_**SEAHOUSES DEVELOPMENT TRUST**_
**(A company limited by guarantee and not having a share capital)**
**CHARITY NUMBER 1075610**
**COMPANY NUMBER 3265921 (England and Wales)**
TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 March 2023
_**SEAHOUSES DEVELOPMENT TRUST**_
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|Name of Charity|Seahouses Development Trust|
|---|---|
|Incorporation|The organisation was incorporated as The North Sunderland|
||and Seahouses Development Trust on 18 October 1996 and|
||registered as a charity on 20 May 1999. Governing documents|
||were amended by special resolutions on 15 April 1998, 6 April|
||1999 and 19 October 2009 and the name changed to|
||Seahouses Development Trust on 21 November 2009.|
|Registered Charity No|1075610|
|Registered Company No|3265921|
|Directors / Trustees|G Scott|
||A K G Wardropper|
||S Smith|
||S Hillian|
||C Brunt|
||M Jordan|
||G Renner-Thompson|
||Rev A Macpherson|
||M Archer (appointed 1stFebruary 2023)|
||E Angus (appointed 1stFebruary 2023)|
|Hon Treasurer|C Brunt|
|Secretary|S Hillian|
|Registered Office|Seahouses Hub|
||Stone Close|
||Seahouses|
||Northumberland NE68 7YL|
|Independent Examiner|Richard Alsept ACA|
||72 Kings Field, Seahouses, Northumberland NE68 7PA|
|Bankers|Unity Trust Bank|
||Nine Brindley Place|
||Birmingham B1 2HB|
## _**SEAHOUSES DEVELOPMENT TRUST**_
|**CONTENTS**||
|---|---|
||**Page**|
|Trustees Report|4 - 9|
|Independent Examiners Report|10|
|Statement of Financial Activities|11|
|Balance Sheet|12|
|Notes to the Financial Statements|13 – 21|
_**SEAHOUSES DEVELOPMENT TRUST**_
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023**
## **Introduction**
The Trustees present their report and the financial statements for the year ended 31 March 2023.
We have prepared the annual report and financial statements in accordance with the accounting policies set out in note 1 and in compliance with the charity’s governing document, the Companies Act 2006, and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” issued in January 2019.
This report covers the financial year ended 31 March 2023.
Over the past year the Covid-19 pandemic continued to have an impact on the services and activities the trust provided, it has taken much longer than expected for some of the more vulnerable in our community to have the confidence to join in community events. Our community cinema has been the most affected with fewer people attending and more watching films in their own homes. Thankfully audience numbers are slowly getting back to pre-pandemic numbers.
Financially, our trading subsidiary has continued to make a contribution to the Trust.
The Trust is in a better financial position than in the immediately preceding financial years.
## **Governance, Structure and Management**
The Trust is a company limited by guarantee and is governed by a memorandum and articles of association.
The charity exists for the benefit of the inhabitants of Seahouses and surrounding areas.
## **Appointment of Trustees**
Ten members can be appointed by nominating organisations although at the date of this report only two has chosen to do so. Up to five further members are elected from the community. Trustees can be co-opted during the year to fill vacancies but must then be reelected at the next Annual General Meeting.
As suggested above, over the last few years a number of the nominating organisations have chosen not to appoint a trustee, and this restricts the flexibility to get new trustees. We have therefore changed our constitution at an AGM to restrict the nominating organisations to those who have a direct interest and to have a greater number of elected trustees.
Page 4
## _**SEAHOUSES DEVELOPMENT TRUST**_
## **Directors and Trustees**
The trustees, who are also the directors for the purposes of company law, who served during the year and/or up to the date of approval of these accounts are:
G Scott (Elected)
G Renner-Thompson, nominated by Northumberland County Council A K G Wardropper (Elected)
S Smith, (Elected) S Hillian, nominated by North Sunderland Parish Council C Brunt (Vice Chair) (Elected) M Jordan (Elected) Rev A Macpherson (Elected) M Archer (Elected), appointed 1[st] February 2023 E Angus (Elected), appointed 1[st] February 2023
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of any winding up.
