REGISTERED COMPANY NUMBER: 03416760 (England and Wales)
REGISTERED CHARITY NUMBER: 1079008
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2020
for
The Apsley Paper Trail
Lee Accounting Services 2018 Limited
Trading as Lee & Co
Chartered Accountants & Statutory Auditors
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER
The Apsley Paper Trail
Contents of the Financial Statements
for the Year Ended 31 December 2020
|
Page |
Report of the Trustees |
1 to 7 |
Report of the Independent Auditors |
8 to 11 |
Statement of Financial Activities |
12 |
Balance Sheet |
13 to 14 |
Cash Flow Statement |
15 |
Notes to the Financial Statements |
16 to 30 |
Detailed Statement of Financial Activities |
31 to 34 |
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31December2020. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Toeducatethepublicintheartandscienceofpaperbasedcommunicationincludingitshistory, present
andfutureandtoconserveandmaintainbuildings,equipmentanddocumentsconnectedwith paper
production and usage in the United Kingdom particularly in the valley of the River Gade.
Significant activities
-InordertoescapetheburdenofpayingtheexceptionalrentfortheFrogmoresitetothe Dacorum
BoroughCouncil(currently£48kpa)wearestillindiscussionswithDBCregardingthepossibility of
purchasingFrogmore.We knowof no otherheritageorganisationpayingmorethana peppercornrent to
a councillandlord.OwnershipofFrogmorewouldadditionallygivethecharitygreaterfreedomof actions
in future.WehavereceivedfromtheCouncilan assurancein principalthatAPTcouldbuyFrogmore from
the DBC.
-APTwasgrantedmoniesfromtheHeritageEmergencyFund.IthaspaidfortheCOVID-19 compliance
regs, including staff training. It also funded the schools science Outreach Packs.
- APT was alsosuccessfulin winninga grantfromthe NLHF (CultureRecoveryFund for Heritage)which will
supportour costs for the first three monthsof 2021and enable the constructionof a secondsmall heritage
paper machine.
- A newmemberofthepapermakingteamwasengagedtosupportthegrowthin productionandsales of
Frogmore papers.
- Our enthusiasticHeritageFire Brigadeteamhad to stand down due to the Covidrestrictions,but retained
presence in its World Wars memorial hall.
-OurgrowingvolunteermaintenanceteamcoordinatedbyAlanBantoncompletedmany valuable
projects.Theseincludedgardenmaintenanceonourtwosites,recommissioninginsidespacesfor further
milluse,preparinganddecoratingofficespaceinreadinesstoaccommodateadditionaltenants, and
refurbishing the Cottage kitchen.
- Temporary space within the Mill has been rented out to film companies.
-SueWoolnough'spromotionsofFrogmoretoschoolsviasponsored'outreach'sciencepackshas been
well received.
- Gary Fuller's management of our in-house paper business continues to achieve growth year on year.
- At the beginning of the year Peter Burford and volunteers gave off-site talks promoting Apsley Paper Trail.
-APTheldapresentationtohonourPeterBurfordwhoretiredfromhis20yearservicewithAPT. During
this time he acquired many roles including General Manager.
- The Rotary Club's Santa's Sleigh was based at Frogmore in the days before Christmas.
Page 1
The Apsley Paper Trail
for the Year Ended 31 December 2020
Report of the Trustees
OBJECTIVES AND ACTIVITIES Public benefit
Beyondbeing a significantsite froma world-wideand nationalviewpointThe Trust servesthe local region,
particularly these six communities:
Gade Valley residents, workers, learners and visitors
- Schools, especially in and around the Gade Valley
- The British paper industry and allied trades
- Paper based art and craft practitioners
- Descendants of former Gade Valley paper mill workers
- Social and industrial historians
Apsley Paper Trail's charitable activities provide the following benefits:
-Wearecustodiansofaheritagesiteofworldsignificance,preservingandconservingpaper industry
historybykeepingtheworld'soldestmechanisedpapermilloperating,andgivingthepublicaccess to
industrial processes and historical exhibitions. We inform and entertain visitors with the story of paper.
- We maintainand cataloguethe archivefor John DickinsonStationaryLtd, formerlythe majoremployer in
the area; the British Paper Company; and other local paper and print related collections.
-WehouseThePaperTrailHeritageFireBrigade,conservinghistoricpaper-millfireappliances and
equipment,togetherwithadisplaydedicatedtothemenandwomenwhofoughtfiresduringthe World
Wars.
-WeproviderehearsalandstoragespacefortheHemelHempsteadBand(formerlytheJohn Dickinson
factory band).
-Wehavethe'LearningOutsidetheClassroomQualityBadge'anddeliverauniqueschools' education
programme related to heritage paper making to students every year.
- We offer work experience for young adults with severe learning and physical difficulties.
- We providefreetrainingforlong-termunemployedpeople,helpingthembackintowork,freeIT training
to assist them and the digitally excluded, and training to help companies to improve their business.
- We provide free IT drop-in training sessions, mostly used by senior members of the local community.
-Weofferarangeofadultleisureclasses,designedtocoversubjectsnolongerdeliveredbyour local
college, some of them free.
- We specialisein supportingthe sociallyor economicallyexcluded,and our volunteerprogramme provides
additional opportunities for more than 60 volunteers from all walks of life.
-Wehaveanartgallery,andalsoprovidestudioaccommodationforartistsinexchangeforsupport with
our visitor activities.
