COMPANY REGISTRATION NUMBER: 03505843 CHARITY REGISTRATION NUMBER: 1070554
Newmarket Open Door
Company Limited by Guarantee Unaudited Financial Statements
For the year ended
31 March 2022
Newmarket Open Door
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2022
| Pages | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and expenditure account) | 6 |
| Statement of financial position | 7 to 8 |
| Notes to the financial statements | 9 to 20 |
Newmarket Open Door
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 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 31 March 2022.
Chair's report
Another challenging year. .
Additions to the Board of Trustees included Natasha Monks-Johnston, Karen Gredley and Steve Maddox being officially welcomed as a Trustee. Charles Dore has stepped down as COO and Matthew Tee has been appointed as Charity Director.
After a lengthy process Hyper House will be relinquished to West Suffolk Council January 2023 and it will be operated by West Suffolk Council and no longer be an Open Door property. Open Door where also unsuccessful in the HRS tender process and whilst they can take direct referrals it does leave a significant gap in the income lines for the charity.
The food bank remains in situ at unit 5 but the Charity continue to seek a better placed venue and a more economical option, with progress not currently made.
The last 12 months have been challenging but the staff continue in offering positive outcomes for the service users. As a Charity we look forward to a year of opportunity and a blank canvas in order to create a best in class experience for the service users and build lasting and positive relationships with key stakeholders.
- 1 -
Newmarket Open Door
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
| Reference and administrative details | Reference and administrative details | |
|---|---|---|
| Registered charity name | Newmarket Open Door | |
| Charity registration number | 1070554 | |
| Company registration number | 03505843 | |
| Principal office and registered | Portland House | |
| office | 188 High Street | |
| Newmarket | ||
| Suffolk | ||
| CB8 9AP | ||
| The trustees | Rev Cheryl Belding | (Resigned 12 May 2022) |
| Lyn Chaplin | (Resigned 12 May 2022) | |
| John Gilbert | ||
| Ruth Kent | (Resigned 12 May 2022) | |
| Maureen Penney | (Resigned 8 December 2021) | |
| Valerie Russell | ||
| Fr Christopher Smith | (Resigned 8 December 2021) | |
| Catherine Staff | ||
| David Staff | ||
| Margo Walsh | ||
| Karen Gredley | (Appointed 10 May 2022) | |
| Steven Maddox | (Appointed 23 May 2022) | |
| Natasha Monks-Johnston | (Appointed 7 March 2022) | |
| Matthew Tee | (Appointed 6 February 2023) | |
| Company secretary | Charles Dore - resigned 6 February 2023 | |
| Matthew Tee - appointed from | 6 February 2023 | |
| Independent examiner | Shane Tharby FCA | |
| For and on behalf of | ||
| Streets Bloodstock | ||
| Lushington House | ||
| 119 High Street | ||
| Newmarket | ||
| Suffolk | ||
| CB8 9AE |
- 2 -
Newmarket Open Door
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Structure, governance and management
Governing document
Newmarket Open Door is a company limited by guarantee with charitable status which is governed by a memorandum and articles of association.
Appointment of trustees
New trustees are appointed by a majority of trustees in office at that time.
Trustee induction and training
The trustees are currently reviewing the procedures in place for trustee induction and training by reference to guidance published by the Charity Commission.
Organisational structure
The charity has a board of trustees who meet quarterly and are responsible for its strategic direction and policy. An operations manager is appointed by the trustees to manage the day to day operations of the charity.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the significant risks.
Objectives and activities
The charities objectives and activities continue to be the advancement of the Christian faith and education, including the relief of persons experiencing poverty, homelessness, physical and mental disability, and in furtherance of such objectives the provision of accommodation and support for such persons.
Achievements and performance
These are covered in the chair's report.
Financial review
The existence of two distinct trading operations reduces the risk of the complete loss of income across the whole charity. Advance notice of any decline in accommodation income will occur with reasonable notice. The most difficult area to predict will be the trading surplus at the Superstore but returns are monitored very closely and account summaries are produced on a monthly basis within two weeks of the relevant end date. The trustees also receive some assurance by the protection offered through the business interruption policy in the event that the charity is unable to operate at any of its sites. The trustees have therefore approved a reserves level of £79,000 which will be subject to annual review and include an assessment of potential redundancy costs.
