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2020-09-30-accounts

Constantine Enterprises Company Limited

Report of the Trustees and Unaudited Financial Statements

For The Year Ended 30th September 2020

Community Accounting Services Kernow Community Interest Company

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 1

Constantine Enterprises Company Report of the Trustees For The Year Ended 30 September 2020

CONTENTS

Report of the Trustees 3-5
Independent Examiners Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9-14

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 2

Constantine Enterprises Company Report of the Trustees For The Year Ended 30 September 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2019. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP 2015) 'Accounting and Reporting by Charities' issued in July 2014.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 3554035 Registered Charity number 1071856

Registered office

The Tolmen Centre Fore Street Constantine Falmouth Cornwall TR11 5AA

Trustees

Mr J Meadows Mr C L Pugh (Treasurer) Mr D Jeffries Mrs G Shaw Mrs Barbara Pugh Mr P Tatham Mr R Thomas Mr C Hussey Mrs T Clowes Ms E Rawlence Ms C DeSilvey Ms G Blackstone Company Secretary Mr C L Pugh

Solicitors

Nalders and Son 49 Arwenack Street Falmouth Cornwall TR11 3LB

Accountants

Community Accounting Service Kernow Commuity Interest Company 15 Liskey Hill Perranporth Cornwall TR6 0ET

Constantine Enterprises Company

September 2020

Page 3

Trustees Annual Report and Financial Statements

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Constantine Enterprise Company is a charitable company limited by guarantee not having a share capital. It was incorporated on 28th April 1998 and is governed by its memorandum and articles. It has been registered as a Development Trust. The charity was registered with the Charities Commission on 6th October 1998.

Trustees investment powers

The Trustees have the power to invest the company’s funds as deemed appropriate.

Appointment of trustees and trust organisation.

The trust is run on a voluntary basis by the elected trustees. The members at the AGM appoint the trustees who hold at least three meetings throughout the year. The Company (CEC) is run by the trustees with decisions being taken at these board meetings. The Trust must be run with no fewer than three trustees and at least one third of the appointed trustees must be present to be quorum. The trustees appoint the Chairman. All trustees have one vote at board meetings and were equality of votes arises the Chairman shall have the casting vote. All members over the age of eighteen are eligible to put themselves forward as trustees. All trustees are appointed by the board and approved at the AGM. New trustees are inducted into the working of the charity.

Organisational structure

There are two principal organising groups – the CEC and its wholly owned subsidiary the TOC. Each has a board of directors (trustees). The membership of the CEC board is printed at the start of this report. The TOC Directors at 30 September 2019 were Mr J Welch, Mr C Pugh, Mrs T Clowes, Ms Sally Spens, Mrs B Pugh, Mr D Jeffries and Mr T Beattie.

Separate accounts for the TOC as well as the accounts for the CEC are to be presented at the joint AGM in May 2020.

Risk management

Both CEC and TOC have undertaken a review of risks to which the Charity is exposed. There is an ongoing process of Risk Assessment at all levels of the operation. In addition, a full insurance policy is in operation to cover the activities and assets of the Charity and a separate policy covers the activities of the Trustees.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The first objective is to progress projects for the benefit of the village community and the parish of Constantine.

Volunteers

The successful running of the charity depends on the immense time contribution provided by a large body of volunteers. The work that they carry out in administration duties, fundraising, organising events and operating the Tolmen Centre enables the charity to achieve its objectives.

Achievement and Performance

Charitable Activities

The charity continues it’s main objective to promote and progress initiatives for the benefit of the village community.

The year to 30/9/2020 (and since) has been blighted by the Covid pandemic which has severely impacted our charitable activities. Many – indeed most - of our activities have been prevented by lockdown and other measures.

During the year, in spite of restrictions, the Charity has continued to develop and improve Bosahan Woods for the village community, helped by plentiful volunteer help and and generous charitable donations.

(continued on next page)

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 4

A plan to take a tenancy of the Glebe Garden as a community facility has also developed.

The Tolmen Centre - which has been a principal focus of delivery for the charity – was effectively closed from March 2020 onwards and will be limited in what can be achieved as long as restrictions prevent it’s main function as an Arts and Community Centre. We have benefited from various grants available to the Retail Hospitality and Leisure sector and these have kept us financially solvent in spite of lack of trading income.

It is worth noting in retrospect that up until the lockdown of March 2020 the Tolmen Centre, and indeed all the activities promoted by the Charity had been progressing as well or better than forecast. Much damage has been done to our charitable activities since then by the covid pandemic – and indeed to the whole performing arts industry of which we are small part.

However, much has been achieved in renovation and improvement to the Tolmen Centre building itself – the Car Park has been resurfaced, and the project to renovate the roof was getting under way as the year ended on 30/9/2020 with finance in place and contracts agreed.

We continue to operate almost entirely based on volunteer help, given in large volumes by a wide range of individuals for the good of the community.