- Wecontinuetoprovideaccommodationforover20businessesinourenterprisecentre,helping sustain
more than 90 local jobs.
-Wesupportlocalsmallbusinessesbyofferingspace,atminimalcost,forsellingtheirproductsat our
Christmas fair. (cancelled in 2020).
Page 2
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
FINANCIAL REVIEW
Financial Review and Reserves Policy
In2020theCharitycarefullymanageditsresourcesinordertocontinuetosupportitsobjectives and
maintainfinancialviability.Thetrusteeshavepaiddueregardtoguidanceissuedbythe Charity
Commission in deciding what activities they should undertake.
The trustreportsa surplusfor the yearof £40,917(2019:£64,537).Our principlerevenuestreamswere as
follows:
Donations and legacies £26,074 (2019: £78,044)
Investment income £322,942 (2019: £389,606)
Charitable activities £262,372 (2019: £196,591)
Other income £17,268 (2019: £29,068)
Overallthisrepresentsadecreasefrom2019of9.33%.Depreciationandamortisationtotalled £39,761.
Putting depreciation and amortisation to one side an operating surplus of £80,678 was achieved.
Reserves policy
We maintained our reserves policy of £50k credit.
FUTURE PLANS
The Board intends to-
-
Continue to develop our plans for an enhanced visitor experience at Frogmore Paper Mill.
-
Plan for the purchase of the Frogmore site.
-
Get into the mode of making grant applications.
-
Recruit additional trustees with complementary skills.
-
Further develop our relationship with the paper manufacturing industry.
-
Increase the paper production capacity.
-
Further develop the archive to include a substantial focus on the entrepreneur and paper maker John
-
Dickinson and the Company.
Page 3
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheApsleyPaperTrailisacharitablecompanylimitedbyguarantee,governedbyitsMemorandum and
Articles of Association dated 8th August 1997 amended by Special Resolution dated 14th January 2000.
TheCharityoperatesontwositesneareachotherinApsley,Hertfordshire;ApsleyMillsCottage, and
Frogmore Paper Mill.
TheTrustees,togetherwiththeGeneralManagerandseniormanagers,areresponsiblefor strategic
direction of the Charity. Operational decisions are delegated to staff. The Trustees meet at least quarterly.
TrusteesareappointedbytheBoard.NewTrusteesareselectedfortheirappropriateskillsand the
mannerinwhichtheirskillscomplimentthoseofotherBoardmembers.AllTrusteesgivetheir time
voluntarily and received no benefits from the Charity.
VolunteersplayakeyroleinthedeliveryoftheCharity'sobjectives.Theyaremanagedbythe Charity
whichinterviewsallapplicantsandmatchestheirskillsandknowledgetoavailable opportunities.
Volunteersdonatetheirtimeandskillsinawiderangeoftasksincludingcreatingauniquearchive and
artefactcollection,tour-guiding,demonstratinghand-madepapermaking,staffingthevisitor centre,
makingandsellingstationeryproducts,actingastutorsforITandothercourses,maintainingand crewing
ourboat,restoring,maintaininganddemonstratingtheheritagefireequipment,maintenance &
restoration work, painting and decorating, gardening, and office and administration work.
Thanks
In2020theTrusteesreceivedsupportfortheCharityfrommanyquarters.Thelocalauthoritygifted the
Charitya 12monthratereliefontheFrogmoreMillSite,a £25Kbusinessratesgrantandalsoa 6 months
rentdeferment.FromtheNLHF,theCharityreceivedaHeritageEmergencyFund.The Government
Furlough Scheme was extremely helpful, and in addition a number of private donations were received.
ItisnotpossibletooverstatetheeffortandsupportgiventotheCharitybyitsstaff,volunteers and
consultantsincludingitsinterimGeneralManager,PaulBotje,TheBoardofTrusteeshavealsoworked to
steertheCharitythroughthisyear.Andtomentionjusttwo,ElenaLewendonwhohasconstructed the
successfulgrantapplications,andHilaryRobinsonwhohasmanagedthecomplexaccountancyneeding to
navigate through the reporting of furlough values, rates holidays, and grants etc.
Sincere thanks to all... from the Trustees.
Page 4
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
TheTrusteesacceptandtakeseriouslytheirresponsibilityforriskmanagementatApsleyPaperTrail. We
havetakenadvicefromprofessionaladvisersandputinplaceacomprehensiveriskmanagement process
which includes:
-
Identification of risk through risk assessments for all areas and activities.
-
Assessment of levels of risk according to possible impact and the likelihood of occurrence.
-
Establishment of control systems to manage identified risks.
-
Maintenance of a risk register.
-
Regular reviews by senior management.
-
Discuss and include a control system for both sites so they are Covid secure. Ensuring the safety of all
-
staff, tenants and visitors from the spread of the Covid-19 virus. This to include staff training.
Giventhenatureandcomplexityofourproject,particularlytheheritageequipmentand manufacturing
operationwhich is fundamentalto our strategicobjectivesand is open to the public,we take very seriously
ourdutytoprotectstaff,volunteersandvisitors,complyingwithlegalandinsurancerequirements, while
continuing the manufacturing operation.
Controls in place for major risks include:
-
Regular health and safety checks on all machinery, equipment and buildings.
-
Particular attention to minimising risk of the spread of Covid-19.
