REGISTERED COMPANY NUMBER: 03686322 (England and Wales) REGISTERED CHARITY NUMBER: 1074784
Croston Old School
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2021
Croston Old School
Contents of the Financial Statements for the year ended 31 December 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
Croston Old School
Reference and Administrative Details for the year ended 31 December 2021
| TRUSTEES | Mrs K Almond |
|---|---|
| Mrs DJ Marston | |
| SM Parkinson | |
| MD Greenhalgh | |
| MT Peet | |
| AJ Burridge (resigned 7/5/2022) | |
| MJ Driver | |
| Mrs PA Peet (appointed 20/4/2022) | |
| COMPANY SECRETARY | Mrs K Almond |
| REGISTERED OFFICE | The Old School |
| Church Street | |
| Croston | |
| Leyland | |
| Lancashire | |
| PR26 9HA | |
| REGISTERED COMPANY | 03686322 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1074784 |
| NUMBER | |
| INDEPENDENT EXAMINER | McMillan & Co LLP |
| Chartered Accountants | |
| 28 Eaton Avenue | |
| Matrix Office Park | |
| Buckshaw Village | |
| Chorley | |
| Lancashire | |
| PR7 7NA |
Page 1
Croston Old School (Registered number: 03686322)
Report of the Trustees for the year ended 31 December 2021
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 31 December 2021. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects are to support and develop community provision in the villages of Croston, Bretherton and Ulnes Walton and establish a Community Resource Centre in Croston, Lancashire.
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives.
Volunteers
The support of the many volunteers, who assist in a number of fund raising events, is much appreciated by the trustees.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Pre-school resumed their normal hours in September 2020 and continued throughout 2021. The other rooms remained closed until May 2021 when smaller groups were able to return under strict Covid 19 rules. In August 2021, following government guidance the building began to operate with room occupancy limited to 60%. The booking diary was re-opened and two concerts took place with a much reduced audience capacity. There were no private parties, but bookings were taken for 2022.
The results of operating the Community Resource Centre (the unrestricted fund) show a surplus of £2,385 (2020: deficit of £2,439). The maintenance costs are forecast to continue at a high level in order to keep the building in good order.
Plans continue with Spot On Rural Touring for a programme of arts performances. All of the facilities and events are widely publicised through guides distributed to all local households and other organisations as well as regular press releases.
Croston Village Festivities Group ceased to be a restricted fund in 2021 and continue to plan and promote Christmas fesitvities in the village as CVFG Ltd.
FINANCIAL REVIEW
Principal funding sources
The principal contribution came from the Community Fund (National Lottery Charities Board), without whom the project would not have been possible.
Reserves policy
The reserves policy is to accumulate funds so as to have as many years running costs as possible in reserve to cover cyclical maintenance, which will provide long term security to the users of the Community Resource Centre. The amount invested in tangible fixed assets is not available to be used for revenue expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable company limited by guarantee and not having a share capital and, in accordance with Section 30(2) of the Companies Act 1985, is exempt from the requirement to use the word 'limited' as part of its name. It is governed by a Memorandum and Articles of Association.
The charity was entered in the Central Register of Charities with effect from 22 March 1999 and accepted by the Inland Revenue as a Charity for tax purposes.
Page 2
Croston Old School (Registered number: 03686322)
Report of the Trustees
for the year ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The trustees meet bi-monthly and applications for trustees are periodically sought by advertisement. They are selected based on the candidates' personal skills, knowledge of the local area and the needs of the Community.
Approved by order of the board of trustees on 29 June 2022 and signed on its behalf by:
SM Parkinson - Trustee
Page 3
Independent Examiner's Report to the Trustees of Croston Old School
Independent examiner's report to the trustees of Croston Old School ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.
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 accounts 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 your 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
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 Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts 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.
