Registered numbèr.. 03869712 Charity numbor.. 1081310 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST {A Company Limit￿ by Guarantee) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Tru$tèos' Roport Indopendent Examinerfs Roport Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-23 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST (A Company Limited by Guaranteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021 Trustees Mrs B Tyler, Chair R HaNold Mrs K Wolstemholme Company registered numbar 03869712 Charity registered number 1081310 Registered office Wayland House High Street Walton Thetford Norfolk IP25 6AR Accountants MA Partners LLP Charteied Aecounlanls 7 The Close Notwich Norfolk NR14DJ Page 1 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST (A Company LIMIt￿ by Guarant•e) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their annual report logethw with the financial statements of the Charity for the period 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial slalements of the charitable company comply with the current slatulory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charilies p￿parIng their a￿vnI$ in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 20[￿ (Strategic Report and Directors, Report) Regulations 2013 has been omitled. Obje¢tivos and a¢tivitlos a. Pollcitrs and objectives The charty's objective is lo promote the economic. social. cultural and environmenlal wellbeing of the Wayland area. In selling objeelives and planning for aclivilies, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefil. including the guidan￿ 'Publi¢ benefit. running 8 charity IPB21'. b. A¢tivitig$ und&rtaken to achiove objectives The charity has promoted the economy in the area by providing serVi￿d office Spa￿ lo start up and developing small businesses and through the promotion of local businesses via the Information Centre in the Dragonfly Gallery. The promotion of community culture has been undertaken through arts and cralts at the charity's Dragonfly Gallery. The promotion of social and environmental wellbeing has been actioned through the continued support of Wayland Heritage groups and by the re￿ption Offi￿ providing servI￿s. advice and support lo the community. . Volunteers The Trustees are grateful for Ihe huge Contribution made by volunteers who are essential lo the organisalion's success. Page 2 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Llmlt•d by Guaranto0) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achievemènts and perfomiance a. Main achievements ofthe Charity The main achievements of the charity in the year under rewew were.. Impioved access for the communty in arts and crafts via the Dragonfly Gallery. Providing wide opportunities lo volunteer in all aspects of Ihe charity's work with new volunteers on board. Active involvement in wider heritage and cultural aclivity. for example the Duleep Singh trail involving local churches and promotion of local lourFsm. Supporting local parishes as requested with advice, assisting grant bids and participation in heritage and other events. Delivering continued servKe lo the wider community via our reception office. Financial review a. Going concern After making appropriate enquiries, the Twslees have a reasonable expeclalion that the Charity has adequate resources lo continue in operational existen￿ foi the foreseeable future_ For this ¥eason, they continue lo adopt the going concern basis in preparing the financial statements. Howevei, the reslri¢tions imposed by Covid-19 and the uncertainty of Ihe fulure. especially in leims of being able lo meet funding requiremenls with regard lo community involvement, are of great con￿M. If we are unable to mix long leim, we will find il difficult lo provide activities required. Bids will need lo lake Covid into account. There is also concern that there will be a shortage of funds in the coming months lo bid into. b. Reserves poll¢y Reserves are held lo ensure the continued availability of the p￿miseS for the benefit of Wayland corllmunily and for match funding for larger project funding bids. As at 31 March 2021 the Charity had 'Yree reserves lunreslri¢led funds excluding fixed asselsl of £21,548. . Summary The Charity's income ex￿eded expenditure by £13,691 in the year. Cash al bank and in hand rose from £32,982 to £42,647. Nel assets as at 31 March 2021 were É323.855. Structure, govornan¢e and managèment Constitution The Wayland Partnership Development Trust is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association_ b. Methods of appointment or election of Trustees Nolilicalion is given lo Partnei Parishes and locally as the need for new Trustees arises. A formal interview and seleGlion process is undertaken lo ensure potential Trustees understand the aims of the charity and the role of a Trustee. Existing Trustees discuss and vole on all new appoinlmenls. Page 3 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Plans for futur8 poriods Forward planning has been very dependent on the level of covid restrictions imposed or likely lo be imposed. Online exhibitions will continue until such time as Ihe gallery can safely re-open to the general public. 