-
Strict rules on supervision of visitors, with a higher supervisor ratio for young and vulnerable people.
-
Properly guarded machinery with clearly marked routes for visitors.
-
Clearly signed emergency exits, with provision for alerting those with vision or hearing problems, and for assisting those with mobility problems.
-
Provision of safety clothing and equipment where relevant.
-
Appropriate skills specified for Trustees, staff, sub-contractors and volunteers, with training and
-
development as appropriate.
-
Strategic and operational plans agreed at Trustee level and monitored throughout the year.
-
Reserves policy and contingency plan.
-
Spending controls including specified authority levels.
-
Careful management of grant-funded projects to ensure compliance and delivery of all contracted
-
activities on time.
-
Disaster recovery plan including data back-up procedures and precautions.
-
Communications plan including procedure for complaints and adverse publicity.
-
Input from professional advisers including auditors, insurers, health and safety specialists.
-
Embedding risk identification, evaluation and monitoring in working processes, and management
-
procedures.
-
Monthly reviews by senior management.
-
Bi-annual review by the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03416760 (England and Wales)
Registered Charity number
1079008
Page 5
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
Registered office
Apsley Mills Cottage
London Road
Hemel Hempstead
Hertfordshire
HP3 9RL
Trustees
S N P Ody Leisure industry consultant
D A Pullen Retired Co-chair
Mrs E Lewendon Museum curator
H B Clarke Company director
J D Waston Retired Co-chair
Mrs H Robinson Company director
Dr S Mann Company director
Auditors
Lee Accounting Services 2018 Limited
Trading as Lee & Co
Chartered Accountants & Statutory Auditors
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoarealsothedirectorsofTheApsleyPaperTrailforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordance with
applicablelaw and UnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).
Companylaw requiresthe trusteesto preparefinancialstatementsfor each financialyear which give a true
andfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresources and
applicationof resources,includingthe incomeand expenditure,of the charitablecompanyforthat period.
In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewith reasonable
accuracyatanytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensure that
thefinancialstatementscomplywiththeCompaniesAct2006.Theyarealsoresponsiblefor safeguarding
theassetsofthecharitablecompanyandhencefortakingreasonablestepsfortheprevention and
detection of fraud and other irregularities.
Page 6
The Apsley Paper Trail
Report of the Trustees
for the Year Ended 31 December 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
Theauditors,LeeAccountingServices2018Limited,willbeproposedforre-appointmentat the
forthcoming Annual General Meeting.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................
J D Waston - Trustee
Page 7
Report of the Independent Auditors to the Trustees of
The Apsley Paper Trail
Opinion
We haveauditedthe financialstatementsof The ApsleyPaperTrail(the'charitablecompany')forthe year
ended31December2020whichcomprisetheStatementofFinancialActivities,theBalanceSheet, the
CashFlowStatementandnotestothefinancialstatements,includinga summaryofsignificant accounting
policies.The financialreportingframeworkthathas been appliedin theirpreparationis applicablelaw and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.Ourresponsibilitiesunderthosestandardsarefurtherdescribedinthe Auditors'
responsibilitiesfortheauditofthefinancialstatementssectionofourreport.Weareindependentof the
charitablecompanyinaccordancewiththeethicalrequirementsthatarerelevanttoourauditof the
financialstatementsin theUK,includingtheFRC'sEthicalStandard,and we havefulfilledourother ethical
responsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditingthe financialstatements,we have concludedthat the trustees'use of the going concernbasis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed,we have not identifiedany materialuncertaintiesrelatingto events
orconditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitable company's
abilitytocontinueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthe financial
statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribed in
the relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisesthe information
includedintheAnnualReport,otherthanthefinancialstatementsandourReportofthe Independent
Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connectionwith our audit of the financialstatements,our responsibilityis to read the other information
and,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe financial
statementsorourknowledgeobtainedin theauditorotherwiseappearstobe materiallymisstated.If we
identifysuchmaterialinconsistenciesorapparentmaterialmisstatements,wearerequiredto determine
whetherthisgivesrisetoa materialmisstatementin thefinancialstatementsthemselves.If, basedon the
workwe haveperformed,we concludethatthereis a materialmisstatementof this otherinformation, we
are required to report that fact. We have nothing to report in this regard.
Page 8
Report of the Independent Auditors to the Trustees of
The Apsley Paper Trail
Matters on which we are required to report by exception
We havenothingtoreportin respectof thefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
the charitable company has not kept adequate accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealso the
directorsofthecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthe preparation
of thefinancialstatementsand forbeingsatisfiedthattheygivea trueand fairview,and forsuch internal
controlasthetrusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthat are
free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitable company's
abilityto continueas a goingconcern,disclosing,as applicable,mattersrelatedto goingconcernand using
the going concernbasis of accountingunlessthe trusteeseitherintendto liquidatethe charitable company
or to cease operations, or have no realistic alternative but to do so.
Page 9
Report of the Independent Auditors to the Trustees of
The Apsley Paper Trail
Our responsibilities for the audit of the financial statements
We havebeen appointedas auditorsunder Section144of the CharitiesAct 2011and reportin accordance
with the Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherdue to fraudor error,and to issuea Reportof the Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnot a
guaranteethat an audit conductedin accordancewith ISAs (UK) will alwaysdetecta material misstatement
when it exists.Misstatementscan arise fromfraud or errorand are consideredmaterialif, individuallyor in
theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstaken on
the basis of these financial statements.
