COMPANY REGISTRATION NUMBER: 03523388 CHARITY REGISTRATION NUMBER: 1068549
The Nancy Oldfield Trust Limited Company Limited by Guarantee Unaudited financial statements 30 September 2022
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Financial statements
Year ended 30 September 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities (including income and expenditure account) | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 14 |
| Notes to the financial statements | 15 |
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 30 September 2022
The trustees, 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 2022.
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
Registered charity name
The Nancy Oldfield Trust Limited
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 Ash (appointed 26 July 2022) J Copping Mrs D F Harber P M Hawes Ms H James 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 2022
| 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 2022
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 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 motorboats, safety boats, sailing boats, canoes, and associated equipment. The Trust also owns and operates a specially adapted self-catering property, Berwick Cottage in East Harling, Norfolk. Families staying there receive a half day boating on the Broads as part of their booking.
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. Online news and social media posts keeps visitors, volunteers and the general public 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 2022
Achievements and performance
Visitor numbers
During the year the Trust catered for the following numbers of visitors:
Non-residential measured in half day sessions 2022: 4,883 (2021: 1,582) Residential visitors plus their carers measured in session (2021: bed nights) 2022: 245 (2021: 365)
Day visitor sessions were significantly higher than the previous year due to a particularly busy Spring, but residential visits were lower than the previous year due to smaller group sizes. Both residential and day visits continued to be impacted by Covid but to a much lesser extent, with overall activity levels reaching 80% of typical pre-pandemic years.
Fixed assets
During the year the Trust spent £18,162 (2021: £89,917) on new fixed assets and were gifted a property, Berwick Cottage with a market value of £300,000.
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 £228,904, with realised gains of £1,899 and unrealised losses of £20,844.
Fundraising
In a typical (pre-Covid) year the Trust would not seek, or expect to receive, any statutory funding and depends entirely on the donations received for visits, unsolicited donations and income from its investments and its own fundraising efforts. However, the Trust benefited from final Covid-related furlough payments and a North Norfolk District Council business resilience grant to improve IT provision during 2022.
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 and the Trustees wish to acknowledge and thank them all for their generous support:
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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 2022
Achievements and performance (continued)
Awards for All Bailey Thomas Charitable Trust Barnabus Trust Barratt Family Charitable Trust Boshier-Hinton Foundation Douglas Arter Foundation Educational Foundation of Alderman John Norman Grey Court Charitable Trust Lady Hind Trust Lord Belstead Charitable Trust Mickleham Trust Mrs H R Greene Charitable Settlement Norfolk Community Foundation - Ranworth Trust Supported by the Norfolk Community Foundation through Goodman Trust Norfolk Community Foundation - Shelroy Trust North Norfolk District Council - Business Resilience Grant Paul Bassham Charitable Trust Pennycress Trust Philip and Elizabeth Rackham Charitable Trust R S Brownless Charitable Trust Sir Frederick Hiam Charitable Trust Sylvia Waddilove Foundation
Financial review
The results of the Trust's operations for the year are set out in detail on pages 11 to 27.
The net income in the General Fund before transfers and other recognised gains and losses amounted to £318,096 (2021: net expenditure of £37,939).
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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 2022
Financial review (continued)
Reserves policy
The Trust's free reserves at 30 September 2022 comprised General Fund net current assets (cash and debtors less creditors) and investments of £311,294 (2021: £236,260) and Designated Funds of £47,194 (2021: £85,383). Restricted funds at 30 September 2022 were £50,760 (2021: £46,758). Total funds at 30 September 2022 were £1,179,822 (2021: £865,060).
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, particularly in the light of the ongoing pandemic. The Trust receives no statutory funding and relies largely on voluntary donations and grants for the majority of its income. The current economic climate continues to be very challenging and for the foreseeable future the Trustees expect that the costs of running the centre will exceed income.
(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 £9,821 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.
Impact of Covid-19
The pandemic continued to impact the activities and finances of the Trust with visitor numbers down by 20% compared to pre-Covid numbers. The Trust received the final payment from the government's flexible furlough scheme to support staff in October. Visitor inquiries continued to rise and the early part of the season was much busier than in typical pre-Covid years as all Covid restrictions were relaxed and visitors returned to the Trust.
