Charity registration number 1074033
Company registration number 03335317 (England and Wales)
DENBIGHSHIRE FOYER LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
DENBIGHSHIRE FOYER LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr H Ferdinando Mrs E Frodsham Mr L Delaney Mrs M Owen Mrs J Roberts Charity number 1074033 Company number 03335317 Independent examiner Sage & Company Business Advisors Ltd 102 Bowen Court St Asaph Business Park ST ASAPH Denbighshire LL17 0JE Bankers Barclays Bank PLC 1 Churchill Place London E14 5HP Solicitors Gamlins Solicitors Rhyl 33-37 Russell Road Rhyl LL18 3DB
DENBIGHSHIRE FOYER LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 11 |
DENBIGHSHIRE FOYER LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The charity's objective and its principal activity continues to be that of developing affordable accommodation and access to training and employment to young persons in Denbighshire.
The bulk of the charitable expenditure is normally entrusted to Buttle UK who have the expertise in directing funds to those in desperate need in Denbighshire.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Strategic report
The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.
Achievements and performance
The Statement of Financial Activities shows a surplus of £19,588. 2024 showed a deficit of (£7,289). The next revaluation of the investment property will be in 2028. It is carried on the balance sheet at deemed cost under the rules of FRS102. Cash reserves of approximately £20,000 - £50,000 are held throughout the year, to cover unforeseen expenses on the property, any emergency commitments, or are held pending agreement with appropriate bodies or individuals to support. The present level of funding is adequate to support the expenses incurred regarding the development of the project and the trustees consider the financial position of the charity to be satisfactory.
In distributing funds throughout Denbighshire, the charity trustees have complied with their duty to have due regards to the guidance on public benefit, published by the Charity Commission, in exercising their powers and duties.
Financial review
The trustees will continue to ensure that financial resources are managed wisely in the best interest of the charity and to enable the maintenance and development of the charity's assets in support of the charitable objectives.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Details of movements in fixed assets are set out in the notes to the accounts. The improvements to the freehold investment property are not included on the balance sheet, but written off when the expense is incurred.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee and is, therefore, governed by a Memorandum and Articles of Association.
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DENBIGHSHIRE FOYER LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr H Ferdinando Mrs E Frodsham Mr L Delaney Mrs M Owen Mr W Jones (Retired 4 March 2025) Mrs J Roberts
The trustees are recruited from a known base of individuals wishing to serve as trustees and who have the required skills, attributes and local knowledge. Howard Ferdinando is the administrator who manages the day to day administration of the charity.
Trustees are appointed by the election at the Annual General Meeting. The induction process for any newly appointed trustees includes an induction to the objectives, scope and policies of the charity and a skills analysis to assess their strengths and weaknesses which may require further training.
Statement of trustee's responsibilities
The trustees, who are also the directors of Denbighshire Foyer Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report, including the strategic report, was approved by the Board of Trustees.
Mr H Ferdinando
Trustee
21 May 2025
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DENBIGHSHIRE FOYER LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF DENBIGHSHIRE FOYER LIMITED
I report to the trustees on my examination of the financial statements of Denbighshire Foyer Limited (the charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity (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.
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
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4 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 financial statements 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 financial statements to be reached.
Sage & Company Business Advisors Ltd
102 Bowen Court St Asaph Business Park ST ASAPH Denbighshire LL17 0JE 21 May 2025
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DENBIGHSHIRE FOYER LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 3 | 44,376 | 52,476 |
| Total income | 44,376 | 52,476 | |
| Expenditure on: | |||
| Charitable activities | 4 | 24,788 | 59,765 |
| Total expenditure | 24,788 | 59,765 | |
| Net income/(expenditure) and movement in funds | 19,588 | (7,289) | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2024 | 248,178 | 255,467 | |
| Fund balances at 31 March 2025 | 267,766 | 248,178 |
All income and expenditure derive from continuing activities and are all unrestricted funds.