JFD McMillan FCA McMillan & Co LLP Chartered Accountants
29 June 2022
Page 4
Croston Old School
Statement of Financial Activities
for the year ended 31 December 2021
| 2021 Unrestricted Restricted Total fund funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Charitable activities Community Resource Centre 22,565 - 22,565 Croston Village Festivities Group - - - Croston in Bloom - 1,085 1,085 Other trading activities 3 874 - 874 Investment income 4 - - - Other income 1,500 - 1,500 Total 24,939 1,085 26,024 EXPENDITURE ON Raising funds 5 416 - 416 Charitable activities Community Resource Centre 20,380 10,164 30,544 Croston Village Festivities Group - 7,839 7,839 Croston in Bloom - 662 662 Other 1,758 - 1,758 Total 22,554 18,665 41,219 NET INCOME/(EXPENDITURE) 2,385 (17,580) (15,195) RECONCILIATION OF FUNDS Total funds brought forward 19,154 311,495 330,649 TOTAL FUNDS CARRIED FORWARD 21,539 293,915 315,454 |
2020 Total funds £ 19,443 3,156 - 1,287 15 - 23,901 678 31,030 1,856 491 1,640 35,695 (11,794) 342,443 330,649 |
|---|---|
The notes form part of these financial statements
Page 5
Croston Old School (Registered number: 03686322)
Balance Sheet
31 December 2021
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Tangible assets 10 690 292,215 CURRENT ASSETS Stocks 11 871 - Debtors 12 5,214 - Cash at bank 16,641 1,700 22,726 1,700 CREDITORS Amounts falling due within one year 13 (1,877) - NET CURRENT ASSETS 20,849 1,700 TOTAL ASSETS LESS CURRENT LIABILITIES 21,539 293,915 NET ASSETS 21,539 293,915 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 Total funds £ 292,905 871 5,214 18,341 24,426 (1,877) 22,549 315,454 315,454 21,539 293,915 315,454 |
2020 Total funds £ 303,093 895 3,534 24,526 28,955 (1,399) 27,556 330,649 330,649 19,154 311,495 330,649 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
Croston Old School (Registered number: 03686322)
Balance Sheet - continued
31 December 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 June 2022 and were signed on its behalf by:
SM Parkinson - Trustee
The notes form part of these financial statements
Page 7
Croston Old School
Notes to the Financial Statements
for the year ended 31 December 2021
1. GENERAL INFORMATION
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is The Old School, Church Street, Croston, Leyland, PR26 9HA.
There are no material uncertanties about the charity's ability to continue.
The presentational currency of the financial statements is the Pound Sterling (£).
The amounts in the financial statements have been rounded to the nearest £1.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals 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.
Government grants
CJRS and small business local authority grants are accounted for under the accruals model. Where the grant is classed as revenue, it is recognised in income on a systematic basis over the periods in which the company recognises the related costs.
Tangible fixed assets
Tangible fixed assets costing more than £250 are capitalised and included at cost including any incidental expenses of acquisition.
Depreciation is provided, on all tangible fixed assets, at rates calculated to write off the cost, on a straight line basis, over their expected useful economic lives as follows:
| Short leasehold improvements | - over period of 50 year lease |
|---|---|
| Fixtures and fittings | - over 5 or 10 years |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Page 8
continued...
Croston Old School
Notes to the Financial Statements - continued
for the year ended 31 December 2021
2. ACCOUNTING POLICIES - continued
Fund accounting
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.