With further grants and generous legacies the Trust remains in a healthy financial position. However, the Trust is always reviewing its operations to generate new / additional sources of income and is always looking at ways of reducing costs.
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 will continue to look for imaginative and innovative ways to enable visitors to get out on the water as recovery from the pandemic continues, including seeking funding to refit a replacement motor cruiser with specially adapted facilities for visitors.
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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 2022
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. Risk management is now reviewed on a regular basis 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.
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 (incorporating the directors' report) (continued)
Year ended 30 September 2022
The trustees' annual report was approved on 16 February 2023 and signed on behalf of the board of trustees by:
Mrs V Khambatta (Chairman) Trustee
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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 2022
I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 September 2022 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows 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
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 confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), 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:
-
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
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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).
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Independent examiner's report to the trustees of The Nancy Oldfield Trust
Limited (continued)
Year ended 30 September 2022
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
7 June 2023
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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 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 541,778 | 55,831 | 597,609 | 282,453 |
| Other trading activities | 6 | 7,234 | – | 7,234 | 1,736 |
| Investment income | 7 | 9,821 | – | 9,821 | 8,865 |
| Other income | 8 | 8,350 | – | 8,350 | 35,598 |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Total income | 567,183 | 55,831 | 623,014 | 328,652 | |
| =============================== | ========================== | =============================== | =============================== | ||
| Expenditure | |||||
| Raising funds | |||||
| Raising funds | 9 | (13,053) | – | (13,053) | (9,172) |
| Charitable activities | 10 | (236,034) | (40,220) | (276,254) | (272,353) |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Total expenditure | (249,087) | (40,220) | (289,307) | (281,525) | |
| =============================== | ========================== | =============================== | =============================== | ||
| Net income and net movements in funds | |||||
| before gains and losses on investments | 318,096 | 15,611 | 333,707 | 47,127 | |
| Net (losses)/gains on investments | 11 | (18,945) | – | (18,945) | 14,953 |
| Net income before transfer of funds | 299,151 | 15,611 | 314,762 | 62,080 | |
| Transfers between funds | 11,609 | (11,609) | – | – | |
| ------------------------------- | -------------------------- | ------------------------------- | ------------------------------- | ||
| Net movement in funds | 310,760 | 4,002 | 314,762 | 62,080 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 818,302 | 46,758 | 865,060 | 802,980 | |
| --------------------------------------- | -------------------------- | --------------------------------------- | ------------------------------- | ||
| Total funds carried forward | 1,129,062 | 50,760 | 1,179,822 | 865,060 | |
| ======================================= | ========================== | ======================================= | =============================== |
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 15 to 28 form part of these financial statements.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Balance sheet
30 September 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Intangible assets | 16 | 9,917 | – | ||
| Tangible fixed assets | 17 | 760,657 | 496,659 | ||
| Investments | 18 | 228,904 | 247,445 | ||
| ------------------------------- | ------------------------------- | ||||
| 999,478 | 744,104 | ||||
| Current assets | |||||
| Debtors | 19 | 6,212 | 6,162 | ||
| Cash at bank and in hand | 186,165 | 122,345 | |||
| ------------------------------- | ------------------------------- | ||||
| 192,377 | 128,507 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 20 | (12,033) | (7,551) | ||
| ------------------------------- | ------------------------------- | ||||
| Net current assets | 180,344 | 120,956 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total assets less current liabilities | 1,179,822 | 865,060 | |||
| --------------------------------------- | ------------------------------- | ||||
| Net assets | 1,179,822 | 865,060 | |||
| ======================================= | =============================== | ||||
| Funds of the charity | |||||
| Restricted funds | 50,760 | 46,758 | |||
| Unrestricted funds | 1,129,062 | 818,302 | |||
| --------------------------------------- | ------------------------------- | ||||
| Total charity funds | 22 | 1,179,822 ======================================= |
865,060 =============================== |
For the year ending 30 September 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The balance sheet continues on the following page.