- 3 -
Newmarket Open Door
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2022
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 6 April 2023 and signed on behalf of the board of trustees by:
Margo Walsh Trustee
- 4 -
Newmarket Open Door
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Newmarket Open Door
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Newmarket Open Door ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the 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 accounts 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 the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shane Tharby FCA Independent Examiner
For and on behalf of Streets Bloodstock Lushington House 119 High Street Newmarket Suffolk CB8 9AE
28 April 2023
- 5 -
Newmarket Open Door
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 46,169 | 26,000 | 72,169 | 167,196 |
| Charitable activities | 421,289 | – | 421,289 | 414,613 | |
| Investment income | 6 | 7 | – | 7 | 16 |
| Other income | 7 | – | – | – | 23,474 |
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||
| Total income | 467,465 | 26,000 | 493,465 | 605,299 | |
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||
| Expenditure | |||||
| Expenditure on charitable activities | 8 | 505,417 | 27,075 | 532,492 | 406,408 |
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||
| Total expenditure | 505,417 | 27,075 | 532,492 | 406,408 | |
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||
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||
| Net (expenditure)/income and net | movement | ||||
| in funds | (37,952) | (1,075) | (39,027) | 198,891 | |
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||
| Reconciliation of funds | |||||
| Total funds brought forward | 301,711 | 5,000 | 306,711 | 107,820 | |
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||
| Total funds carried forward | 263,759 | 3,925 | 267,684 | 306,711 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 20 form part of these financial statements.
- 6 -
Newmarket Open Door
Company Limited by Guarantee
Statement of Financial Position
31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| (restated) | |||||
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 13 | 483,482 | 486,159 | ||
| Current assets | |||||
| Debtors | 14 | 20,960 | 17,179 | ||
| Cash at bank and in hand | 221,226 | 300,208 | |||
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||||
| 242,186 | 317,387 | ||||
| Creditors: amounts falling due within | |||||
| one year | 15 | 35,536 | 9,386 | ||
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───────── |
||||
| Net current assets | 206,650 | 308,001 | |||
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||||
| Total assets less current liabilities | 690,132 | 794,160 | |||
| Creditors: amounts falling due after | |||||
| more than one year | 16 | 422,448 | 487,449 | ||
───────── |
───────── |
||||
| Net assets | 267,684 | 306,711 | |||
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||||
| Funds of the charity | |||||
| Restricted funds | 3,925 | 5,000 | |||
| Unrestricted funds | 263,759 | 301,711 | |||
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||||
| Total charity funds | 18 | 267,684═════════ |
306,711═════════ |
For the year ending 31 March 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 notes on pages 9 to 20 form part of these financial statements.
The statement of financial position continues on the following page.
- 7 -
Newmarket Open Door
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of trustees and authorised for issue on 6 April 2023, and are signed on behalf of the board by:
Margo Walsh Trustee
The notes on pages 9 to 20 form part of these financial statements.
- 8 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and 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 Portland House, 188 High Street, Newmarket, Suffolk, CB8 9AP.
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 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)), the Companies Act 2006 and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity.
Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity or are received through the terms of a specific appeal.
Incoming resources
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:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
- 9 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Incoming resources (continued)
-
income from donated goods is measured at the point of sale, at sales value, as it is impractical to measure reliably at point of receipt. The charity accepts furniture, clothing, bric-a-brac, books, DVD's/CD's/Vinyls, electrical equipment, tools, household linen and curtains, china/glassware etc. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Includes all expenditure incurred by the charity other than that which has been capitalised.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor, are charged against income as incurred.
Tangible assets
The charity has a policy to write off any capital items which cost less than £1,000. The nature of the charity's activities means that such items have an average useful economic life of less than one year.
Depreciation
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
- Freehold property 1% straight line Leasehold property - Over the term of the lease - Equipment 50% straight line Motor vehicles - 50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
- 10 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Limited by guarantee
The charity is limited by guarantee. In the event of the charity being wound up, the liability of the members is limited to £10.