## **Trustees Induction**
In October 2005, a trustees’ code of conduct was adopted. The code was introduced at the request of trustees to reflect the increased levels of accountability elsewhere in public life. The code brings awareness to all trustees about their responsibilities as directors of the company and what duties they have to fellow trustees. The code also aims to protect trustees in their duties on the management committee.
A welcome pack has also been prepared, including information from the Charity Commission and the National Council of Voluntary Organisations. This is distributed to all new trustees along with a copy of the memorandum and articles of association along with the latest financial statements and meeting minutes.
## **Trading subsidiary**
The charity has one trading subsidiary which was established to generate profits to support for the charity through the provision of services to the community.
The subsidiary Seahouses Luxury Linen Hire was established and incorporated in 2018. This service acts as an agency for a large linen supply company based in Newcastle. The purpose is to provide local hotels, B&Bs and holiday lets with high quality serviced linen.
The trustees of the charity appoint the directors of the subsidiary company.
The Trust has not prepared consolidated accounts as the gross income of the group in the accounting period is less than the audit threshold under the Charities Act 2011.
Page 5
## _**SEAHOUSES DEVELOPMENT TRUST**_
## **Risk Management**
The trustees are aware of the need to assess the major financial risks to the organisation and have identified the current levels of unrestricted reserves as a potential risk. At 31 March 2023 the unrestricted reserves were approximately £47,000 (31[st] March 2022 £36,000). Whilst the level of unrestricted reserves has grown in recent years, the building of core reserves remains a priority. The charity’s reserves policy is to manage its affairs to maintain unrestricted reserves above a level of three months expenditure. This policy objective is currently being met.
During the period, the trustees reviewed the trading environment of its subsidiary.
Seahouses Luxury Linen Hire (SLLH) caters for the linen and laundry needs of the local holiday businesses. SLLH acts as an agent for an established linen hire service and is considered a low-risk commercial venture suitable to the risk profile of the trust.
## **Objectives and Activities**
The Trust’s objects were to strengthen the community through serving individual needs and improving conditions in the local area. Five strategic areas have been identified:
- To develop a diverse, robust economy
- To foster partnerships, links and networks that create a strategic approach to the development of Seahouses and its surrounding communities.
- To promote and sustain the area’s natural environmental assets and maintain and enhance the character and identities of its villages.
- To develop a healthy, active, diverse and connected community.
- And to work towards the sustainability of the Trust by establishing social enterprise projects.
## **Performance Review for the year to 31 March 2023 The Trust**
The Trust continues to deliver a wide range of face-to-face community benefits including running a community cinema showing a wide variety of latest release films, and encouraged those who enjoy the cinema to join the film club.
In partnership with Northumberland County Council the trust delivered a book lending and delivery service, and a free computer and internet access at the Hub for anyone who needed it. Staff were able to offer basic IT help for those people who are less confident with computers.
The Trust also ran the very successful Seahouses Youth Project which on average catered for over 26 young people per week. The youth project offered a weekly youth club for the eight- to thirteen-year-olds and a Young Adventurers project for thirteen- to eighteen-year-olds interested in outdoor activities.
We ran a keep fit group, craft group and social group, supported and liaised with local groups using the hub including the Outdoor Bowling Club, Book Club, Proggy Mat Group, the Christmas Lights group, Computer Club & Bell View who hold weekly coffee mornings and monthly Fish & Chip lunches.
Page 6
## _**SEAHOUSES DEVELOPMENT TRUST**_
We supported and managed 35 volunteers, produced the successful bi-monthly Newsletter which is distributed to 1,800 households, and hosted a community website.
The Trust received grants from the Lord Crewe’s Charity and Children In Need to support the Youth Project. Both charities provided a multi-year funding commitment which will secure the Youth Project and give time to find additional funding. The Trust received grants from the Ballinger Trust, the Community Foundation, the Knott Trust and the Co-op Community Fund
## **Seahouses Luxury Linen Hire**
The results for the subsidiary are reported in note 4 to the accounts.
The linen hire service continues to grow and produce an income for the trust.
## **Financial Status**
The Trustees believe that our core costs are manageable, and these were met from the activities at the Community Centre, including the Cinema, profits of the trading subsidiary, and specific core cost grants. We believe that the financial position is stable and can support applications for new funding.
