588 732.919 Dèslgnated Propetty Maintenance and Improvement Boat Replacement Volunteer Trainin9 Total Designated 38,189 44.194 3,000 38,189 44,194 3,000 85,383 8S,383 R•stricted funds Property Maintenanc Garden Equipment Boat and Sailing Equipment Ark Piling Salaries Bursary Fund Other equipment Total Restricted 4,217 4,217 3,000 7,804 18891 13,9151 4,000 97.508 4,680 13501 14.6801 (32.8331 (22,0261 {5411 179,5441 21,614 39,350 {3,9471 2,570 15,357 37.383 1,723 11.1821 188,5881 50,280 146,385 161,3191 46,758 Total Funds 802,980 328,652 {281.5251 14,953 865,060 21
The Nancy Oldfield Trust Llmlted Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 September 2021 Transf•r At30 Beeen September Funds 2020 At 1 October Gain on 2019 Income Expenditure Investments Unrestricted funds Genèral funds 568,280 108,261 1242.7981 {23,2001 256,774 667,317 D¥$l9natèd Propety Maintenance and lrnprovement Boat Replacement Volunteer Tiaining Total Designated 38,189 280,526 3,OCK) 38,189 44,194 3,000 1236,3321 321,715 (236,3321 85,383 R•strictsd funds Propety Maintenance Sile Improvements Fire Alamis and Doors Boat and Sailing Equiprnenl Boat Maintenance Ark Piling Health & Safety Cornpuler Equipment Salaries Bursary Fund Totsl Reslricled 5,174 2,729 (9571 12,729} 4.217 3,746 13,5051 (2411 16.852 3.342 {4,3181 18.534) 13.3421 4.000 4,680 4,680 656 16561 3.983 13.983) 23,250 11,000 123,2501 14,0671 30,450 37,383 83.188 42,676 135,140) 120,442) 50.280 Tolal Funds 953.181 150,937 (277,9381 {23,2001 802,980
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the flnancial statements (tontlnu Year ended 30 September 2021 Unr•strict•d Funds The unrestricted funds are lo provide the necessary financAal resources lo fund the day to day adivities of the charty. Designated Funds These funds have been Set aside in recognition of the trustees commitment to the ¢osts described in the title. Restrlcted Funds Each fund repStrnts monies raised by grants given 5pecthcally tow3rds Ihg costs described in its title. Tran$f•rs bot9 funds During the year restr*cted funds were transferrèd to unrestricted funds lo reflect ¢apilal item5 purchased, on which there is no ongoing res1ri¢lion. During 2019120 desigrtatèd funds were transferred to unrestricted fijnds tts cover the impact of the Covid-19 pandemic. During 2019120, following a review of restricted funds. IT3nsfers were made from restricted funds to unrestricted funds lo ac¢ounl for items charged to unrestricted funds in pievious years. 23
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements (conllnuod) Year ended 30 September 2021 22. Analysis of n•t assets between fund$ At30 S•pt•mb•r 2021 Tangible Fixed Assets Investments D¢btors Cash at Bank Creditors Unrestricted funds General funds 496,659 178.251 6,162 59,398 17.551} 732,919 D•signatod Pr(>perty Maintenance and Improvement Boat Replacement Volunteer Training Total Designated 25.000 13,189 38,189 44,194 44,194 3,000 69,194 16,189 85.383 Rostricted funds Property Maintenanee Gaidening Equipment Boat and Sailing Equipmènt Salaries and general Bursary Fund Total Reslr*cted 4.217 4,217 3.000 3.000 21,814 21.614 2,570 15.357 2.570 15,357 46.758 46.758 Total Funds 496,659 247,445 6,162 122.345 17,551} 865,060 24
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial ststements (tonUnts•d) Year ended 30 September 2021 At30 September 2020 Tangibl Fixed Assets Inv*$tm•nts D•btorn Cash at Bank Credltorn Unrestricted funds General funds 419,159 153,180 24,799 100,713 130,5341 667,317 Designated Property Maintènan¢e and Improvemenl Boat Repla¢ement Volunteer Training Total Designated 25,000 13,189 38,189 44,194 44,194 3.000 3,000 69,194 16,189 85.383 Restricted fund5 Property Maintenance Boat and Sailing Equipment Ark Piling Bursary Flind Total Restricted 4.217 4,217 4,(X)O 4.680 37.383 4,000 4,680 37,383 50,280 50,280 Tolal Funds 419.159 222.374 24,799 167.182 130,5341 802.980 25
The Nancy Oldfield Trust Limited Company Limited by Guarantee Notes to the financial statements (cone&) Year ended 30 September 2021 23. Related party transactions During the year a £10 donation was received from a ITVStee. There were no other related paty transactions during the yea¥ {2020.' £100). 26