|Report ofthe Trustees||I|to|6|
|---|---|---|---|---|
|Report ofthe Independent
Auditors||7|to|9|
|Statement ofFinancial|Activities||10||
|Balance Sheet||11|to|12|
|Cash Flow Statement|||13||
|Notes to the Financial|Statements|14|to|26|
|Detailed Statement of|Financial Activities|27|to|29|
##
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##
|for the Year Ended 3|1|December 2021||||||
|---|---|---|---|---|---|---|---|
|||||||31.12.21|31.12.20|
|||||Unrestricted|Restricted|Total|Total|
|||||fund|fund|funds|funds|
||||Notes|f|||f|
|INCOME AND ENDOWMENTS FROM||||||||
|Donations
and legacies||||40,404||40,404|26,074|
|Charitable
activities||||||||
|Visitor centre||||24,486||24,486|11,424|
|Grants||||420,400||420,400|94,689|
|Paper trading
Education
and training||||186,228|2,435|186,228
2,435|154,333
1,926|
|Investment
income||||306,462||306,462|322,942|
|Other income||||14,113||14,113|17,268|
|Total||||992,093|2,435|994,528|628,656|
|EXPENDITURE ON||||||||
|Raising funds||||294,480|7,408|301,888|180,025|
|Charitable
activities||||||||
|Visitor centre||||160,762|7,408|168,170|103,819|
|Paper trading||||2]2,370|5,927|218,297|112,793|
|Education
and training||||176,938|10,707|187,645|121,903|
|Other||||89,141||89,141|69,199|
|Total||||933,691|31,450|965,141|587,739|
|NET INCOME/(EXPENDITURE)||||58,402|(29,015)|29,387|40,917|
|RECONCILIATION||OF FUNDS||||||
|Total funds brought|forward|||1,800)513|1,079,028|2&879,541|2,838,624|
|TOTAL FUNDS CARRIED FORWARD||||1,858,915|1,050,013|2,908,928|2,879,541|
|Balance Sheet
31 December 2021|||||||
|---|---|---|---|---|---|---|
||||||31.12.21|31.12.20|
||||Unrestricted|Restricted|Total|Total|
||||fund|fund|funds|funds|
|||Notes|||f|f|
|FIXEDASSETS|||||||
|Intangible
assets
Tangible assets||14
15|3,630
1,342,419|1,031,017|3,630
2@73,436|4,235
2,359,099|
|Heritage assets
Investment
property||16
I7|532,044
1,500,000||532,044
1,500,000|532,044
1,500,000|
||||3,378,093|1,031,017|4,409,110|4,395,378|
|CURRENT ASSETS|||||||
|Stocks||18|6,404||6,404|11,444|
|Debtors||19|145,630||145,630|56,644|
|Cash at bank and in hand|||227,183|21,996|249,179|310,344|
||||379,217|21,996|401413|378,432|
|CREDITORS|||||||
|Amounts
falling due within|one year|20|(457,984)|(3,000)|(460,984)|(419,469)|
|NET CURRENT ASSETS|||(78,767)|18,996|(59,771)|(41,037)|
|TOTAL ASSETSLESSCURRENT|||||||
|LIABILITIES|||3,299326|1,050,013|4349339|4,354,341|
|CREDITORS|||||||
|Amounts
falling due after|more than one year|21|(1,440,411)||(1,440,411)|(1,474,800 )|
|NET ASSETS|||1,858,915|1,050,013|2,908,928|2,879,541|
|FUNDS||25|||||
|Unrestricted
funds|||||1,858,915|1,800,513|
|Restricted
funds|||||1,050,013|1,079,028|
|TOTAL FUNDS|||||2,908,928|2,879,541|
|Cash Flow Statement
for the Year Ended 31 Dece|mber 2021||||
|---|---|---|---|---|
||||31.12.21|31.12.20|
|||Notes|||
|Cash flows from operating
activities
Cash generated
&om operations
Interest paid||30|116,733
(34,491)|281,524
(27,961 )|
|Net cash provided
by operating
activities|||82,242|253,563|
|Cash ilows from investing
activities
Purchase oftangible fixed assets|||(53,001)|(47,337)|
|Sale oftangible fixed assets
interest received|||400
101|55|
|Net cash used in investing
activities|||(52,500)|(47,282)|
|Cash ilows from financing
New loans in year
Loan repayments
in year|activities||(90,883)|50,000
(43,335)|
|Net cash (used in)/provided|by financing|activities|(90,883)|6,665|
|Change in cash and cash|equivalents|in|||
|tbe reporting
period|||(61,141)|212,946|
|Cash and cash equivalents|at tbe||||