The notes on pages 15 to 28 form part of these financial statements.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Balance sheet (continued)
30 September 2022
These financial statements were approved by the board of trustees and authorised for issue on 16 February 2023, and are signed on behalf of the board by:
Mrs V Khambatta (Chairman) Trustee
Company registration number: 03523388
The notes on pages 15 to 28 form part of these financial statements.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Statement of cash flows
Year ended 30 September 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 314,762 | 62,080 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 42,264 | 39,041 |
| Amortisation of intangible assets | 1,983 | – |
| Net (losses)/gains on investments | 18,945 | (14,953) |
| Other interest receivable and similar income | (9,821) | (8,865) |
| (Gains)/loss on disposal of tangible fixed assets | (8,350) | 3,176 |
| Property gift | (300,000) | – |
| Changes in: | ||
| Trade and other debtors | (50) | 18,637 |
| Trade and other creditors | 4,482 | (22,983) |
| ------------------------------- | -------------------------- | |
| Cash generated from operations | 64,215 | 76,133 |
| Interest received | 9,821 | 8,865 |
| ------------------------------- | -------------------------- | |
| Net cash from operating activities | 74,036 | 84,998 |
| =============================== | ========================== | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (6,262) | (119,917) |
| Proceeds from sale of tangible assets | 8,350 | 200 |
| Purchase of intangible assets | (11,900) | – |
| Purchases of other investments | (80,101) | (38,921) |
| Proceeds from sale of other investments | 79,697 | 28,803 |
| ------------------------------- | ------------------------------- | |
| Net cash used in investing activities | (10,216) | (129,835) |
| =============================== | =============================== | |
| Net increase/(decrease) in cash and cash equivalents | 63,820 | (44,837) |
| Cash and cash equivalents at beginning of year | 122,345 | 167,182 |
| ------------------------------- | ------------------------------- | |
| Cash and cash equivalents at end of year | 186,165 =============================== |
122,345 =============================== |
The notes on pages 15 to 28 form part of these financial statements.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 30 September 2022
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.
Fund accounting
-
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
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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 2022
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.
Property gift
Property gifted to the charity is included when entitlement is established and valued in accordance with independent third party valuation.
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.
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Charitable activities comprise those costs incurred by the charity in the delivery of its undertakings and services for its beneficiaries.
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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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
- 25% 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 2022
3. Accounting policies (continued)
Amortisation (continued)
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 - 2%, 6.67%, and 10% straight line quay Boat, yachts and houseboat - 10% and 20% straight line Vehicles, plant and equipment - 10% and 33.33% straight line
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.
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The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Visitor donations | 96,861 | – | 96,861 |
| Legacies | |||
| Legacies | 100,000 | – | 100,000 |
| Property Gifts | |||
| Berwick Cottage | 300,000 | – | 300,000 |
| Grants | |||
| Grants and other donations | 44,917 | 55,831 | 100,748 |
| ------------------------------- | -------------------------- | ------------------------------- | |
| 541,778 | 55,831 | 597,609 | |
| =============================== | ========================== | =============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Visitor donations | 88,947 | – | 88,947 |
| Legacies | |||
| Legacies | 9,306 | – | 9,306 |
| Property Gifts | |||
| Berwick Cottage | – | – | – |
| Grants | |||
| Grants and other donations | 37,815 | 146,385 | 184,200 |
| ------------------------------- | ------------------------------- | ------------------------------- | |
| 136,068 | 146,385 | 282,453 | |
| =============================== | =============================== | =============================== |
During the year ended 30 September 2022 £11,881 (2021: £69,902) of government funding was received.