Irregularities including fraud
Discussionswithandenquiriesofmanagementandthosechargedwithgovernancewereheldwitha view
to identifyingthoselaws and regulationsthatcouldbe expectedto havea materialimpacton the financial
statements.Duringtheengagementteambriefing,theoutcomesofthesediscussionsandenquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
-Thoselawsandregulationsconsideredtohaveadirecteffectonthefinancialstatementinclude UK
financial reporting standards, Charities Regulations, Company Law and Tax.
-Thoselawsandregulationsforwhichnon-compliancemaybefundamentaltotheoperatingaspects of
thebusinessandthereforemayhavematerialeffectonthefinancialstatementsinclude anti-bribery,
health and safety legislation and regulations affecting public relations companies.
Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(which include
fraud and non-compliance with laws and regulations) comprised of:
- Inquiriesof managementand those chargedwith governanceas to whetherthe entitycomplieswith such
laws and regulations.
- Enquiries with the same concerning any actual or potential litigation or claims.
- Inspection of relevant legal correspondence and review of board minutes.
- Testing the appropriateness of journal entries.
-Performanceofanalyticalreviewtoidentifyunexpectedmovementsinaccountbalanceswhichmay be
indicative of fraud, with particular focus on areas affecting the recognition of revenue.
Noinstancesofmaterialnon-compliancewereidentified.However,thelikelihoodof detecting
irregularities,includingfraud,islimitedbytheinherentdifficultyindetectingirregularities, the
effectivenessof the entity'scontrols,and the nature,timing and extentof the audit procedures performed.
Irregularitiesthatresultfromfraudmightbeinherentlymoredifficulttodetectthanirregularities that
resultfromerror.As explainedabove,thereis an unavoidablerisk that materialmisstatementsmay not be
detected, even though the audit has been planned and performed in accordance with ISAs (UK).
Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedon the
FinancialReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescription forms
part of our Report of the Independent Auditors.
Page 10
Report of the Independent Auditors to the Trustees of
The Apsley Paper Trail
Use of our report
This reportis madesolelyto the charitablecompany'strustees,as a body,in accordancewith Part4 of the
Charities(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwe might
statetothecharitablecompany'strusteesthosematterswearerequiredtostatetotheminan auditors'
reportandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptor assume
responsibilitytoanyoneotherthanthecharitablecompanyandthecharitablecompany'strusteesas a
body, for our audit work, for this report, or for the opinions we have formed.
Lee Accounting Services 2018 Limited
Trading as Lee & Co
Chartered Accountants & Statutory Auditors
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER
Date: .............................................
Page 11
The Apsley Paper Trail
Statement of Financial Activities
for the Year Ended 31 December 2020
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
26,074
Charitable activities
4
Visitor centre
11,424
Grants
94,689
Paper trading
154,333
Education and training
-
Investment income
3
322,942
Other income
5
17,268
Total
626,730
EXPENDITURE ON
Raising funds
6
172,737
Charitable activities
7
Visitor centre
96,531
Paper trading
106,962
Education and training
110,536
Other
69,199
Total
555,965
NET INCOME/(EXPENDITURE)
70,765
RECONCILIATION OF FUNDS
Total funds brought forward
1,729,748
TOTAL FUNDS CARRIED FORWARD
1,800,513 |
Restricted
fund
£
-
-
-
-
1,926
-
-
1,926
7,288
7,288
5,831
11,367
-
31,774
(29,848)
1,108,876
1,079,028 |
31.12.20
Total
funds
£
26,074
11,424
94,689
154,333
1,926
322,942
17,268
628,656
180,025
103,819
112,793
121,903
69,199
587,739
40,917
2,838,624
2,879,541 |
31.12.19
Total
funds
£
78,044
61,598
-
127,578
7,415
389,606
29,068 |
|
|
|
693,309
174,217
122,192
109,352
128,446
94,565 |
|
|
|
628,772 |
|
|
|
64,537
2,774,087 |
|
|
|
2,838,624 |
The notes form part of these financial statements
Page 12
The Apsley Paper Trail
Balance Sheet 31 December 2020
Unrestricted
fund
Notes
£
FIXED ASSETS
Intangible assets
14
4,235
Tangible assets
15
1,298,449
Heritage assets
16
532,044
Investment property
17
1,500,000
3,334,728
CURRENT ASSETS
Stocks
18
11,444
Debtors
19
56,644
Cash at bank and in hand
186,566
254,654
CREDITORS
Amounts falling due within one year
20
(314,069)
NET CURRENT ASSETS
(59,415)
TOTAL ASSETS LESS CURRENT LIABILITIES
3,275,313
CREDITORS
Amounts falling due after more than one
year
21
(1,474,800 )
NET ASSETS
1,800,513
FUNDS
25
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Restricted
fund
£
-
1,060,650
-
-
1,060,650
-
-
123,778
123,778
(105,400)
18,378
1,079,028
-
1,079,028 |
31.12.20
Total
funds
£
4,235
2,359,099
532,044
1,500,000
4,395,378
11,444
56,644
310,344
378,432
(419,469)
(41,037)
4,354,341
(1,474,800 )
2,879,541
1,800,513
1,079,028
2,879,541 |
31.12.19
Total
funds
£
4,840
2,350,918
532,044
1,500,000
4,387,802
13,468
61,437
97,374
172,279
(198,633)
(26,354)
4,361,448
(1,522,824 )
2,838,624
1,729,748
1,108,876
2,838,624 |
|
|
|
|
The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 December 2020.