The charity continues to build its core (unrestricted) reserves, and at 31[st] March 2023 these stood at £47,330 (2022: £35,824). This represents approximately six months’ core costs.
The trustees therefore believe that the charity has sufficient resources to continue operating for the foreseeable future and to meet its liabilities. The going concern basis has therefore been adopted in preparing the financial accounts, in accordance with the Statement of Trustees Responsibilities below.
## **Trustees’ Responsibilities**
Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charity and of its financial activities for that year, together with its assets and liabilities at the end of the period, and adequately distinguish any material special trust or other restricted fund of the charity. In preparing those financial statements the trustees are required to:
- select suitable accounting policies and apply them consistently;
-
- make judgements and estimates that are reasonable and prudent;
- state whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Page 7
## _**SEAHOUSES DEVELOPMENT TRUST**_
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time, the financial position of the charity, and enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under the Charities Act 2011.
The trustees 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.
So far as the trustees are aware, there is no relevant information needed by the company’s independent examiner, in connection with preparing his report, of which the company’s examiner is unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company’s examiner is aware of that information.
## **Objectives and future work**
The trust seeks to provide a local community organisation with the capacity to create and take opportunities, develop, and manage projects, deliver services, and to create sustainable income streams to support these aims, for the social and economic benefit of the area and its inhabitants.
It will seek to be a focal point for identifying local needs, and then deciding which of these needs it can meet itself. It will also work with other partners, networks and organisations to address needs it cannot meet on its own.
In doing this it will seek:
- To develop projects which lead to a better environment for young people, combat exclusion and isolation among older people and other vulnerable groups.
- To support and enhance the local economy by promoting the area, creating sustainable income generating employment.
- To benefit residents and the area generally, and to attract visitors for the economic benefit of the area.
It currently focuses on five projects, and also on continuing to improve its governance and finances:
- A Youth project supporting events and activities for young people and teenagers in the community.
- A cinema and entertainment project based at the Hub.
- An information and office services facility for the community which incorporates a limited library service run in collaboration with Northumberland County Council.
Page 8
## _**SEAHOUSES DEVELOPMENT TRUST**_
- Developing a new website and continuing to improve the village newsletter to provide a better service for the community while increasing advertising income.
- Refurbish the community tennis courts. The trust is currently resolving legal issues with regard to the land which the tennis courts are situated on. Fundraising for this big project has already started thanks to the Lord Crewe Charity. This is a priority for next year when we hope to raise the remainder of the money to be able to build a multi-use games area, which will enhance the local area, provide sports facilities for local people and visitors. It will also provide an income stream to enable the trust to maintain the facility, and any surplus income will be used by the trust to continue to provide services and activities to our local community.
This report was approved by the Trustees on 21[st] September 2023
And signed on its behalf by
**G Scott C Brunt**
**Trustee Trustee**
Page 9
_**SEAHOUSES DEVELOPMENT TRUST**_
## **INDEPENDENT EXAMINER’S REPORT ON THE UNAUDITED FINANCIAL STATEMENTS TO THE TRUSTEES OF SEAHOUSES DEVELOPMENT TRUST.**
I report to the Charity Trustees on my examination of the accounts of The Trust for the year ended 31 March 2023, which are set out on pages 11 to 21.
## **Respective responsibilities and basis of report**
The trustees are responsible for the preparation of the accounts.
Having satisfied myself that the accounts of the charity are not required to be audited, 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 my examination giving me cause to believe:
- (1) accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the accounting requirements of section 130 of the 2011 Act other than the requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an Independent Examination; and
- (4) 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 (FRS102)).
I have no concerns and have come across no 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.