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Shop income | 454 | 454 | 63 | 63 |
| RYA Course | 6,780 | 6,780 | 1,673 | 1,673 |
| ---------------------- | ---------------------- | ---------------------- | ---------------------- | |
| 7,234 | 7,234 | 1,736 | 1,736 | |
| ====================== | ====================== | ====================== | ====================== |
- 18 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
7. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Interest | 197 | 197 | 11 | 11 |
| Dividends | 9,624 | 9,624 | 8,854 | 8,854 |
| ---------------------- | ---------------------- | ---------------------- | ---------------------- | |
| 9,821 | 9,821 | 8,865 | 8,865 | |
| ====================== | ====================== | ====================== | ====================== | |
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Profit/(loss) on disposal of fixed assets | 8,350 | 8,350 | (3,176) | (3,176) |
| Furlough income | – | – | 38,774 | 38,774 |
| ---------------------- | ---------------------- | -------------------------- | -------------------------- | |
| 8,350 | 8,350 | 35,598 | 35,598 | |
| ====================== | ====================== | ========================== | ========================== |
8. Other income
9. Raising funds
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Consultancy fees and expenses | 10,436 | 10,436 | 9,034 | 9,034 |
| RYA course expenses | 1,681 | 1,681 | 70 | 70 |
| Other | 936 | 936 | 68 | 68 |
| -------------------------- | -------------------------- | ---------------------- | ---------------------- | |
| 13,053 | 13,053 | 9,172 | 9,172 | |
| ========================== | ========================== | ====================== | ====================== |
- 19 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
10. Expenditure on charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Staff costs | 91,610 | 29,769 | 121,379 |
| Boat maintenance | 13,976 | – | 13,976 |
| Other boat costs | 6,743 | – | 6,743 |
| House running costs | 17,264 | – | 17,264 |
| Vehicle running costs | 3,789 | – | 3,789 |
| Office, stationary & sundry | 28,932 | 272 | 29,204 |
| Insurance | 21,899 | – | 21,899 |
| Bursaries | – | 10,179 | 10,179 |
| Legal and professional fees | 2,771 | – | 2,771 |
| Depreciation | 42,264 | – | 42,264 |
| Amortisation | 1,983 | – | 1,983 |
| Governance costs | 4,803 | – | 4,803 |
| ------------------------------- | -------------------------- | ------------------------------- | |
| 236,034 | 40,220 | 276,254 | |
| =============================== | ========================== | =============================== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Staff costs | 89,390 | 30,000 | 119,390 |
| Boat maintenance | 9,711 | 5,477 | 15,188 |
| Other boat costs | 2,387 | 2,386 | 4,773 |
| House running costs | 30,490 | 889 | 31,379 |
| Vehicle running costs | 994 | – | 994 |
| Office, stationary & sundry | 14,960 | 541 | 15,501 |
| Insurance | 19,676 | – | 19,676 |
| Bursaries | – | 22,026 | 22,026 |
| Legal and professional fees | 1,033 | – | 1,033 |
| Depreciation | 39,041 | – | 39,041 |
| Amortisation | – | – | – |
| Governance costs | 3,352 | – | 3,352 |
| ------------------------------- | -------------------------- | ------------------------------- | |
| 211,034 | 61,319 | 272,353 | |
| =============================== | ========================== | =============================== | |
| Analysis of Governance costs: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Independent examination | 3,390 | 2,982 | |
| Investment management fee | 405 | 370 | |
| VAT advice | 1,008 | – | |
| ---------------------- | ---------------------- | ||
| 4,803 | 3,352 | ||
| ====================== | ====================== |
11. Net (losses)/gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets | (18,945) | (18,945) | 14,953 | 14,953 |
| ========================== | ========================== | ========================== | ========================== |
- 20 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
12. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Amortisation of intangible assets | 1,983 | – |
| Depreciation of tangible fixed assets | 42,264 | 39,041 |
| (Gains)/loss on disposal of tangible fixed assets | (8,350) | 3,176 |
| ========================== | ========================== | |
| Independent examination fees | ||
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 3,390 | 2,982 |
| Tax advisory services | 1,008 | – |
| ---------------------- | ---------------------- | |
| 4,398 | 2,982 | |
| ====================== | ====================== |
13. Independent examination fees
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 113,906 | 113,140 |
| Social security costs | 2,082 | 3,640 |
| Employer contributions to pension plans | 2,563 | 2,570 |
| Other employee benefits | 2,828 | 40 |
| ------------------------------- | ------------------------------- | |
| 121,379 | 119,390 | |
| =============================== | =============================== |
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 £43,891 (2021: £42,121).
The average head count of employees during the year was 8 (2021: 8).
No employee received employee benefits of more than £60,000 during the year (2021: 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.