|beginning ofthe reporting|period|31|310420|97,374|
|Cash and cash equivalents|at the end|of|||
|the reporting
period||31|249,179|310,320|
##
##
##
##
##
##
|||Percentage ofcosts||
|---|---|---|---|
||Activity|allocated (%)|2019|
|Investment
management||25|25|
|Visitor|centre|25|25|
|Grants||0|0|
|Paper|trading|20|20|
|Education
and training||30|30|
##
##
##
##
|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|
##
##
##
##
##
##
##
##
##
##
|Notes to the Financial|Notes to the Financial|Statements|Statements|Statements|- continued|- continued|||
|---|---|---|---|---|---|---|---|---|
|for the Year Ended 31||December|||2021||||
|2.|DONATIONS||AND LEGACIES||||||
||||||||31.12,21|31.12.20|
||Donations||||||40)4114|26,074|
|3.|INVESTMENT INCOME||||||||
||||||||31.12.21|31.12.20|
||||||||8|f|
||Rents received||||||3116,361|322,887|
||Deposit account||interest||||101|55|
||||||||306,462|322,942|
||INCOME FROM CHARITABLE AC1lVITIES||||||||
||||||||31.12.21|31.12.20|
|||||||Activity|f|f|
||Visitor centre|admissions,|||etc|Visitor centre|24,486|11,424|
||Grants|||||Grants|420,400|94,689|
||Paper making|||||Paper trading|186,228|154,333|
||Courses|||||Education and training|2,435|1,926|
||||||||633,549|262,372|
||Grant income|includes||fiulough||grants of622,728(2020:653,890).|||
|5.|OTHER INCOME||||||||
||||||||31.12.21|31.12.20|
||||||||f|6|
||Miscellaneous|income||||||49|
||Rents received||||||14,113|17,219|
||||||||14,113|17,268|
||RAISING FUNDS||||||||
||Investment
management||||costs||||
||||||||31.12.21|31.12.20|
||||||||f|f|
||Staffcosts||||||52,712|50,765|
||Administrative||expenses||||14,643|8,396|
||Rates and utilities||||||161,534|90,698|
||Property repairs||||||46,391|3,437|
||Insurance||||||10,284|9,727|
||Bad debts||||||2,120|3,000|
||Management
fees||||||4,487|4,487|
||Depreciation||||||9,717|9,515|
||||||||301,888|180,025|
##
##
|7.|CHARITABLE ACTIVITIES COSTS||||
|---|---|---|---|---|
||||Support||
|||Direct|costs (see||
|||Costs
f|note 8)
f.|Totals
f|
||Visitor centre|12,904|155,266|168,170|
||Paper trading
Education
and training|94,083
1,817|124,214
185,828|218,297
IS7,645|
|||108,804|465808|574,112|
|8.|SUPPORT COSTS||||
||||Visitor|Education|
|||Finance
f|centre
f|&training
f|
||Other resources expended
Visitor centre|35389
408|154,858||
||Paper trading
Education
and training|327||185,828|
|||36,124|1549858|185,828|
||||Governance||
|||Other|costs|Totals|
|||||f|
||Other resources expended
Visitor centre||53,752|89,141
155,266|
||Paper trading
Education
and training|123,887||124,214
185,828|
|||123,887|53,752|554,449|
|9.|NET INCOME/(EXPENDITURE)||||
|||31.12.21|31.12.20|
|---|---|---|---|
|||f|f|
|Depreciation|- owned assets|38364|39,156|
|Patents and|licences amortisation|605|605|
##
|||||||31.12.21|31.12.20|
|---|---|---|---|---|---|---|---|
||||||||f|
|Fees payable to the charity's
statements|||auditors|for the audit ofthe charity's|financial|3,400|3,000|
|Auditors'|remuneration|for|non audit|work||2,436|2,362|
##
##
##
|STAFF COSTS|||31.12.21|31.12.20|
|---|---|---|---|---|
||||f|f|
|Wages and salaries
Social security costs
Other pension costs|||195,519
10,524
4,805|190,100
8,264
4,697|
||||210,848|203,061|
|The average monthly|number ofemployees|during the year was as follows:|||
||||31.12.21|31.12.20|
|Management|||2|3|
|Finance|||I|1|
|Support staff|||6|6|
|||||10|
##
|||Unrestricted|Restricted|Total|
|---|---|---|---|---|
|||fund|fund|funds|
|||f|f|f|
|INCOME|AND ENDOWMENTS FROM||||
|Donations|and legacies|26,074||26,074|
|Charitable|activities||||
