COMPANY REGISTRATION NUMBER: 03901677 CHARITY REGISTRATION NUMBER: 1082208
Flavel Centre Trust Company Limited by Guarantee
Financial Statements 28 February 2021
THOMAS WESTCOTT
Chartered accountants Petitor House Nicholson Road Torquay Devon TQ27TD
Flavel Centre Trust Company Limited by Guarantèe Financlal Statements Year ended 28 February 2021 Pag0 Ttu$tees' annu81 rewjrt lirrniporating the direct(s rspc¥ti IndepeThknt eK8mineVs r8P¢Xt to the trustees Statemant offin8nual a¢ties(l¢ludhng Inccne and exnd11y 8CCA)untl Ststement offtnanctal positpy) Notes to the finanoal statemants 10 Th• following pages do not fomi part of the finan¢ial statements Oetsiled statement of financkal %tiwttes
Flavel Centre Trust Company Limited by Guarantse Truslees, Annual Report (Incorporating the Dlrectorfs Report) Year ended 28 February 2021 The ttustee5. who are also the directors for the purp05•s ol company w, present thèir rgp)rt and Ihe unaudrted fina1 statem8nts of the charity forthe year ended 28 Fethary 2021. Rafvren¢e and admlnlstratlve detail$ Registered charlty nam• Flavel Ctrntre Trust Charfty reglstratlon number 1082208 Company registration numb8r 03901677 PrI1paI offie• and registered Flavel Place offic• Dartrnouth TQ6 9NO The trustees P Conisbee Ichairmanl P R Jthnson {Treasurerl L Ellwood H A Deakin J Iker l Mccall J Logie F Davidson G J waer CJKe8n K Hales J Wilsc {R8shJned 1 November 20201 [R•snad 12 April 20211 (Restrjned 12 April 20211 IResTrJned 2 Marth 20201 Company s•cr&tsry G J Walker Operations and financ• manager L Turn*r Artlstic development manager H Roberts Independent examiner S R Smith FCA TlY)mas W8Stcott Chartered AccoiinlHnts Petitor House Nicholson Roa Torquay Devo TQ2
Flavel C8ntre Trust Company Limited by Guarantee Trustees. Annual Report {In¢orporating the DireGtols Report) fconlinuedj Year ended 28 February 2021 strudurg. govgrnanco and managem•nt The charity's goveming document is by way of Ihe Memorandum of of Associ8tion aThY it is company limV(ed by guarant8e. The trustees recognise that tt)èy are responsible for the good standing ol the Trust, the safe management of its assBts, the strategy for its future developrTrent and all key pojiy d8c15icS. The ft)Ilowing Gomtniltees have forrnally rep)rted 19 and provided support to the Board durlng thg period. Directory and Tru8tee8 The directors of the charitable company lthe TnJstl are its trustees for thè purposè of charity law and throughout this report are collectively referred to a5 the truste85. The trustees. who a also Ihe appointed charity tnjstees, have control of Ihe charty and It5 property and funds. The number of trustees must con515t of at least three, but not rn1e than twelve Individuals, all of whom mLSSt be members_ Membership of the Ttust rs open to any individual Of organisation intet85l8d in prornoting its oblts and who applies to and Is apF*oved by the biJslees. The Lrustèès WIK) Served duri the year are listed on page 1. In accordance with the Articles of association. one third of the Board of Trustees relired at the annual Retirement meets.ng on 21 September 2020 and offered thems8lves for r8-election. John Alker, Pèter Cmisbee and Jeremy Logie were duly 818Ct8d. lain Mccall, Lindsay El¥00 and C8cilra Keen retire by rotstion at the 2021 Annual Meeting on 8th July. The Injstegs [1ve no rerlluneration or benefits. Management Commill Chaired by a trusteo. cornpristng four trustees and two Sen)r managers, Ine Committee's nCtion is to oversee the day to tlay op8ratioll and management of the Trusys activrties ID accordance with the general strategy. princip5 and policy and specifi¢ instructions and decisions of the Board. It meets rnonihly or more freqLJenlly as necesshry. Flavel Communlty Forum Iform8rly th8 Fla¥¥l MaDagemont Advisory Committ991 Ch8ired by a trustee c0rnpri51g other trustees. representat'ves of management, local 8Uthorities and community stakeholder groups. thls committee sèrves as an advisory and 5LlPPOrt group for thg trustees with respect to the overall acfivib.es of the Trust in the contèxt of the community. It meets two or three tim8s 8 year as appropriate. Owing lo the pandemic no maètings have been called of Ihis group. Conipliai)¥¥ Commlttoe Chaired by a twstee and tomprising five other trust88s and the Gener81 Manager, this committee reviews compliance by the Trust wilh ils legal, contractual and gov8rnancè otAigation5 and responsbilities.