Themembershavenotdepositednotice,pursuanttoSection476of theCompaniesAct2006requiring an
audit of these financial statements.
The notes form part of these financial statements
continued...
Page 13
The Apsley Paper Trail
Balance Sheet - continued 31 December 2020
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.
ThesefinancialstatementshavebeenauditedundertherequirementsofSection145oftheCharities Act
2011.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
J D Waston - Trustee
The notes form part of these financial statements
Page 14
The Apsley Paper Trail
Cash Flow Statement
for the Year Ended 31 December 2020
Notes
Cash flows from operating activities
Cash generated from operations
29
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
30
Cash and cash equivalents at the end
of the reporting period
30 |
31.12.20
£
281,524
(27,961)
253,563
(47,337)
-
55
(47,282)
50,000
(43,335)
6,665
212,946
97,374
310,320 |
31.12.19
£
120,299
(38,132)
82,167
2,571
(6,253)
137
(3,545)
-
(43,640)
(43,640)
34,982
62,392
97,374 |
|
|
|
The notes form part of these financial statements
Page 15
The Apsley Paper Trail
Notes to the Financial Statements
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1 January2019)',FinancialReportingStandard102'The FinancialReporting Standard
applicablein theUK andRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluationof certain
assets.
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
All costs directly associated with a particular activity are allocated wholly to the applicable activity.
Forallothercosts,theseareapportionedbasedonthenumberofhoursattributabletoeach area.
These costs are split as follows:
|
Percentage of |
|
|
costs allocated |
|
Activity |
(%) |
2019 |
Investment |
|
|
management |
25 |
25 |
Visitor centre |
25 |
25 |
Grants |
0 |
0 |
Paper trading |
20 |
20 |
Education and training |
30 |
30 |
Intangible assets
TheCharityacquiredtrademarksinthepreviousyear.Theyareheldatcost.Astradingunder the
names has commenced, the following amortisation policy.
Patents and licences- 10% on cost
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetover its
estimated useful life.
continued...
Page 16
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Freehold property |
- not provided |
Improvements to leasehold property |
- 2% on cost |
Plant and machinery |
- 10% on cost |
Fixtures and fittings |
- 20% on cost |
Computer equipment |
- 33% on cost |
Heritage |
- not provided |
Heritage assets
Heritage assets are recognised and held at historic cost.
Investments
Investmentpropertyis shown at mostrecentvaluation.Any aggregatesurplus or deficitarising from
changes in fair value is recognised in the Statement of Financial Activities.
Investmentpropertiesaremeasuredatcostintheyearoftheiracquisitionandthenatfair value
eachyearthereafterin accordancewithsection10.48of thecharitiesSORP(FRS102).Any variation
in value year on year is recognised in the SOFA.
The investmentpropertiesare rented out to tenants.The methodused to determinethe fair value is
to take a multiple of the market rate rent which the trustees view to be reasonable.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Investment income is also exempt as it is fully reinvested in charitable activities.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.
Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
Pension costs and other post-retirement benefits
The charitablecompanyoperatesa definedcontributionpensionscheme.Contributionspayable to
the charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the
period to which they relate.
continued...
Page 17
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Shorttermtradecreditorsare measuredat the transactionprice.Otherfinancialliabilities, including
bankloans,aremeasuredinitiallyatfairvalue,netoftransactioncosts,andare measured
subsequently at amortised cost using the effective interest method.
2. DONATIONS AND LEGACIES
Donations
3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Visitor centre admissions,
etc
Visitor centre
Grants
Grants
Paper making
Paper trading
Courses
Education and training |
31.12.20
£
26,074
31.12.20
£
322,887
55
322,942
31.12.20
£
11,424
94,689
154,333
1,926
262,372 |
31.12.19
£
78,044
31.12.19
£
389,469
137 |
|
|
389,606 |
|
|
31.12.19
£
61,598
-
127,578
7,415 |
|
|
196,591 |
continued...
Page 18
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
5.
OTHER INCOME
Miscellaneous income
Rents received
6.
RAISING FUNDS
Investment management costs
Staff costs
Administrative expenses
Rates and utilities
Property repairs
Insurance
Bad debts
Management fees
Depreciation |
31.12.20
£
49
17,219
17,268
31.12.20
£
50,765
8,396
90,698
3,437
9,727
3,000
4,487
9,515
180,025 |
31.12.19
£
9,012
20,056
29,068
31.12.19
£
49,824
8,755
87,230
5,535
8,090
(150)
3,998
10,935 |
|
|
174,217 |
7. CHARITABLE ACTIVITIES COSTS
Visitor centre
Paper trading
Education and training |
Direct
Costs
£
4,387
33,272
2,621
40,280 |
Support
costs (see
note 8)
£
99,432
79,521
119,282
298,235 |
Totals
£
103,819
112,793
121,903 |
|
|
|
338,515 |
continued...
Page 19
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
8.
SUPPORT COSTS
Visitor
Finance
centre
£
£
Other resources expended
28,324
-
Visitor centre
363
99,069
Paper trading
291
-
Education and training
436
-
29,414
99,069
Governance
Other
costs
£
£
Other resources expended
-
40,875
Visitor centre
-
-
Paper trading
79,230
-
Education and training
-
-
79,230
40,875
9.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.12.20
£
Depreciation - owned assets
39,156
Patents and licences amortisation
605
10.