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DENBIGHSHIRE FOYER LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Investment property 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the charity Unrestricted funds |
2025 £ 2,729 66,298 69,027 (1,261) |
£ 200,000 67,766 267,766 267,766 267,766 |
2024 £ 1,763 47,650 49,413 (1,235) |
£ 200,000 48,178 |
|---|---|---|---|---|
| 248,178 | ||||
| 248,178 | ||||
| 248,178 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 21 May 2025
Mr H Ferdinando
Trustee
Company registration number 03335317 (England and Wales)
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DENBIGHSHIRE FOYER LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
| Notes Cash flows from operating activities Cash absorbed by operations 13 Investing activities Investment income received Net cash generated from investing activities Net cash generated from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2025 £ £ (25,728) 44,376 44,376 - 18,648 47,650 66,298 |
2024 £ £ (60,580) 52,476 52,476 - (8,104) 55,754 47,650 |
|---|---|---|
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DENBIGHSHIRE FOYER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
Charity information
Denbighshire Foyer Limited is a private company limited by guarantee incorporated in England and Wales.The registered office is Sage & Company, 102 Bowen Court, St Asaph Business Park, St Asaph, LL17 0JE
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is included on an accruals basis and is allocated to the relevant fund
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DENBIGHSHIRE FOYER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
[Property rented to a group entity is accounted for as tangible fixed assets.]
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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DENBIGHSHIRE FOYER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 43,633 | 51,998 |
| Interest receivable | 743 | 478 |
| 44,376 | 52,476 |
4 Expenditure on charitable activities
| Year end | Year end | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Direct costs | ||
| Light, heat & power | 7,185 | 13,497 |
| Property repairs & maintenance (net of insurance claims) | 1,234 | 15,446 |
| Premises insurance | 2,011 | 2,198 |
| Legal & professional fees | 3,883 | 6,949 |
| Accolunatcny | 960 | 911 |
| Room hire | 180 | 180 |
| 15,453 | 39,181 | |
| Grant funding of activities (see note 5) | 9,335 | 20,584 |
| 24,788 | 59,765 | |
| Analysis by fund | ||
| Unrestricted funds | 24,788 | 59,765 |
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DENBIGHSHIRE FOYER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
5 Grants payable
| Grants payable | ||
|---|---|---|
| Year end | Year end | |
| 2025 | 2024 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 9,335 | 20,584 |
6 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
8 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
9 Investment property
| Investment property | |
|---|---|
| 2025 | |
| £ | |
| Fair value | |
| At 1 April 2024 and 31 March 2025 | 200,000 |
Investment property comprises of one property on Marsh Road, Rhyl. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Guy Woodcock Chartered Surveyors on 23 December 2022. Guy Woodcock are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties at that time and the trustees believe there to be no material fluctuation in that valuation as at the balance sheet date.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Freehold | 200,000 | 200,000 |
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DENBIGHSHIRE FOYER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 10 | Debtors | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Amounts falling due within one year: | £ | £ | ||
| Prepayments and accrued income | 2,729 | 1,763 | ||
| 11 | Creditors: amounts falling due within one year | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Accruals and deferred income | 1,261 | 1,235 | ||
| 12 | Related party transactions | |||
| There were no disclosable related party transactions during the year (2024 - none). | ||||
| 13 | Cash absorbed by operations | 2025 | 2024 | |
| £ | £ | |||
| Surplus/(deficit) for the year | 19,588 | (7,289) | ||
| Adjustments for: | ||||
| Investment income recognised in statement of financial activities | (44,376) | (52,476) | ||
| Movements in working capital: | ||||
| (Increase)/decrease in debtors | (966) | 274 | ||
| Increase/(decrease) in creditors | 26 | (1,089) | ||
| Cash absorbed by operations | (25,728) | (60,580) | ||
| 14 | Analysis of changes in net funds |
The charity had no material debt during the year.
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