|Visitor centre||11,424||11,424|
|Grants||94,689||94,689|
|Paper trading||154,333||154,333|
|Education|and training||1,926|1,926|
|Investment|income|322,942||322,942|
|Other income||17,268||17,268|
||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|
||||fund|fund|funds|
||||f|f|f|
||Total||626,730|1,926|628,656|
||EXPENDITURE ON|||||
||Raising funds||172,737|7,288|180,025|
||Charitable
activities|||||
||Visitor centre||96,531|7,288|103,819|
||Paper trading||106,962|5,831|112,793|
||Education
and training||110,536|11,367|121,903|
||Other||69,199||69,199|
||Total||555,965|31,774|587,739|
||NET INCOME/(EXPENDITURE)||70,765|(29,848)|40,917|
||RECONCILIATION|OF FUNDS||||
||Total funds brought
forward||1,729,748|1,108,876|2,838,624|
||TOTAL FUNDS CARRIED FORWARD||1,800,513|1,079,028|2,879,541|
|14.|INTANGIBLE FIXEDASSETS|||||
||||||Patents|
||||||and|
||||||licences|
||COST|||||
||At 1 January 2021 and|31 December 2021|||6,050|
||AMORTISATION|||||
||At 1 January 2021||||1,815|
||Charge for year||||605|
||At 31 December 2021||||2,420|
||NET BOOK VALUE|||||
||At 31 December 2021||||3,630|
||At 31 December 2020||||4,235|
##
|TANGIBLE FIXED ASSETS||||
|---|---|---|---|
|||Improvements||
||Freehold|to|Plant and|
||property
f|property|machinery
f|
|COST
At
1 January 2021
Additions|1450,000|1,482,049|396,044
53,001|
|Disposals||(400)||
|At 31December 2021|1850,000|1,481,649|449,045|
|DEPRECIATION||||
|At 1 January 2021
Charge for year||396,999
29,633|372,730
8%016|
|At 31 December 2021||426,632|380,746|
|NET BOOK VALUE
At 31December 2021|1,250,000|1,055,017|68,299|
|At 31 December 2020|1,250,000|1,0&5,050|23,314|
||Fixtures|||
||and|Computer||
||fittings
I|equipment
f|Totals
f|
|COST||||
|At
1 January 2021
Additions|31,594|27,$97|3,187,5&4
53,1101|
|Disposals|||(400)|
|At 31 December 2021|31,594|27,897|3,240,1$5|
|DEPRECIATION||||
|At
1 January 2021
Charge for year|31,125
349|27,631
266|828,485
38,264|
|At 31December 2021|31,474|27,897|866,749|
|NET BOOK VALUE||||
|At 31December 2021|120||2,373,436|
|At 31 December 2020|469|266|2,359,099|
##
|||31.12,21|31.12.20|
|---|---|---|---|
|Finished|goods|6,404|11,444|
##
##
|DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR|||
|---|---|---|
||31.12.21|31.12.20|
|Trade debtors
VAT|24&871
25313|15,943|
|Prepayments
and accrued income
Prepayments|53,865
41,581|40,701|
||145,630|56,644|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|31.12.21|31.12.20|
||f|f|
|Bank loans and overdrafts (see note 22)
Trade creditors|41,530
279,134|98,048
79,627|
|Social security and other taxes
VAT
Rental deposits
Pension|4,683
36,000
1,133|3,204
24,091
37,935
769|
|Accruals and deferred income|53,077|156,278|
|Accrued expenses|45,427|19,517|
||460,984|419,469|
|CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.21||31.12.20|
|||f|
|Bank loans (see note 22)|1,440,411|1,474,800|
##
|An analysis ofthe maturity|o|floans is given below:|||
|---|---|---|---|---|
||||31.12.21|31.12.20|
||||f||
|Amounts
falling due within one year on demand:
Bank overdrsgs
Bank loans|||41,530|24
48,024|
|Bounce back loan||||50,000|
||||41,530|98,048|
|Amounts
falling between
Bank loans - 1-2 years|one|and two years:|46462|41,530|
|Amounts
falling due between
Bank loans -2-5 years||two and five years:|144,987|141,863|
|Amounts
falling due in more||than five years:|||
|Repayable by instalments:
Bank loans more 5 yr by|instalments||1,125,042|1,126,404|
##
|22.|LOANS - continued|||||||
|---|---|---|---|---|---|---|---|
|||||||31,12.21
f|31.12.20|