AUDITORS' REMUNERATION
31.12.20
£
Fees payable to the charity's auditors for the audit of the charity's
financial statements
3,000
Auditors' remuneration for non audit work
2,362 |
Education
& training
£
-
-
-
118,846
118,846
Totals
£
69,199
99,432
79,521
119,282
367,434
31.12.19
£
43,134
605
31.12.19
£
3,000
1,950 |
|
|
continued...
Page 20
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
11. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2020 nor
for the year ended 31 December 2019.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2020norforthe year
ended 31 December 2019.
12. STAFF COSTS
STAFF COSTS |
|
|
Wages and salaries
Social security costs
Other pension costs |
31.12.20
£
190,100
8,264
4,697
203,061 |
31.12.19
£
183,669
10,775
4,853 |
|
|
199,297 |
The average monthly number of employees during the year was as follows:
|
31.12.20 |
31.12.19 |
Management |
3 |
3 |
Finance |
1 |
1 |
Support staff |
6 |
6 |
|
10 |
10 |
No employees received emoluments in excess of £60,000.
Thetotalamountofemployeebenefits(includingemployerpensioncontributions)receivedby key
management personnel for their services to the charity was £89,578 (2019: £100,945).
continued...
Page 21
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
78,044
Charitable activities
Visitor centre
61,598
Paper trading
127,578
Education and training
-
Investment income
389,606
Other income
29,068
Total
685,894
EXPENDITURE ON
Raising funds
166,929
Charitable activities
Visitor centre
114,904
Paper trading
103,521
Education and training
116,449
Other
94,565
Total
596,368
NET INCOME/(EXPENDITURE)
89,526
Transfers between funds
(4,553)
Net movement in funds
84,973
RECONCILIATION OF FUNDS
Total funds brought forward
1,644,775
TOTAL FUNDS CARRIED FORWARD
1,729,748 |
Restricted
fund
£
-
-
-
7,415
-
-
7,415
7,288
7,288
5,831
11,997
-
32,404
(24,989)
4,553
(20,436)
1,129,312
1,108,876 |
Total
funds
£
78,044
61,598
127,578
7,415
389,606
29,068 |
|
|
693,309
174,217
122,192
109,352
128,446
94,565 |
|
|
628,772 |
|
|
64,537
- |
|
|
64,537
2,774,087 |
|
|
2,838,624 |
continued...
Page 22
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
14.
INTANGIBLE FIXED ASSETS
COST
At 1 January 2020 and
31 December 2020
AMORTISATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
15.
TANGIBLE FIXED ASSETS
COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Freehold
property
£
1,250,000
-
1,250,000
-
-
-
1,250,000
1,250,000 |
Patents
and
licences
£
6,050
1,210
605
1,815
4,235
4,840
Improvements
to
Plant and
property
machinery
£
£
1,457,649
373,107
24,400
22,937
1,482,049
396,044
367,846
363,774
29,153
8,956
396,999
372,730
1,085,050
23,314
1,089,803
9,333 |
|
|
|
continued...
Page 23
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
15. TANGIBLE FIXED ASSETS - continued
COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
16.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2020 and
31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Fixtures
and
fittings
£
31,594
-
31,594
30,577
548
31,125
469
1,017 |
Computer
equipment
£
27,897
-
27,897
27,132
499
27,631
266
765 |
Totals
£
3,140,247
47,337 |
Totals
£
3,140,247
47,337 |
|
|
|
3,187,584 |
|
|
|
|
789,329
39,156 |
|
|
|
|
828,485 |
|
|
|
|
2,359,099 |
|
|
|
|
2,350,918 |
|
|
|
|
|
Total
£
532,044 |
|
|
|
|
532,044 |
|
|
|
|
532,044 |
continued...
Page 24
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
17. INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2020
and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
£
1,500,000 |
|
1,500,000 |
|
1,500,000 |
TheinvestmentpropertycomprisesthefreeholdpropertyknownasJDECCentreatApsley Mill,
which is let entirely for rental income.
ThefreeholdwaspreviouslyvaluedinSeptember2010at£1,500,000onanexistingusebasis of
current licence agreements by Cavendish Tate, Chartered Surveyors.
On7thMarch2017thepropertywasrevaluedbyanindependentthirdpartyatavalueof £
£1,500,000.
TheTrusteesdonotbelievethepropertyvaluehaschangedandhavevaluedtheproperty at
£1,500,000 as of 31st December 2020.
The historiccostof the JDECCentrecomprisesa gift of the freeholdto the Charityon 14 September
2000 plus £375,504 of subsequent capital expenditure on the buildings.
18. STOCKS
18. |
STOCKS |
|
|
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
|
Finished goods |
11,444 |
13,468 |
19. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
|
Trade debtors |
15,943 |
34,647 |
|
Prepayments |
40,701 |
26,790 |
|
|
56,644 |
61,437 |
continued...