11 is planned for the first major event to be a Christmas-relaled Art and Crafts exhibition. A grant towards improving the use DI the gallery space and offer will be used to enable workshops, talks and events lo be held, mainly aimed al the lonely and disadvantaged people of the aiea, with a wider focus on community aclivily. We will continue lo promote our office rentals and training Spa￿ as business begins lo pick up once more and we are experiencing a number of new enquiries. There is increasing inleresl among members of the heritsge group lo restart plans for local research projects pul on hold during Covid. A significant development is the ongoing discussion and pLanning with Norfolk County Council, Breckland Council and others lo develop the use of Wayland House as a technology hub. Alongside our charitable aclivilies, this forms a part of the iniliative to improve the town and high street. Feasibility studies and planning will be conducted in 2021 into 2022. Stat¢ment of Trustotrs. rèsponsibilities The Trustees (who are also the diiectors of the Charity for the purposes of company law} are responsible lor preparing the Trustees. Report and the financial stalemenls in accordance with applicable law and United Kingdom Accounting Standards IUni(ed Kingdom Generally Accepted Accounb"ng Practi￿1. Company law requires the Trustees to prepare finan￿al statements for each Iinanual . Under company law. the Trustees musl nol approve the finan￿31 statemenis unless they are satisfied that they give a trLJe and fair view of the state of affairs of the Charity and of ils incoming iesources and application of resources, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitsble a¢￿untIng policies and then appty them con51slenlly.' observe the methods and principles of the Charits"es SORP {FRS 1021,. make judgments ar)d accounting estimales that are reasonable and prudent.. slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls", prepare the financial statements on the going concem basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime Ihe financial position of the Charity and enable them lo ensure that the financial sialements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregulaiilies. Approved by order o the members of the board of TrLTrslees and signed on their behalf by.. Mrs B Tyler Dale.. Page 4 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Limlt¢d by Guarant&o) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Independent Examinarfs Roport to th• Trustees of The Wayland Partnership Dev¢lopm&nt Trust I'the Charity'l I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021. Rosponsibiliti8s and Basi$ of Report As the Trustees ol the Charity land its directors for the purposes of company lawl you are responsible for the preparation ol the accounts in accordan￿ wilh Ihe requiiemenls of the Companies Act 20061.the 2006 Acl'}. Having satisfied myself that the accounts of the Charity are not required lo be audited under Part 16 of Ihe 2006 Act and are eligible for independent examinab"on, I report in respect of my examination of the Charity's accounts cairied out under section 145 of the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my examination I have followed the Directs"ons given by Ihe Charity Commission under section 14515llbl of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm thal no mallers have come to my attention in connection with the examinalion giving me Cause to believe.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act,. or the accounts do not accord with those records.. or the a¢counls do not comply with the accounting requirements of section 396 of the 2006 Act olher than any requirement that the accounts give a 'lrue and fairf view wh1ch is not a maller considered as part of an independent examination., OT the accounts have not been prepared in ac￿rdanCe wilh the methods and principles of the Slalemenl of Recommended Practice for a¢¢ounling and reporting by ¢harilies. I have no concerns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made Sole￿ lo the Charivs Trustees. as a body. irb accoidance with Part 4 of the Charities (Accounts and ReFY)rts} Regulations 2008. My work has been undertaken so that I might slate lo the Charity's Trustees those mallers l am required lo state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law, I do not a¢¢ept or assume responsibility lo anyone other Ihan the Charity and the Charity's Tru51ees as a body, for my work or for this report. Signed." Mr F M E Shippam Bsc FCA DChA Oated.. 