- 11 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Grants | |||
| COVID business grant | 6,667 | – | 6,667 |
| DWP Winter grant scheme fund | – | – | – |
| Forest Heath District Council | 3,333 | – | 3,333 |
| Godolphin | – | 15,000 | 15,000 |
| Nininski | – | – | – |
| Personal Family Trust | 10,000 | – | 10,000 |
| Rotary Club | 3,000 | – | 3,000 |
| Shadwell Fund/Private Fund PF | – | – | – |
| Suffolk Coronavirus Community Fund | – | – | – |
| Suffolk Hardship Fund Round 4 | – | – | – |
| West Suffolk Council COVID | – | – | – |
| Winter Fuel Fund | – | 5,000 | 5,000 |
| Others under £2,000, including Gift Aid | 14,185 | – | 14,185 |
| Links Golf Club Newmarket | 5,776 | – | 5,776 |
| Fr Paul Hypher | 3,000 | – | 3,000 |
| Suffolk Community Foundation - Household Support | |||
| Grant | – | 6,000 | 6,000 |
| Other donations | 208 | – | 208 |
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|
| 46,169 | 26,000 | 72,169 | |
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- 12 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
5. Donations and legacies (continued)
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||
| (restated) | |||||
| £ | £ | £ | |||
| Grants | |||||
| COVID business grant | 55,955 | – | 55,955 | ||
| DWP Winter grant scheme fund | – | 5,000 | 5,000 | ||
| Forest Heath District Council | 3,333 | – | 3,333 | ||
| Godolphin | – | 15,000 | 15,000 | ||
| Nininski | – | 14,000 | 14,000 | ||
| Personal Family Trust | 20,000 | – | 20,000 | ||
| Rotary Club | 2,500 | – | 2,500 | ||
| Shadwell Fund/Private Fund PF | – | 4,094 | 4,094 | ||
| Suffolk Coronavirus Community Fund | – | 5,000 | 5,000 | ||
| Suffolk Hardship Fund Round 4 | – | 5,000 | 5,000 | ||
| West Suffolk Council COVID | 3,334 | – | 3,334 | ||
| Winter Fuel Fund | – | 5,500 | 5,500 | ||
| Others under £2,000, including Gift Aid | 27,280 | 1,200 | 28,480 | ||
| Links Golf Club Newmarket | – | – | – | ||
| Fr Paul Hypher | – | – | – | ||
| Suffolk Community Foundation - Household | Support | ||||
| Grant | – | – | – | ||
| Other donations | – | – | – | ||
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| 112,402 | 54,794 | 167,196 | |||
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| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Bank interest | 7 | 7 | 16 | 16 | |
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||
| 7. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Business interruption insurance | – | – | 19,277 | 19,277 | |
| HMRC VAT recovery | – | – | 4,197 | 4,197 | |
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| – | – | 23,474 | 23,474 | ||
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- 13 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
8. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Depreciation | 2,678 | – | 2,678 | |
| Other costs | 249,644 | 27,075 | 276,719 | |
| Staff costs | 251,095 | – | 251,095 | |
| Governance | 2,000 | – | 2,000 | |
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| 505,417 | 27,075 | 532,492 | ||
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||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| (restated) | ||||
| £ | £ | £ | ||
| Depreciation | 10,307 | – | 10,307 | |
| Other costs | 118,908 | 49,794 | 168,702 | |
| Staff costs | 226,709 | – | 226,709 | |
| Governance | 690 | – | 690 | |
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| 356,614 | 49,794 | 406,408 | ||
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||
| 9. | Net (expenditure)/income | |||
| Net (expenditure)/income is stated after charging/(crediting): | ||||
| 2022 | 2021 | |||
| (restated) | ||||
| £ | £ | |||
| Depreciation of tangible fixed assets | 2,677 | 10,307 | ||
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| 10. | Independent examination fees | |||
| 2022 | 2021 | |||
| (restated) | ||||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 2,000═══════ |
690════ |
- 14 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| (restated) | ||
| £ | £ | |
| Wages and salaries | 234,772 | 208,964 |
| Social security costs | 8,505 | 6,384 |
| Employer contributions to pension plans | 7,818 | 11,361 |
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|
| 251,095 | 226,709 | |
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The average head count of employees during the year was 19 (2021: 9).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
12. Trustee remuneration and expenses
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred in the current or previous year.