||Repayable
otherwise|than|by instalments:|||||
||Bank loans more 5 yrs non-instalments|||||124,120|165,003|
|23.|LEASING AGREEMENTS|||||||
||Minimum
lease payments||under non-cancellable|operating|leases fall due as follows:|||
|||||||3L12.21|31.12.20|
|||||||f|f|
||Within one year
Between one and five|years||||41,39S
10450|41,398
10,350|
|||||||51,748|51,748|
##
##
|||||31.12.21|31.12,20|
|---|---|---|---|---|---|
|||||f||
|Bank loans||||1,481,941|1,572,824|
|Security is held by||a secured charge over the properties|held by the charity.|||
|MOVEMENT IN||FUNDS||||
|||||Net||
|||||movement|At|
||||At 1.1.21|in funds|31.12.21|
|||||f|f|
|Unrestricted|funds|||||
|General fund|||1,800,513|58,402|1,858,915|
|Restricted funds||||||
|General restricted||fund|1,079,02S|(29,015)|1,050,013|
|TOTAL FUNDS|||2,879,541|29,387|2,908,928|
##
|Net movement
in f|u|nds, incl|ude|d
in the above|are as follows:|||
|---|---|---|---|---|---|---|---|
||||||Incoming|Resources|Movement|
||||||resources|expended
f.|in funds
f|
|Unrestricted
funds||||||||
|General
fund|||||992,093|(933,691)|58,402|
|Restricted funds
General restricted|fund||||2,435|(31,450)|(29,015)|
|TOTALFUNDS|||||994,528|(965,141)|29487|
|Comparatives
for||movement||in funds||||
|||||||Net||
|||||||movement|At|
||||||At 1.1.20|in funds|31.12.20|
|||||||f.|f|
|Unrestricted
funds||||||||
|General
fund|||||1,729,748|70,765|1,800,513|
|Restricted funds||||||||
|General restricted|fund||||1,108,876|(29,848)|1,079,028|
|TOTALFUNDS|||||2,838,624|40,917|2,879,541|
|Comparative
net movement|||in|funds, included|in the above are as follows:|||
||||||Incoming|Resources|Movement|
||||||resources
f|expended
f|in funds
f|
|Unrestricted
funds||||||||
|General
fund|||||626,730|(555,965)|70,765|
|Restricted funds||||||||
|General restricted||fund|||1,926|(31,774)|(29,848)|
|TOTAL FUNDS|||||628,656|(587,739)|40,917|
##
##
##
##
|30.|RECONCILIATION
OFNET INCOME TO|RECONCILIATION
OFNET INCOME TO|RECONCILIATION
OFNET INCOME TO|RECONCILIATION
OFNET INCOME TO|RECONCILIATION
OFNET INCOME TO|NET CASH FLOW FROM OPERATING ACTIVITIES|NET CASH FLOW FROM OPERATING ACTIVITIES|NET CASH FLOW FROM OPERATING ACTIVITIES|NET CASH FLOW FROM OPERATING ACTIVITIES|
|---|---|---|---|---|---|---|---|---|---|
|||||||||31.12.21|31.12.20|
|||||||||8||
||Net income|for the||reporting|period (asper the Statement||ofFinancial|||
||Activities)|||||||29@87|40,917|
||Adjustments|for:||||||||
||Depreciation|charges||||||38,869|39,761|
||Interest received|||||||(101)|(55)|
||Interest paid|||||||34,491|27,961|
||Decrease in|stocks||||||5,040|2,024|
||(Increase)/decrease||in debtors|||||(88,986)|4,793|
||Increase in creditors|||||||98,033|166,123|
||Net cash provided||by operations|||||1169733|281,524|
|31.|ANALYSIS|OFCASH AND|||CASH EQUIVALENTS|||||
|||||||||31.12.21|31.12.20|
|||||||||5|5|
||Cash in hand|||||||1,054|64|
||Notice deposits (less|||than 3months)||||248,125|310,280|
||Overdrafls
included|||in bank loans and overdrafts||falling due within one year|||(24)|
||Total cash and cash||equivalents|||||249,179|310,320|
|32..|ANALYSIS|OFCHANGES|||IN NET DEBT|||||
||||||||At 1.1.21|Cash flow|At 31.12.21|
||||||||f|f||
||Net cash|||||||||
||Cash at bank|and in|hand||||310,344|(61,165)|249,179|
||Bank overdrafl||||||(24)|24||
##
|ANA|LYSIS|OF|CHA|N|GES 1N NET DEBT-c|ontinued|||
|---|---|---|---|---|---|---|---|---|
|||||||310820|(61,141)|249,179|
|Debt|||||||||
|Debts|falling|due|within||I year|(98,024)|56,494|(41,530)|
|Debts|falling|due|aAer|I|year|(1,474,800)|34389|(I440411)|