Grateful thanks are extended to all the helpers whose time so freely given allows this to happen. Though many of our activities have been prevented, a small core of helpers have kept things going – most especially with the Tolmen Centre building renovation project. Much more HELP will be needed in future as we try to rebuild our charitable activities once the restrictions caused by Covid are eased.

Charles Pugh Treasurer and Company Secretary

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 5

Independent examiner’s report to the trustees of Constantine Enterprises Company Limited

I report on the accounts of the company for the year ended 30 September 2020, which are set out on the attached pages

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed:

Date: 15[th] February, 2021

Name: Chris Dennis

Relevant professional qualification or body: Pg Cert CIPFA Charity Finance and Accounting Address: 15 Liskey Hill, Perranporth, Cornwall TR6 0ET

Constantine Enterprises Company

September 2020

Page 6

Trustees Annual Report and Financial Statements

Constantine Enterprises Company

Statement of Financial Activities

For the year ended 30th September 2020

Notes
INCOME
Donations and Legacies
Investment income
Gift Aid from TOC
Interest
Total Investment Income
Income from charitable activities
Museum Collection
Tolmen Centre
Bosahan Woods
Other
Total from charitable activities
TOTAL INCOME
Expenditure:
Costs of raising funds
Cost of charitable activities
3
Museum Collection
Tolmen Centre
Transition
Bosahan Woods
Other
Total cost of charitable activities
Total Expenditure:
Net Income/(Expenditure)
Fund Balances brought forward
Fund Balances carried forward		 Unrestricted
Restricted
Total
Funds
Funds
2020
£
£
£
-
2,786
2,786
6,437
-
6,437
57
-
57
6,494
-
6,494
22
-
22
1,200
37,100
38,300
-
8,509
8,509
110
-
110
1,332
45,609
46,941
7,826
48,395
56,221
-
-
-
663
-
663
2,660
24,391
27,051
-
-
-
-
6,620
6,620
1,066
-
1,066
4,389
31,011
35,400
4,389
31,011
35,400
3,437
17,384
20,821
31,448
125,682
157,130
34,885
143,066
177,951		 Total
2019
£
1,278
6,016
20
6,036
157
11,200
26,693
374
38,424
45,738
-
1,115
16,875
3,740
6,893
1,389
30,012
30,012
15,726
141,404
157,130

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 7

Constantine Enterprises Company

Balance Sheet

At 30th September 2020

Notes
FIXED ASSETS
Tangible assets
7
Investments
8
Total Fixed Assets
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
Total Current Assets
CURRENT LIABILITIES
Creditors: amounts due within 1 year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
11
Unrestricted funds
Restricted funds		 Unrestricted
Restricted
funds
funds
1,375
74,279
1
-
1,376
74,279
6,921
-
101,884
1,889
108,805
1,889
(8,398)
-
100,407
1,889
101,783
76,168		 2020
Total
£
75,654
1
75,655
6,921
103,773
110,694
(8,398)
102,296
177,951
34,885
143,066
177,951		 2019
Total
£
89,062
1
89,063
6,196
62,321
68,517
(450)
68,067
157,130
31,448
125,682
157,130

Bosahan Woods

These woods were gifted to the charity by an anonymous benefactor and their purchase conducted by the purchasers solicitors. As the woods cannot be sold and the value is not known this asset is not shown in the balance sheet. A fund donated for the maintenance of the woods is shown as a restricted fund.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Small Entities (effective April 2008)

The financial statements were approved by the Board of Trustees on

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 8

Constantine Enterprises Company

Notes to the financial statements

For the year ended 30th September 2020

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Constantine Enterprises Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Exemption from preparing consolidated financial statements

The financial statements contain information about Constantine Enterprises Company as an individual charity and do not contain consolidated financial information as the parent of a group. The charity is exempt under section 248 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property -5% on cost Fixtures & fittings -20% on reducing balance Museum fittings & equipment -33% on cost Plant and machinery -33% on cost

Tangible fixed assets are shown at cost. Only costs above £250 are capitalised

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

The unrestricted fund has arisen through general fundraising, unrestricted donations and surpluses from pursuing the charity's objectives.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The cost of raising and administering such funds are charged against the specific fund.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investments

Fixed asset investments are stated in the financial statements at cost.