………………………………………
DATE 21[st] September 2023
_**Richard Alsept ACA 72 Kings Field, Seahouses NE68 7PA**_
Page 10
_**SEAHOUSES DEVELOPMENT TRUST**_
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 (including the Income and Expenditure Account)**
|**Notes**
**INCOME**
Income from:
Donations and fundraising
2
Charitable activities - Grants 2
Charitable activities
Rental income
3
Total charitable income
**EXPENDITURE**
Charitable activities
6
Charitable activities - Operation
of the Trust
Exceptional costs
Depreciation
Governance
Total charitable expenditure
Net income / (expenditure)
Transfers
Net movement in funds for the
year
Fund balances brought forward
Fund balances carried forward|**Unrestricted**
**£**
4,072
39,206
31,347
13,512
88,137
88,137
74,677
-
1,554
400
76,631
11,506
-
11,506
35,824
47,330|**Designated**
**£**
-
-
6,098
-
6,098
6,098
11,814
-
-
-
11,814
(5,716)
-
(5,716)
13,807
8,091|**Restricted**
**£**
620
50,421
-
-
51,041
51,041
53,492
-
-
-
53,492
(2,451)
-
(2,451)
49,933
47,482|**TOTAL**
**TOTAL**
**2023**
**2022**
**£**
**£**
4,692
18,198
89,627
89,219
37,445
18,099
13,512
9,407|
|---|---|---|---|---|
|||||145,276
134,923|
|||||145,276
134,923|
|||||139,983
104,252
- 11,923
1,554
2,071
400
400|
|||||141,937
106,723|
|||||3,339
28,200
-
-
3,339
28,200
99,564
71,364|
|||||102,903
99,564|
The statement of financial activities includes all gains and losses in the year.
All income and expenditure derive from continuing activities.
Page 11
_**SEAHOUSES DEVELOPMENT TRUST**_
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**Notes**
**Fixed Assets**
Tangible assets
9
**Current Assets**
Debtors
10
Cash at bank and in hand
**Creditors: Amounts falling due**
**within one year**
Creditors
11
**Net Current Assets**
**Total Assets Less Current**
**Liabilities**
**Creditors: Amounts falling due**
**after more than one year**
12
**Net Assets**
**Funds**
Unrestricted Funds
Designated Funds
14
Restricted Funds
13|**2023**
**£**
4,072
101,064|**£**
4,660
4,660
98,243
98,243
-
**102,903**
47,330
8,091
47,482
**102,903**|**2022**
**£**
6,498
89,958|
**£**
6,214|
|---|---|---|---|---|
|||||6,214
93,350|
||105,136
6,893||96,456
3,106||
||||||
|||||99,564
-|
|||||**99,564**|
|||||35,824
13,807
49,933|
|||||**99,564**|
For the financial period ended 31 March 2023, the company was entitled to exemption from audit under section 477(1) of the Companies Act 2006; and no notice has been deposited under section 476(1) requesting an audit. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the period and of its profit or loss for the financial period in accordance with the requirements of section 394 and which otherwise comply with the Companies Act 2006, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102, Section 1a Small Entities.
Approved by the Board on 21[st] September 2023 and signed on its behalf by:
......................................... …………………………
G Scott, Trustee C Brunt, Trustee
Page 12
_**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **1. Accounting Policies 1.1. General information, Accounting basis and standards**
The company is a private company, limited by guarantee, incorporated in England. The company constitutes a public benefit entity as defined by FRS 102
The address of the registered office is: Seahouses Hub Stone Close Seahouses Northumberland NE68 7YL
These financial statements were authorised for issue by the Board on 21[st] September 2023.
The financial statements are prepared under the historical cost convention and in accordance with the provisions of Financial Reporting Standard 102, Section 1a Small Entities, and the Charity Statement of Recommended Practice, (Charities SORP (FRS 102) 2019), as well as the Charities Act 2011.
The financial statements have been prepared on a going concern basis. The directors consider that the going concern basis is still appropriate, supported by the reasons set out in the Trustees Report, and the review of events after the year end, also as described in the Trustees Report.
## **1.2. Income**
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
All incoming resources are included when the trust is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **1.3 Expenditure**
Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered because the charity is not registered for VAT.
Charitable expenditure includes those costs incurred by the charity in the delivery of its activities and services for beneficiaries.
Governance costs include costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees.
Page 13
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a specific activity are allocated directly, others appropriately.
## **1.4 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Fixed assets are capitalised, at cost where the purchase price exceeds £200.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land & buildings nil Plant and machinery 25% reducing balance Fixtures and fittings 25% reducing balance Cinema equipment 25% reducing balance
## **1.5 Accumulated Funds**
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects of the Company and represent the unrestricted balance of funds generated from previous years trading.