|||||||(1,572,824 )|90,883|(1,481,941)|
|Total||||||(1862,504)|29,742|(1,232,762 )|
|n~AI
I
T F|n~AI
I
T F|||
|---|---|---|---|
|Detailed Statement ofFinancial Activities||||
|for the Year Ended 31December 2021||||
|||31.12.21|31.12.20|
|||f||
|INCOME AND ENDOWMENTS||||
|Donations
and legacies||||
|Donations||40,404|26,074|
|Investment
income||||
|Rents received||306861|322,887|
|Deposit account interest||101|55|
|||306,462|322,942|
|Charitable
activities||||
|Visitor centre admissions,|etc|24,486|11,424|
|Paper making||186428|154,333|
|Courses||2,435|1,926|
|Grants||420,400|94,689|
|||633,549|262,372|
|Other income||||
|Miscellaneous
income|||49|
|Rents received||14,113|17,219|
|||14,113|17,268|
|Total incoming resources||994,528|628,656|
|EXPENDITURE||||
|Investment
management|costs|||
|Wages||48,880|47,525|
|Social security||2,631|2,066|
|Pensions||1,201|1,174|
|Administrative
expenses||14,643|8,396|
|Rates and utilities||161,534|90,698|
|Property repairs||46,391|3,437|
|Insurance||10,284|9,727|
|Bad debts||2,120|3,000|
|Management
fees||4,487|4,487|
|Patents and licences||151|151|
|Improvements
to property||79408|7,288|
|Plant and machinery||2,005|1,814|
|Fixtures and fittings||87|137|
|Computer
equipment||66|125|
|||301,888|180,025|
|Charitable
activities||||
|Sundries||108,804|40,280|
##
##
|for the Year End|ed 31December 2021|||
|---|---|---|---|
|||31.12.21|31.12.20|
|||f|f|
|Support costs||||
|Finance||||
|Bank charges||1,633|1,453|
|Mortgage||34,491|27,961|
|||36,124|29,414|
|Visitor centre||||
|Wages||48,880|47,525|
|Social security||2,631|2,066|
|Pensions||1/01|1,174|
|Rent, rates and|water|11,747|11,955|
|Insurance||10,284|9,727|
|Light and heat||9364|5,244|
|Telephone||1,808|2,838|
|Postage and stationery||298|340|
|Sundries||Ii705|1,108|
|Repairs and maintenance||46,391|3,437|
|Advertisement||10,832|4,140|
|Patents and licences||151|151|
|Improvements|to pmperty|7)408|7,288|
|Plant and machinery||2,005|1,814|
|Fixtures and fittings||87|137|
|Computer
equipment||66|125|
|||154)858|99,069|
|Education
gs training||||
|Wages||58,655|57,031|
|Social security||3,157|2,479|
|Pensions||1,442|1,409|
|Rent, rates and|water|14,095|14,345|
|Insurance||12,341|11,673|
|Light and heat||11,237|6,293|
|Telephone||2,170|3,405|
|Postage and stationery||358|408|
|Repairs and maintenance||55,670|4,125|
|Advertisement||12,998|4,968|
|Sundries||2,045|1,293|
|Patents and licences||182|182|
|Improvements|to property|8,890|8,746|
|Plant and machinery||2,404|2,174|
|Fixtures and fittings||104|165|
|Computer
equipment||811|150|
|||185,828|118,846|
|Other||||
|Wages||39,104|38,019|
|Carried forward||39,104|38,019|
##
|for the Year Ended 31De|cember 2021|||
|---|---|---|---|
|||31.12.21|31.12.20|
|Other||||
|Brought forward||39,104|38,019|
|Social security||2,105|1,653|
|Pensions||961|940|
|Rent, rates and water||9,396|9,562|
|Insurance||8,227|7,782|
|Light and heat||7,492|4,195|
|Telephone||19447|2,270|
|Postage and stationery||238|272|
|Sundries||1,363|863|
|Repairs and maintenance||37,113|2,750|
|Advertisement||8,666|3,312|
|Patents and licences||121|121|
|Improvements
to property||5,927|5,831|
|Plant and machinery||1,602|1,450|
|Fixtures and fittings||71|110|
|Computer
equipment||54|100|
|||123,887|79,230|
|Governance
costs||||
|Auditors'
remuneration||3,400|3,000|
|Auditors'
remuneration|for non audit work|2,436|2,362|
|Consultancy
fees||47,200|35,500|
|Legal fees||716|13|
|||53,752|40,875|
|Total resources expended||965,141|587,739|
|Net income||29387|40,917|