Page 25
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
20. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
|
Bank loans and overdrafts (see note 22) |
98,048 |
43,335 |
|
Trade creditors |
79,627 |
73,278 |
|
Social security and other taxes |
3,204 |
3,359 |
|
VAT |
24,091 |
10,922 |
|
Rental deposits |
37,935 |
46,255 |
|
Pension |
769 |
1,250 |
|
Accruals and deferred income |
156,278 |
9,638 |
|
Accrued expenses |
19,517 |
10,596 |
|
|
419,469 |
198,633 |
21. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
|
|
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
|
Bank loans (see note 22) |
1,474,800 |
1,522,824 |
The averageinterestrate on loans due for repaymentin over 5 years is 2.46%.The loans are due for
repaymentin2030.Twooftheloansarepayablebyinstalmentswithonebeingdueinfullat the
redemption date.
22. LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Bounce back loan
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instalments |
31.12.20
£
24
48,024
50,000
98,048
41,530
141,863
1,126,404 |
31.12.19
£
-
43,335
- |
|
|
43,335 |
|
|
48,024 |
|
|
135,072 |
|
|
1,138,646 |
continued...
Page 26
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
22. LOANS - continued
LOANS - continued |
|
|
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Repayable otherwise than by instalments: |
|
|
Bank loans more 5 yrs non-instalments |
165,003 |
201,082 |
23. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Within one year |
41,398 |
41,398 |
Between one and five years |
10,350 |
51,748 |
|
51,748 |
93,146 |
The ApsleyPaperTrailhas just over132yearsleft on its leasehold(FrogmorePaperMill),which has
an annual rental of £41,398 and reviewable every 5 years with the next review due in 2022.
24. SECURED DEBTS
The following secured debts are included within creditors:
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Bank loans |
1,572,824 |
1,566,159 |
Security is held by a secured charge over the properties held by the charity.
25. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
General restricted fund
TOTAL FUNDS |
At 1.1.20
£
1,729,748
1,108,876
2,838,624 |
Net
movement
in funds
£
70,765
(29,848)
40,917 |
At
31.12.20
£
1,800,513
1,079,028 |
|
|
|
2,879,541 |
continued...
Page 27
The Apsley Paper Trail
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
25. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
General restricted fund
TOTAL FUNDS
Comparatives for movement in funds
At 1.1.19
£
Unrestricted funds
General fund
1,644,775
Restricted funds
General restricted fund
1,129,312
TOTAL FUNDS
2,774,087
Comparative net movement in funds, included in the above a
Unrestricted funds
General fund
Restricted funds
General restricted fund
TOTAL FUNDS |
|
Incoming
resources
£
626,730
1,926
628,656
Net
movement
in funds
£
89,526
(24,989)
64,537
re as follows:
Incoming
resources
£
685,894
7,415
693,309 |
|
Resources
expended
£
(555,965)
(31,774)
(587,739)
Transfers
between
funds
£
(4,553)
4,553
-
Resources
expended
£
(596,368)
(32,404)
(628,772) |
Movement
in funds
£
70,765
(29,848)
40,917
At
31.12.19
£
1,729,748
1,108,876
2,838,624
Movement
in funds
£
89,526
(24,989)
64,537 |
|
|
|
|
|
|
continued...
Page 28
The Apsley Paper Trail
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
26. CONTINGENT LIABILITIES
Agrantcontractdated3April2007foratermof25yearsfromtheTrusteesofthe National
HeritageMemorialFund,hasbeensecuredbyalegalchargedated16October2007on the
Frogmore Paper Mill lease.
27. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
28. ULTIMATE CONTROLLING PARTY
The trustees believe there is no ultimate controlling party.
29. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
Net income for the reporting period (as per the Statement of |
|
|
|
Financial Activities) |
|
40,917 |
64,537 |
Adjustments for: |
|
|
|
Depreciation charges |
|
39,761 |
43,739 |
Interest received |
|
(55) |
(137) |
Interest paid |
|
27,961 |
38,132 |
Decrease/(increase) in stocks |
|
2,024 |
(3,768) |
Decrease/(increase) in debtors |
|
4,793 |
(20,156) |
Increase/(decrease) in creditors |
|
166,123 |
(2,048) |
Net cash provided by operations |
|
281,524 |
120,299 |
ANALYSIS OF CASH AND CASH EQUIVALENTS |
|
|
|
|
|
31.12.20 |
31.12.19 |
|
|
£ |
£ |
Cash in hand |
|
64 |
475 |
Notice deposits (less than 3 months) |
|
310,280 |
96,899 |
Overdrafts included in bank loans and overdrafts falling due within |
|
|
|
one year |
|
(24) |
- |
Total cash and cash equivalents |
|
310,320 |
97,374 |
ANALYSIS OF CHANGES IN NET DEBT |
|
|
|
At |
1.1.20 |
Cash flow |
At 31.12.20 |
|
£ |
£ |
£ |
30. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.. ANALYSIS OF CHANGES IN NET DEBT
Net cash
continued...
Page 29
The Apsley Paper Trail
Notes to the Financial Statements - continued
for the Year Ended 31 December 2020
31..