22 November 2021 MA Partnèrs LLP Chartered Accountants 7 The Close NOn￿1¢h Norfolk NR14DJ Page 5 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST {A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2021 Restricted Unrè$tri¢ted funds fund$ 2021 2021 Total funds 2021 Total funds 2020 Note Income from- Donations and legacies Charitable activilies Investments 14,$08 16.069 35,652 13 30.577 35.6S2 3,914 47,312 57 Total income 14.508 51.734 66,242 51,283 Expenditure on- Charitable activities 7.209 45.342 52,551 62,841 Total $xpenditur• 7,209 45,342 52,551 62,841 N¥t movemont in funds 7,299 6,392 13,691 (7 1, 558) R8¢on¢iliation of fund8- Total funds brought forward Net movement in funds 289,517 7.299 20,647 6,392 310,164 13,691 321,722 (11,558) Total funds carried forward 296.816 27.039 323.855 310,164 The Slalemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 10 23 form part of these financial slalemenls. Page 6 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 03869712 BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Fixed assets Tangible assets 10 272.144 279.353 272.144 279,353 Current assets Debtors 12.530 42,647 2,322 32,982 Cash al bank and in hand 55.177 35,304 Creditors.. amounts falling due wlhin one year 12 13.466) (4,493) Net currenl assgts 51.711 30,811 Total assets less current liabilitias 323,8S5 310, 164 Total not assets 323.855 310, 164 Charity funds Resliicled funds Unreslricled funds 13 13 296.816 27.039 289,51T 20,647 Total funds 323.855 310, 164 The Charity was enlilled lo exemption from audit urbder section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for wmplying with the requirements ol the Act with respe¢l lo accounts.ng recoids and preparalton of financial statements. The financial slalemenls have been prepared in accordance with Ihe provisions applicable to entities subjecl lo the small companies regime. Page 7 THE WAYLAND PARTNERSHIP DEVELOPMENT TRUST IA Company Limited by Guarant¢•l REGISTERED NUMBER: 03869712 BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2021 The financial slalemenls were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Mrs B Tylèr Dale.. ,I,,Jxi. The notes on pages 9 to 23 fom) part of these financial slalemenls. Page 8 THE WAYLANO PARTNERSHIP OEVELOPMENT TRUST {A Company Llmlt¢d by Guarant¢o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Gentrral infomiation The Wayland Partnership Development Trust is a private company limited by guarantee. The company's registered office is Wayland House, High Street. Walton. Thefford, Norfolk, IP25 6AR. Accounting policies 2.1 Basis of preparation of financial $lal¢ments The financial slalemenls have been prepared in accorda[)￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Wayland Partnership Development Trust meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are inilially recognised al historical cost or transaction value unless otherwise staled in the relevant accounb.ng policy. 2.2 In¢om• All income is recognised On￿ the Charrty has entitlement lo the income, it IS Probable that the income will be received and the amount of in¢ome [￿1Vable Can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fkjnds on the Balance Sheet. Where income is received in advance of enlitlement ol receipt. ils recognition is deferted and included in creditors as defe¥red income. Where enlillemenl ocwrs before income is receNed, the income is accrued. 2.3 Expenditur8 Expenditure is recognised On￿ there is a legal or constructive obligation lo transfer economic benefit to a third paty. il Is probable Ihat a Iransfer of economic benefits will be required in settlemenl and the amount of the obligalion Can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of diwl ¢osls and shared ¢osls. including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allocated direclly to Ihat activity. Expenditure on charitable activities is incurred on directly undertaking the a¢livilies which further the Charity's objectives, as well as any assoclaled support costs. Grants payable are Charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised a5 expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions whKh have not been mel al the year end are noted as a commitment. bul nol accrued as expenditure_ All expenditure is inclusive of irtecoverable VAT. Page 9 THE WAYLANO PARTNERSHIP DEVELOPMENT TRUST IA Company Limlt¢d by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Accounting poli¢i6s Icontinu•d) 2.4 Int¢re$t receivable Interest on funds held on deposit is induded vthen re￿1vable and the amount Can be measured reliably by the Charity.. this is nomally upon notification of the interest paid or payable by the inslilulion with whom the lunds are deposited. 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 01 more are capitalised and recognised when future economic benefits are piobable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. After recognilion, under the cost model, tangible fixed assets are MeaSu￿d al cost less a¢cumulale