- 21 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
16. Intangible assets
| Website | |
|---|---|
| £ | |
| Cost | |
| Additions | 11,900 |
| -------------------------- | |
| At 30 September 2022 | 11,900 |
| ========================== | |
| Amortisation | |
| Charge for the year | 1,983 |
| -------------------------- | |
| At 30 September 2022 | 1,983 |
| ========================== | |
| Carrying amount | |
| At 30 September 2022 | 9,917 |
| ========================== | |
| At 30 September 2021 | – |
| ========================== |
17. Tangible fixed assets
| Property, | Boats, | Vehicles, | ||
|---|---|---|---|---|
| improvement | yachts and | plant and | ||
| and quay | houseboat | equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 October 2021 | 600,455 | 476,417 | 44,775 | 1,121,647 |
| Additions | 302,100 | – | 4,162 | 306,262 |
| Disposals | – | (14,084) | (3,600) | (17,684) |
| ------------------------------- | ------------------------------- | -------------------------- | --------------------------------------- | |
| At 30 September 2022 | 902,555 | 462,333 | 45,337 | 1,410,225 |
| =============================== | =============================== | ========================== | ======================================= | |
| Depreciation | ||||
| At 1 October 2021 | 260,562 | 334,896 | 29,530 | 624,988 |
| Charge for the year | 19,236 | 18,566 | 4,462 | 42,264 |
| Disposals | – | (14,084) | (3,600) | (17,684) |
| ------------------------------- | ------------------------------- | -------------------------- | --------------------------------------- | |
| At 30 September 2022 | 279,798 | 339,378 | 30,392 | 649,568 |
| =============================== | =============================== | ========================== | ======================================= | |
| Carrying amount | ||||
| At 30 September 2022 | 622,757 | 122,955 | 14,945 | 760,657 |
| =============================== | =============================== | ========================== | ======================================= | |
| At 30 September 2021 | 339,893 | 141,521 | 15,245 | 496,659 |
| =============================== | =============================== | ========================== | ======================================= |
All of the above fixed assets are used for direct charitable purpose by the Trust.
Fixed assets include a property, a boat and a further property which were originally gifted to the Nancy Oldfield Trust at a valuation of £105,000, £30,000 and £300,000 respectively, being the Trustee's estimate of the value at the date of the gifts.
- 22 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
18. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2021 | 247,445 |
| Additions | 80,101 |
| Disposals | (77,798) |
| Fair value movements | (20,844) |
| ------------------------------- | |
| At 30 September 2022 | 228,904 |
| =============================== | |
| Impairment | |
| At 1 October 2021 and 30 September 2022 | |
| Carrying amount | |
| At 30 September 2022 | 228,904 |
| =============================== | |
| At 30 September 2021 | 247,445 |
| =============================== |
All investments shown above are held at valuation.
The investment portfolio comprises of the following listed investments:
| Holding | 2022 | 2021 |
|---|---|---|
| £ | £ | |
| Henderson International Income Trust Plc Ord 1p shares | 13,041 | 13,365 |
| Other investments with market value < 5% of portfolio | 215,863 | 234,080 |
| ------------------------------- | ------------------------------- | |
| 228,904 | 247,445 | |
| =============================== | =============================== | |
| Gains/(losses) on Investment assets are made up as follows: | ||
| £ | £ | |
| Realised | 1,899 | 3,059 |
| Unrealised | (20,844) | 11,894 |
| -------------------------- | -------------------------- | |
| (18,945) ========================== |
14,953 ========================== |
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 2022 was £216,494 (2021: £208,154).
19. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 6,212 ====================== |
6,162 ====================== |
The charity has been notified of a legacy which has not been included within the accounts due to there being uncertainty over the value to be received.
- 23 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
20. Creditors: Amounts falling due within one year
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | 2,509 | 715 | |
| Accruals and deferred income | 6,984 | 4,799 | |
| Social security and other taxes | 2,540 | 2,037 | |
| -------------------------- | ---------------------- | ||
| 12,033 | 7,551 | ||
| ========================== | ====================== | ||
| 21. | Deferred income | ||
| 2022 | 2021 | ||
| £ | £ | ||
| At 1 October 2021 | 1,142 | 1,554 | |
| Amount released to income | (706) | (1,080) | |
| Amount deferred in year | 2,469 | 668 | |
| ---------------------- | ---------------------- | ||
| At 30 September 2022 | 2,905 ====================== |
1,142 ====================== |
Deferred income represents deposits in advance of activities to be undertaken in the following year.