3. OTHER TRADING ACTIVITIES
| Bar sales Other income INVESTMENT INCOME Bank interest |
2021 £ 420 454 874 2021 £ - |
2020 £ 761 526 1,287 2020 £ 15 |
|---|---|---|
4. INVESTMENT INCOME
5. RAISING FUNDS
Other trading activities
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Purchases | 578 | 3,603 |
| Fundraising events | - | 344 |
| Advertising | 100 | 220 |
| 678 | 4,167 | |
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Croston Old School
Notes to the Financial Statements - continued
for the year ended 31 December 2021
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Independent examination | 936 | 936 |
| Payroll fees | 822 | 704 |
| Depreciation - owned assets | 10,188 | 10,188 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
8. STAFF COSTS
| 2021 £ Wages 6,895 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Charitable activities Community Resource Centre 19,443 - Croston Village Festivities Group - 3,156 Other trading activities 1,287 - Investment income 15 - Total 20,745 3,156 EXPENDITURE ON Raising funds 678 - Charitable activities Community Resource Centre 20,866 10,164 Croston Village Festivities Group - 1,856 Croston in Bloom - 491 Other 1,640 - Total 23,184 12,511 NET INCOME/(EXPENDITURE) (2,439) (9,355) |
2021 | 2020 | |
|---|---|---|---|
| £ | £ | ||
| 6,895 | 7,517 | ||
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Croston Old School
Notes to the Financial Statements - continued
for the year ended 31 December 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 21,593 320,850 TOTAL FUNDS CARRIED FORWARD 19,154 311,495 10. TANGIBLE FIXED ASSETS Fixtures Short and leasehold fittings £ £ COST At 1 January 2021 and 31 December 2021 503,593 12,631 DEPRECIATION At 1 January 2021 200,500 12,631 Charge for year 10,188 - At 31 December 2021 210,688 12,631 NET BOOK VALUE At 31 December 2021 292,905 - At 31 December 2020 303,093 - 11. STOCKS 2021 £ Stocks 871 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Room hire 1,057 Prepayments and accrued income 4,157 5,214 |
Total funds £ 342,443 330,649 Totals £ 516,224 213,131 10,188 223,319 292,905 303,093 2020 £ 895 2020 £ - 3,534 3,534 |
Total funds £ 342,443 |
|---|---|---|
| 330,649 | ||
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Croston Old School
Notes to the Financial Statements - continued
for the year ended 31 December 2021
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Accruals and deferred income | 1,877 | 1,399 | |||
| 14. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At | 1/1/21 | in funds | 31/12/21 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 19,154 | 2,385 | 21,539 | ||
| Restricted funds | |||||
| Community Resource Centre | 302,379 | (10,164) | 292,215 | ||
| Croston Village Festivities Group | 7,839 | (7,839) | - | ||
| Carvers | 551 | - | 551 | ||
| Croston in Bloom | 726 | 423 | 1,149 | ||
| 311,495 | (17,580) | 293,915 | |||
| TOTAL FUNDS | 330,649 | (15,195) | 315,454 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 24,939 | (22,554) | 2,385 | ||
| Restricted funds | |||||
| Community Resource Centre | - | (10,164) | (10,164) | ||
| Croston Village Festivities Group | - | (7,839) | (7,839) | ||
| Croston in Bloom | 1,085 | (662) | 423 | ||
| 1,085 | (18,665) | (17,580) | |||
| TOTAL FUNDS | 26,024 | (41,219) | (15,195) |
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Croston Old School
Notes to the Financial Statements - continued for the year ended 31 December 2021
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Community Resource Centre Croston Village Festivities Group Carvers Croston in Bloom TOTAL FUNDS |
Net movement At 1/1/20 in funds £ £ 21,593 (2,439) 312,543 (10,164) 6,539 1,300 551 - 1,217 (491) 320,850 (9,355) 342,443 (11,794) |
At 31/12/20 £ 19,154 302,379 7,839 551 726 |
|---|---|---|
| 311,495 | ||
| 330,649 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,745 | (23,184) | (2,439) |
| Restricted funds | |||
| Community Resource Centre | - | (10,164) | (10,164) |
| Croston Village Festivities Group | 3,156 | (1,856) | 1,300 |
| Croston in Bloom | - | (491) | (491) |
| 3,156 | (12,511) | (9,355) | |
| TOTAL FUNDS | 23,901 | (35,695) | (11,794) |
The purpose of the restricted funds is as follows:
Community Resource Centre - The fund is for the refurbishment of Croston Old School and largely relates to grants from the Community Fund (National Lottery Charities Board) towards the capital costs. The fund will be reduced by the related depreciation charge over the period of the 50 year lease.
Croston Village Festivities Group - The fund is to facilitate and promote Christmas Festivities in Croston Village.
Carvers - The fund is for the development of stone carving, including milestones and waymarkers.
Croston in Bloom - The purpose of the fund is to encourage and assist the people of Croston to increase their civic pride by working within the remit of the Royal Horticultural Society's Northwest in Bloom campaign.
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Croston Old School
Notes to the Financial Statements - continued for the year ended 31 December 2021
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021 or for the year ended 31 December 2020.
Page 14