13. Tangible fixed assets
| Short | |||||
|---|---|---|---|---|---|
| Freehold | leasehold | Plant and | Motor | ||
| property | property | machinery | vehicles | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2021 (as restated) and | |||||
| 31 March 2022 | 512,000 | 150,938 | 31,111 | 48,696 | 742,745 |
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|
| Depreciation | |||||
| At 1 April 2021 | 25,841 | 150,938 | 31,111 | 48,696 | 256,586 |
| Charge for the year | 2,677 | – | – | – | 2,677 |
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|
| At 31 March 2022 | 28,518 | 150,938 | 31,111 | 48,696 | 259,263 |
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|
| Carrying amount | |||||
| At 31 March 2022 | 483,482 | – | – | – | 483,482 |
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|
| At 31 March 2021 | 486,159 | – | – | – | 486,159 |
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Freehold property includes freehold land of £244,300 (2022: £244,300) that is not depreciated.
- 15 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
14. Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| (restated) | |||
| £ | £ | ||
| Trade debtors | 4,985 | 4,163 | |
| Other debtors | 15,975 | 13,016 | |
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||
| 20,960 | 17,179 | ||
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||
| 15. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| (restated) | |||
| £ | £ | ||
| Bank loans | 22,843 | 5,209 | |
| Trade creditors | 2,253 | – | |
| Accruals and deferred income | 6,138 | 1,335 | |
| Social security and other taxes | 4,045 | 2,842 | |
| Other creditors | 257 | – | |
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||
| 35,536 | 9,386 | ||
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||
| The bank loan is secured on the charity's freehold property. | |||
| 16. | Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | ||
| (restated) | |||
| £ | £ | ||
| Bank loans | 422,448 | 487,449 | |
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The bank loan is secured on the charity's freehold property.
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,818 (2021: £11,361).
- 16 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
18. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At 1 April | ||||
| 2021 | At 31 March | |||
| (restated) | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| General funds | 245,328 | 467,465 | (505,417) | 207,376 |
| Development fund | 40,000 | – | – | 40,000 |
| Suffolk Housing Society | 16,383 | – | – | 16,383 |
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|
| 301,711 | 467,465 | (505,417) | 263,759 | |
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|
| At 31 March | ||||
| At 1 April | Income | Expenditure | 2021 | |
| 2020 | (restated) | (restated) | (restated) | |
| £ | £ | £ | £ | |
| General funds | 51,437 | 550,505 | (356,614) | 245,328 |
| Development fund | 40,000 | – | – | 40,000 |
| Suffolk Housing Society | 16,383 | – | – | 16,383 |
───────── |
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───────── |
|
107,820═════════ |
550,505═════════ |
(356,614)═════════ |
301,711═════════ |
Development fund
This fund was set up to fund the development of beneficiaries of the charity in the pursuit of improving their personal circumstances and access to opportunities not available through statutory services or grants.
Suffolk Housing Society
This is a historic designation of funds going back a number of years and is currently under review by the charity.
- 17 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
18. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| At 1 April | ||||
| 2021 | At 31 March | |||
| (restated) | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| DWP Winter grant scheme fund | – | 5,000 | (5,000) | – |
| Godolphin | – | 15,000 | (15,000) | – |
| IT Locality Fund | – | – | – | – |
| Nininski | – | – | – | – |
| Shadewell Fund/Private Fund PF | – | – | – | – |
| Suffolk Coronavirus Community Fund | – | – | – | – |
| Suffolk Hardship Fund Round 4 | 5,000 | – | (5,000) | – |
| Winter Fuel Fund | – | – | – | – |
| Household support | – | 6,000 | (2,075) | 3,925 |
─────── |
──────── |
──────── |
─────── |
|
| 5,000 | 26,000 | (27,075) | 3,925 | |
═══════ |
════════ |
════════ |
═══════ |
|
| At 31 March | ||||
| At 1 April | Income | Expenditure | 2021 | |
| 2020 | (restated) | (restated) | (restated) | |
| £ | £ | £ | £ | |
| DWP Winter grant scheme fund | – | 5,000 | (5,000) | – |
| Godolphin | – | 15,000 | (15,000) | – |
| IT Locality Fund | – | 1,200 | (1,200) | – |
| Nininski | – | 14,000 | (14,000) | – |
| Shadewell Fund/Private Fund PF | – | 4,094 | (4,094) | – |
| Suffolk Coronavirus Community Fund | – | 5,000 | (5,000) | – |
| Suffolk Hardship Fund Round 4 | – | 5,000 | – | 5,000 |
| Winter Fuel Fund | – | 5,500 | (5,500) | – |
| Household support | – | – | – | – |
──── |
──────── |
──────── |
─────── |
|
| – | 54,794 | (49,794) | 5,000 | |
════ |
════════ |
════════ |
═══════ |
- 18 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
18. Analysis of charitable funds (continued)
DWP Winter grant scheme fund - Distributed to the needy population of Newmarket as per criteria attached to grant.