Designated funds are unrestricted funds earmarked by the trustees for specific purposes.
Restricted funds are to be used for specific purposes as laid down by the donors and the expenditure which meets these criteria is charged to the relevant fund. Further explanation of the nature and purpose of each fund is provided in note 13 to the accounts.
## **2. Income: Grants and donations**
|Grantsanddonations:
NCC
Sir James Knott Trust
Heritage Lottery
Community Foundation
Ballinger Charitable Trust
Lord Crewe’s Charity
Children in Need
Cinema
grants/donations
Donations from
subsidiaries
Hadrian Trust
Job Retention Scheme
Other small grants &
donations etc.|**Unrestricted**
**funds**
**£**
-
-
-
17,500
20,000
-
-
-
4,072
1,000
-
706
43,278|**Designated**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-|**Restricted**
**funds**
**£**
2,000
-
-
-
10,000
26,000
10,500
620
-
-
-
1,921
51,041|
|---|---|---|---|
Page 14
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **3. Rental and other income**
|**. Rental and other income**|||
|---|---|---|
|Rental income - Hub
Other charitable activities
Insurance claim
Interest receivable|**2023**
**£**
13,512
30,685
6,350
410
50,957|**2022**
**£**
9,407
18,085
-
14|
|||27,506|
## **4. Commercial trading operations and investment in trading subsidiary**
The wholly owned subsidiary, Seahouses Luxury Linen Hire, which is incorporated in the United Kingdom pays its taxable profits to the charity by gift aid. The charity is the sole member and liability is limited to £1. A summary of the trading results of Seahouses Luxury Linen Hire Limited is shown below:
|**Summary profit and loss account**
Turnover
Cost of sales
Gross profit
Donation to SDT
Administration expenses
Profit for the year|**2023**
**£**
39,380
34,736|
|---|---|
||4,644
4,072
572|
||-|
## **5. Commercial trading operations and investment in trading subsidiaries**
A summary of income received by each company in the group is shown below. Group turnover was below the audit threshold set by the Charity Commission.
|Luxury Linen Hire
Development Trust|**Turnover**
**£**
39,380
145,276|
|---|---|
||184,656|
Page 15
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **6. Total expenditure**
|Charitable activities:
Operation and development of
the trust
Governance costs|**Staff**
**costs**
**£**
71,811
-
71,811|**Depreciation**
**£**
1,554
-
1,554|**Other**
**costs**
**£**
68,172
400
68,572|**Total**
**2023**
**£**
141,537
400|
|---|---|---|---|---|
|||||141,937|
Governance costs includes payments to the independent examiner of £400 (2022 - £400) for independent examination fees.
Page 16
_**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **7. Employees**
## **Number of employees**
The average monthly number of employees (full-time equivalents) during the year was:
|Trust management
Youth project
Hub / Resource centre
Trading subsidiaries
**Employment costs**
Wages and salaries
Employer NI & pension
costs|**2023**
**Number**
1
1
2
-
4
**£**
70,193
1,618
71,811|**2022**
**Number**
1
1
2
-|
|---|---|---|
|||4|
|||**£**
65,681
1,750|
|||67,431|
There were no employees whose annual emoluments exceeded £60,000
## **8. Trustees**
None of the trustees (or any person connected with them) received any remuneration or benefits from the charity during the year.
The charity’s regulations do not permit the payment of remuneration to trustees.