- 24 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
22. Analysis of charitable funds
| Gain on | Transfer | At 30 | ||||
|---|---|---|---|---|---|---|
| At 1 | Investment | Between | September | |||
| October 2021 | **Income ** | Expenditure | s | Funds | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 732,919 | 567,183 | (249,087) | (18,945) | 49,798 | 1,081,868 |
| =============================== | =============================== | =============================== | ========================== | ========================== | ======================================= | |
| Designated | ||||||
| Property | ||||||
| Maintenance and | ||||||
| Improvement | 38,189 | – | – | – | (38,189) | – |
| Hazel | ||||||
| Refurbishment | ||||||
| (previously Boat | ||||||
| Replacement) | 44,194 | – | – | – | – | 44,194 |
| Volunteer Training | 3,000 | – | – | – | – | 3,000 |
| ------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | -------------------------- | --------------------------------------- | |
| Total Designated | 85,383 | – | – | – | (38,189) | 47,194 |
| =============================== | =============================== | =============================== | ========================== | ========================== | ======================================= | |
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | 4,217 | – | – | – | – | 4,217 |
| Garden Equipment | 3,000 | – | – | – | – | 3,000 |
| Boat and Sailing | ||||||
| Equipment | 21,614 | 2,500 | – | – | – | 24,114 |
| Salaries | 2,570 | 27,200 | (29,770) | – | – | – |
| Bursary Fund | 15,357 | 14,250 | (10,178) | – | – | 19,429 |
| Other equipment | – | 11,881 | (272) | – | (11,609) | – |
| -------------------------- | -------------------------- | -------------------------- | ------------- | -------------------------- | -------------------------- | |
| Total Restricted | 46,758 | 55,831 | (40,220) | – | (11,609) | 50,760 |
| ========================== | ========================== | ========================== | ============= | ========================== | ========================== | |
| Total Funds | 865,060 =============================== |
623,014 =============================== |
(289,307) =============================== |
(18,945) ========================== |
– ========================== |
1,179,822 ======================================= |
- 25 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
| Gain on | Transfer | At 30 | ||||
|---|---|---|---|---|---|---|
| At 1 October | Investment | Between | September | |||
| 2020 | **Income ** | Expenditure | s | Funds | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 667,317 | 182,267 | (220,206) | 14,953 | 88,588 | 732,919 |
| =============================== | =============================== | =============================== | ========================== | ========================== | =============================== | |
| Designated | ||||||
| Property | ||||||
| Maintenance and | ||||||
| Improvement | 38,189 | – | – | – | – | 38,189 |
| Boat Replacement | 44,194 | – | – | – | – | 44,194 |
| Volunteer Training | 3,000 | – | – | – | – | 3,000 |
| ------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | -------------------------- | ------------------------------- | |
| Total Designated | 85,383 | – | – | – | – | 85,383 |
| =============================== | =============================== | =============================== | ========================== | ========================== | =============================== | |
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | 4,217 | – | – | – | – | 4,217 |
| Garden Equipment | – | 7,804 | (889) | – | (3,915) | 3,000 |
| Boat and Sailing | ||||||
| Equipment | 4,000 | 97,508 | (350) | – | (79,544) | 21,614 |
| Ark Piling | 4,680 | – | (4,680) | – | – | – |
| Salaries | – | 39,350 | (32,833) | – | (3,947) | 2,570 |
| Bursary Fund | 37,383 | – | (22,026) | – | – | 15,357 |
| Other equipment | – | 1,723 | (541) | – | (1,182) | – |
| -------------------------- | ------------------------------- | -------------------------- | ------------- | -------------------------- | -------------------------- | |
| Total Restricted | 50,280 | 146,385 | (61,319) | – | (88,588) | 46,758 |
| ========================== | =============================== | ========================== | ============= | ========================== | ========================== | |
| Total Funds | 802,980 =============================== |
328,652 =============================== |
(281,525) =============================== |
14,953 ========================== |
– ========================== |
865,060 =============================== |
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.
During the year designated funds were transferred to unrestricted funds to reflect the funds having been spent in previous years.