Constantine Enterprises Company

September 2020

Page 9

Trustees Annual Report and Financial Statements

2020 2019 - -

2. INCOME

3. TOTAL RESOURCES EXPENDED

Transition
Insurances
Licences
Premises
Miscellaneous
Museum
Accountancy
Depreciation
Bosahan Woods
Total Resources Expended		 Museum
Tolmen
Support
Gov
Woods
Total
2020
2019
£
£
£
£
£
£
-
-
-
-
-
-
642
-
-
-
235
-
235
411
-
180
-
-
180
620
-
13,463
-
-
13,463
7,169
-
-
417
-
417
76
663
-
-
-
663
550
-
-
-
450
450
570
-
13,408
-
-
13,408
13,712
-
-
-
6,620
6,620
804
663
27,051
417
685
6,620
35,436
24,554

4. NET OUTGOING RESOURCES

Net resources are stated after charging:

Net resources are stated after charging:
2020 2019
Accountancy fees £450 £450
Depreciation £13,408 £13,852

5. TRUSTEES REMUNERATION AND BENEFITS

There were no trustees' expenses for the year ended 30 September 2019 nor for the year ended 30 September 2020

6. STAFF COSTS

There were no staff costs for the year ended 30 September 2020 nor for the year ended 30 September 2019

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 10

7. TANGIBLE FIXED ASSETS

COST
At start of year
Additions in year
At end of year
DEPRECIATION
At start of year
Charge for year
At end of year
NET BOOK VALUE
At end of year
At start of year		 Freehold
Fixtures &
Museum
Plant &
Totals
Property
Fittings
Fittings & Machinery
Equipment
£
£
£
£
£
336,437
22,501
23,126
4,382
386,446
-
-
-
-
336,437
22,501
23,126
4,382
386,446
248,750
21,126
23,126
4,382
297,384
13,322
86
-
-
13,408
262,072
21,212
23,126
4,382
310,792
74,365
1,289
-
-
75,654
87,687
1,375
-
-
89,062

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 11

8. FIXED ASSET INVESTMENTS

MARKET VALUE

MARKET VALUE
At 1 October 2019 and 30 September 2020 £1
NET BOOK VALUE
At 30 September 2020 £1
At 30 September 2019 £1
There were no investment assets outside the UK.

The company's investment at the balance sheet date in the share capital of companies consists of the following:

The Tolmen Operating Company Limited

Class of shares
% holding
Ordinary
100
The results for the period ended 30 September 2019 are as follows:
Capital and reserves
£1
Profit before Gift Aid
£6,016
9. DEBTORS
2020
£
Amounts due from subsidiary - gift aid
6,437
VAT Repayments
304
Prepayment of licences
180
6,921
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020
£
Accountancy
450
Grant Money held for TOC
7,948
8,398		 2019
£
6,016
0
180
6,196
2019
£
450
0
450

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 12

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments (1 Share)
Current Assets
Creditors
12. MOVEMENT IN FUNDS
Restricted funds
Extension Fund
Asset
Renovation fund
Asset
Bosahan Woods
Cash
Roof & Building Fund
Cash
Total restricted funds
Unrestricted funds
General funds
Asset
Cash
Designated funds
Museum Collection
Cash
Transition Group
Cash
Total unrestricted funds
TOTAL FUNDS*		 Restricted
Unrestricted
Total
Funds
Funds
Funds
£
£
£
74,279
1,375
75,654
-
1
1
39,884
70,810
110,694
-
(8,398)
(8,398)
114,163
63,788
177,951
At start of year
Incoming
Outgoing
At end of year
Resources
Resources
£
£
£
£
70,000
-
70,000
17,687
-
(13,408)
4,279
37,995
8,509
(6,620)
39,884
-
42,672
(10,983)
31,689
125,682
51,181
(31,011)
145,852
1,375
-
1,375
25,463
5,040
(4,389)
26,114
4,535
-
4,535
75
-
75
31,448
5,040
(4,389)
32,099
157,130
56,221
(35,400)
177,951
*Roof & Building Fund Income 2020
Tanner Trust £8,000
CAF £15,000
Power to Change £4,000
Garfield Weston £10,000
Parish Council £2,000
Donations + Gift Aid £2,186
Community Chest £700
Other - Interest & Sales £786

£42,672

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 13

  1. MOVEMENT IN FUNDS - continued

RESTRICTED FUNDS

Renovation Fund - This fund represents grants, donations and fundraising received specifically to meet expenditure to renovate the Tolmen Centre in Constantine. The grants received for this specific purpose are recognised in full as income when they become receivable. The related property expenditure has been capitalised as a fixed asset. The annual depreciation charge of this property is set against the renovation fund surplus.

Bosahan Woods - This fund was donated for ongoing maintenance of Bosahan Woods.

DESIGNATED FUNDS

Museum Collection - This fund represents the income received during the year net of expenses incurred in relation to the Museum activities undertaken at the Tolmen Centre. The funds have been earmarked by the trustees for future Museum expenditure.

Transition Group - This is a sub-group of Constantine Enterprises Company which investigates 'Green' issues.

12. RELATED PARTY DISCLOSURES

Control

Ultimate control is exercised by the directors as shown on page 1.

Transactions

As at 30 September 2020 the charity was owed £6,437

from its wholly owned subsidiary The Tolmen Operating Company Limited (2019: £6,052)

Constantine Enterprises Company Trustees Annual Report and Financial Statements

September 2020

Page 14