Page 17
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **9. Tangible fixed assets**
|**Cost**
At 1 April 2022
Disposals
Additions
**At 31 March 2023**
**Depreciation**
At 1 April 2022
Disposals
Charge for the year
**At 31 March 2023**
**Net book values**
At 31 March 2023
At 31 March 2022|**Land &**
**buildings**
**£**
938,683
-
-
938,683
938,683
-
-
938,683
-
-|**Portacabin**
**£**
20,265
-
-
20,265
19,995
-
68
20,063
202
270|**Plant &**
**Machinery**
**including**
**Cinema**
**£**
103,896
-
-
103,896
99,030
-
1,216
100,246
3,650
4,866|**Fixtures**
**Fittings &**
**Equipment**
**£**
41,544
-
-
41,544
40,466
-
270
40,736
808
1,078|**TOTAL**
**£**
1,104,388
-
-|
|---|---|---|---|---|---|
||||||1,104,388|
||||||1,098,174
-
1,554|
||||||1,099,728|
||||||4,660|
||||||6,214|
The Charity operates from its freehold property at the Seahouses Hub, Seahouses. The Charity holds the freehold of the land. However, a restrictive covenant is in place in favour of North Sunderland Parish Council governing use of the land and stating that in the event of sale of transfer, the property is to be offered back to the Council for the nominal price of 5p. On this basis, Messrs Smith Gore have valued the property in December 2014 at 5p. The Trustees have adopted this valuation in these accounts.
Page 18
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **10. Debtors**
|Trade debtors /
grants receivable
Amounts owed by trading subsidiaries|**2023**
**£**
-
4,072
4,072|**2022**
**£**
659
5,839
6,498|
|---|---|---|
The amounts stated above include balances owed by related companies (see note 16).
## **11. Creditors: amounts falling due within one year**
|Trade creditors
Taxes and social security costs
Accruals|**2023**
**£**
5,271
1,222
400
6,893|**2022**
**£**
1,566
1,140
400|
|---|---|---|
|||3,106|
## **12. Creditors: amounts falling due after more than one year**
The charity has no long-term creditors.
Page 19
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **13. Restricted Funds**
|**Revenue Funds**
Lord Crewe - website
Duke of
Northumberland
Ballinger Charitable
Trust (Core)
Lord Crewe’s Charity
(Youth Project)
Children in Need
(Youth Project)
Sir James Knott Trust
Youth Project others
Cinema Project
donations and grants
Lord Crewe - Courts
Community Fund -
Reaching Communities
NCC Thriving Together
Young Adventurers|**Balance**
**at 1 April**
**2022**
**£**
**-**
**2,112**
**7,500**
**1,500**
**11,545**
**12,500**
**500**
**6,976**
**-**
**-**
**-**
**7,300**
**49,933**|**Incoming**
**resources**
**£**
5,000
-
-
6,000
10,500
-
155
620
15,000
10,000
2,000
1,766
51,041|**Resources**
**expended**
**£**
5,000
2,112
7,500
6,000
9,622
4,988
655
7,596
-
3,489
2,000
4,530
53,492|**Transfers/**
**Write off**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-|**Balance at**
**31 March**
**2023**
**£**
**-**
**-**
**-**
**1,500**
**12,423**
**7,512**
**-**
**-**
**15,000**
**6,511**
**-**
**4,536**|
|---|---|---|---|---|---|
||||||**47,482**|
## **14. Designated Funds**
|First responders
Youth project
Newsletter
Walking to health|**Balance at**
**1 April**
**2022**
**£**
**477**
**12,154**
**1,076**
**100**
**13,807**|**Incoming**
**resources**
**£**
-
908
5,190
-
6,098|**Resources**
**expended**
**£**
-
8,748
2,966
100
11,814|**Transfers**
**£**
-
-
-
-
-|**Balance at**
**31 March**
**2023**
**£**
**477**
**4,314**
**3,300**
**-**|
|---|---|---|---|---|---|
||||||**8,091**|
Page 20
## _**SEAHOUSES DEVELOPMENT TRUST**_
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
## **15. Analysis of net assets between funds**
Fund balances at 31[st] March 2023 are represented by:
|Fixed assets
Current assets|**Unrestricted**
**funds**
**£**
4,458
42,872
**47,330**|**Designated**
**funds**
**£**
202
7,889
**8,091**|**Restricted**
**funds**
**£**
-
47,482
**47,482**|**Total**
**£**
4,660
98,243|
|---|---|---|---|---|
|||||**102,903**|
## **16. Related parties**
At 31[st] March 2023 the amount of £4,072 was owed to the Trust by Seahouses Luxury Linen Hire Limited (SLLH), representing trading profits for the year ended 31[st] March 2023 to be donated to the charity under Gift Aid. This amount is payable to the charity by 31[st] December 2023. Trustees C Brunt and A Wardropper are directors of the company.
Page 21