Godolphin - Spent on supporting the food bank operation and accommodation.
Nininski - Cost of living grants to local population.
Shadwell Fund/Private Fund PF - Young people support in hardship.
Suffolk Coronavirus Community Fund - Grants against specific criteria to counteract effects of pandemic and lock down and support charity.
Suffolk Hardship Fund Round 4 - Relieve hardship in the community.
Winter Fuel Fund - Specific to counteract fuel poverty.
Household support - Cost of living crisis relief from poverty.
19. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 483,482 | – | 483,482 |
| Current assets | 238,261 | 3,925 | 242,186 |
| Creditors less than 1 year | (35,536) | – | (35,536) |
| Creditors greater than 1 year | (422,448) | – | (422,448) |
───────── |
─────── |
───────── |
|
| Net assets | 263,759 | 3,925 | 267,684 |
═════════ |
═══════ |
═════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 486,159 | – | 486,159 |
| Current assets | 312,387 | 5,000 | 317,387 |
| Creditors less than 1 year | (9,386) | – | (9,386) |
| Creditors greater than 1 year | (487,449) | – | (487,449) |
───────── |
─────── |
───────── |
|
| Net assets | 301,711 | 5,000 | 306,711 |
═════════ |
═══════ |
═════════ |
- 19 -
Newmarket Open Door
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2022
20. Prior year adjustments
During the preparation of the financial statements for the year ended 31 March 2022 it was noted that the Job Retention Scheme income received from HMRC was included under, Incoming resources from generated funds: Grants, donations, fundraising and other income. However in accordance with the model trustees' annual reports and financial statements issued by the Charities SORP Committee the Job retention scheme funding was deemed to have performance-related conditions and therefore should have been included under Incoming resources from charitable activities. The income of £66,156 has therefore been reclassified in the comparatives as a prior period adjustment but has no overall impact on the total income reported or the net income and net movement in funds reported last year.
It was also noted during the preparation of the financial statements that balances were carried forward on a number of restricted income funds received in the year ended 31 March 2021 that were actually spent in the year ended 31 March 2021 but the expenditure was not classified against the restricted funds. The individual restricted funds impacted are:
DWP Winter grant scheme fund
Previously reported - Expenditure - £nil; Balance as at 31 March 2021 - £5,000 Restated amounts - Expenditure - £5,000; Balance as at 31 March 2021 - £nil
Godolphin
Previously reported - Expenditure - £nil; Balance as at 31 March 2021 - £15,000 Restated amounts - Expenditure - £15,000; Balance as at 31 March 2021 - £nil
IT Locality Fund
Previously reported - Expenditure - £nil; Balance as at 31 March 2021 - £1,200 Restated amounts - Expenditure - £1,200; Balance as at 31 March 2021 - £nil
As a result of the above the total restricted funds as at 31 March 2021 have been amended from £26,200 to £5,000, a reduction of £21,200 and the total unrestricted funds have increased from £280,511 to £301,711. The entire £21,200 impacts the General unrestricted funds.
21. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2022 | 2021 | |
|---|---|---|
| (restated) | ||
| £ | £ | |
| Not later than 1 year | 10,725 | 10,725 |
| Later than 1 year and not later than 5 years | 42,900 | 42,900 |
| Later than 5 years | 73,288 | 84,013 |
───────── |
───────── |
|
| 126,913 | 137,638 | |
═════════ |
═════════ |
22. Related parties
There were no related party transactions or balances during the current or previous year.
- 20 -