- 26 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
23. Analysis of net assets between funds
| Intangible | At 30 | |||||
|---|---|---|---|---|---|---|
| and Tangible | September | |||||
| Fixed Assets | Investments | Debtors | **Cash at Bank ** | Creditors | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 770,574 | 184,710 | 6,212 | 132,405 | (12,033) | 1,081,868 |
| =============================== | =============================== | ====================== | =============================== | ========================== | ======================================= | |
| Designated | ||||||
| Hazel | ||||||
| Refurbishment | ||||||
| (previously | ||||||
| Boat | ||||||
| Replacement) | – | 44,194 | – | – | – | 44,194 |
| Volunteer | ||||||
| Training | – | – | – | 3,000 | – | 3,000 |
| ------------------------------- | ------------------------------- | ---------------------- | ------------------------------- | -------------------------- | --------------------------------------- | |
| Total | ||||||
| Designated | – | 44,194 | – | 3,000 | – | 47,194 |
| =============================== | =============================== | ====================== | =============================== | ========================== | ======================================= | |
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | – | – | – | 4,217 | – | 4,217 |
| Gardening | ||||||
| Equipment | – | – | – | 3,000 | – | 3,000 |
| Boat and | ||||||
| Sailing | ||||||
| Equipment | – | – | – | 24,114 | – | 24,114 |
| Bursary Fund | – | – | – | 19,429 | – | 19,429 |
| ------------- | ------------- | ------------- | -------------------------- | ------------- | -------------------------- | |
| Total | ||||||
| Restricted | – | – | – | 50,760 | – | 50,760 |
| ============= | ============= | ============= | ========================== | ============= | ========================== | |
| Total Funds | 770,574 =============================== |
228,904 =============================== |
6,212 ====================== |
186,165 =============================== |
(12,033) ========================== |
1,179,822 ======================================= |
- 27 -
The Nancy Oldfield Trust Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2022
| Intangible | At 30 | |||||
|---|---|---|---|---|---|---|
| and Tangible | September | |||||
| Fixed Assets | Investments | Debtors | **Cash at Bank ** | Creditors | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General funds | 496,659 | 203,251 | 6,162 | 72,587 | (7,551) | 771,108 |
| =============================== | =============================== | ====================== | ========================== | ====================== | =============================== | |
| Designated | ||||||
| Boat | ||||||
| Replacement | – | 44,194 | – | – | – | 44,194 |
| Volunteer | ||||||
| Training | – | – | – | 3,000 | – | 3,000 |
| ------------------------------- | ------------------------------- | ---------------------- | -------------------------- | ---------------------- | ------------------------------- | |
| Total | ||||||
| Designated | – | 44,194 | – | 3,000 | – | 47,194 |
| =============================== | =============================== | ====================== | ========================== | ====================== | =============================== | |
| Restricted funds | ||||||
| Property | ||||||
| Maintenance | – | – | – | 4,217 | – | 4,217 |
| Gardening | ||||||
| Equipment | – | – | – | 3,000 | – | 3,000 |
| Boat and | ||||||
| Sailing | ||||||
| Equipment | – | – | – | 21,614 | – | 21,614 |
| Salaries and | ||||||
| general | – | – | – | 2,570 | – | 2,570 |
| Bursary Fund | – | – | – | 15,357 | – | 15,357 |
| ------------- | ------------- | ------------- | -------------------------- | ------------- | -------------------------- | |
| Total | ||||||
| Restricted | – | – | – | 46,758 | – | 46,758 |
| ============= | ============= | ============= | ========================== | ============= | ========================== | |
| Total Funds | 496,659 | 247,445 | 6,162 | 122,345 | (7,551) | 865,060 |
| =============================== | =============================== | ====================== | =============================== | ====================== | =============================== |
24. Analysis of changes in net debt
| At | At | |||
|---|---|---|---|---|
| 1 | October 202 | 30 Septembe | ||
| 1 | Cash flows | r 2022 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 122,345 | 63,820 | 186,165 | |
| =============================== | ========================== | =============================== |
25. Related party transactions
During the year a £20 (2021: £10) donation was received from a trustee. There were no other related party transactions during the year (2021: £Nil).
- 28 -