ANALYSIS OF CHANGES IN NET DEBT - continued
Cash at bank and in hand
97,374
Bank overdraft
-
97,374
Debt
Debts falling due within 1 year
(43,335)
Debts falling due after 1 year
(1,522,824 )
(1,566,159 )
Total
(1,468,785 ) |
212,970
310,344
(24)
(24)
212,946
310,320
(54,689)
(98,024)
48,024
(1,474,800 )
(6,665)
(1,572,824 )
206,281
(1,262,504 ) |
|
|
Page 30
The Apsley Paper Trail
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
Detailed Statement of Financial Activities
for the Year Ended 31 December 2020 |
|
|
|
31.12.20 |
31.12.19 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
26,074 |
78,044 |
Investment income |
|
|
Rents received |
322,887 |
389,469 |
Deposit account interest |
55 |
137 |
|
322,942 |
389,606 |
Charitable activities |
|
|
Visitor centre admissions, etc |
11,424 |
61,598 |
Paper making |
154,333 |
127,578 |
Courses |
1,926 |
7,415 |
Grants |
94,689 |
- |
|
262,372 |
196,591 |
Other income |
|
|
Miscellaneous income |
49 |
9,012 |
Rents received |
17,219 |
20,056 |
|
17,268 |
29,068 |
Total incoming resources |
628,656 |
693,309 |
EXPENDITURE |
|
|
Investment management costs |
|
|
Wages |
47,525 |
45,917 |
Social security |
2,066 |
2,694 |
Pensions |
1,174 |
1,213 |
Administrative expenses |
8,396 |
8,755 |
Rates and utilities |
90,698 |
87,230 |
Property repairs |
3,437 |
5,535 |
Insurance |
9,727 |
8,090 |
Bad debts |
3,000 |
(150) |
Management fees |
4,487 |
3,998 |
Carried forward |
170,510 |
163,282 |
This page does not form part of the statutory financial statements
Page 31
The Apsley Paper Trail
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 December 2020 |
|
|
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Investment management costs |
|
|
Brought forward |
170,510 |
163,282 |
Patents and licences |
151 |
151 |
Improvements to property |
7,288 |
7,288 |
Plant and machinery |
1,814 |
3,030 |
Fixtures and fittings |
137 |
127 |
Computer equipment |
125 |
339 |
|
180,025 |
174,217 |
Charitable activities |
|
|
Sundries |
40,280 |
47,232 |
Support costs |
|
|
Finance |
|
|
Bank charges |
1,453 |
1,356 |
Mortgage |
27,961 |
38,132 |
|
29,414 |
39,488 |
Visitor centre |
|
|
Wages |
47,525 |
45,917 |
Social security |
2,066 |
2,694 |
Pensions |
1,174 |
1,213 |
Rent, rates and water |
11,955 |
12,611 |
Insurance |
9,727 |
8,090 |
Light and heat |
5,244 |
8,536 |
Telephone |
2,838 |
3,437 |
Postage and stationery |
340 |
323 |
Sundries |
1,108 |
1,284 |
Repairs and maintenance |
3,437 |
5,535 |
Advertisement |
4,140 |
3,286 |
Patents and licences |
151 |
151 |
Improvements to property |
7,288 |
7,288 |
Plant and machinery |
1,814 |
3,030 |
Fixtures and fittings |
137 |
127 |
Computer equipment |
125 |
339 |
|
99,069 |
103,861 |
Education & training |
|
|
Wages |
57,031 |
55,101 |
Carried forward |
57,031 |
55,101 |
This page does not form part of the statutory financial statements
Page 32
The Apsley Paper Trail
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 December 2020 |
|
|
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Education & training |
|
|
Brought forward |
57,031 |
55,101 |
Social security |
2,479 |
3,232 |
Pensions |
1,409 |
1,456 |
Rent, rates and water |
14,345 |
15,133 |
Insurance |
11,673 |
9,708 |
Light and heat |
6,293 |
10,244 |
Telephone |
3,405 |
4,125 |
Postage and stationery |
408 |
388 |
Repairs and maintenance |
4,125 |
6,643 |
Advertisement |
4,968 |
3,943 |
Sundries |
1,293 |
1,540 |
Patents and licences |
182 |
182 |
Improvements to property |
8,746 |
8,746 |
Plant and machinery |
2,174 |
3,635 |
Fixtures and fittings |
165 |
102 |
Computer equipment |
150 |
270 |
|
118,846 |
124,448 |
Other |
|
|
Wages |
38,019 |
36,734 |
Social security |
1,653 |
2,155 |
Pensions |
940 |
971 |
Rent, rates and water |
9,562 |
10,089 |
Insurance |
7,782 |
6,472 |
Light and heat |
4,195 |
6,829 |
Telephone |
2,270 |
2,750 |
Postage and stationery |
272 |
259 |
Sundries |
863 |
1,029 |
Repairs and maintenance |
2,750 |
4,428 |
Advertisement |
3,312 |
2,629 |
Patents and licences |
121 |
121 |
Improvements to property |
5,831 |
5,831 |
Plant and machinery |
1,450 |
2,423 |
Fixtures and fittings |
110 |
153 |
Computer equipment |
100 |
406 |
|
79,230 |
83,279 |
Governance costs |
|
|
Auditors' remuneration |
3,000 |
3,000 |
Carried forward |
3,000 |
3,000 |
This page does not form part of the statutory financial statements
Page 33
The Apsley Paper Trail
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31 December 2020 |
|
|
|
31.12.20 |
31.12.19 |
|
£ |
£ |
Governance costs |
|
|
Brought forward |
3,000 |
3,000 |
Auditors' remuneration for non audit work |
2,362 |
1,950 |
Consultancy fees |
35,500 |
48,600 |
Accountancy fees |
- |
1,717 |
Legal fees |
13 |
980 |
|
40,875 |
56,247 |
Total resources expended |
587,739 |
628,772 |
Net income |
40,917 |
64,537 |
This page does not form part of the statutory financial statements
Page 34