Flavel Centre Trust Company Limited by Guarantee Trustees. Annual Report Ilncorporating the Directorfs Report) {coRlinuedl Year ended 28 February 2021 Fundralsing Committee Chaired by a trustee and cotnprising at least three other trustees and ad hoE tnember5 from tirne to time, this ¢ommittea 255iSts Ihg boaTd with fvnOr£ising Inrtiatives and ath"vities. Flnance Committee Chaired by the Treasurer and comprising at leasi two othèr tru5t8es and th8 Gelleral Manager. this cofflrniite8 is responsible for budget pparat)rn and Iinancial management policy. Mgmbership committee Chaired by a trustee and composed ol trustees an¢Y Fnembgrs, tre committee is resty)nsible for the cruitment of new trust8es and members. New trust8es r8cewe a briefing on their legal obli98tions ur¥Jèr charity and company law. the content of Ihe Memorandum and Articles of Association, the Committee atxl decision-making processes, the business plan and recent financial perforaTr of the charty. whilst also meeb.ng key gmployees. They receive cop$ of all goveming (locuments and aGYeed polKies. Risk Management Policy Th• Trust und8rt8kès a Six-monthty risk rev. The tnajoi risks lo which the charity is exposed have been rgviewed by the trustees duTlThJ the year. The major opportunities and risks or threat5 to Ihe continuance of Ihe trust's operations have been KlentTrfed and systems estsblished where possible to mrtigate the risks. Reserves Poli At least annually, th8 Trust reviews ifs reseryes and wkIng capital réquir8rllents in d8tail. Most of our major capital equipment is ov&r tèn yèarn old and much of rt will need placement during tre next ten year5. The Twsl has carried out a comprehensiv8 r8vl8w of replacement costs and lrfelimes of major assets. Meanwhile. the Trust aims to trsnstEr any surplus each year to the Asset Replacement Fund with the long-term aim of amassing a funcl sufficient to replace all our assel needs. Since the advent of the coronaviru5 pandernic and the temporary cltssure of the F13vèI, thg Irust8e5 hav8 recognised that the Asset Rep1arnent Fund will need io be called upon to pay operational expense5 whil• the busines5 recovers. This wdl be limited and with the lull agreement of the buard lo b8 CfirMed at its bi-monthly meèDnq$. Plans will be put in place to replace any use(J SerVeS as soon as this is viable. Inv8Stment Policy The Trust do85 not hold any inveslrnents other than in the form o15hort rtic& bank dew)sit accounts. Objectives and activitie5 In settin9 the otrty'ectives. acti¥eS and planning. the trnstees of the charty have given careful consideration in regard to Ihg Charily Commission's guidance on public benefrt. The Tru5t'S Pfimary purpose 15 to provide the facilibes of a cornfflunily wls centre at Dathouth. Devon. in order to PTornol¢ th8 advancernent ot education, in the performing arts in all forms including film, music. theatre and talks,. and by pr()Vi510n Df space for a public library and assOated facilities. The F18vel Centre also provides rneeong and functlon rootns, together with assoaated catering f8olib98, to meel the needs ol local societies and indivHJual5. The Tru3Vs objectives in Ihe year In pursuit of its rnary aims were to offer an attracts.ve range ol eV8nts and films with a hwJh 8dLrAiona ¢ontsnt at a¢sIble prices to 8 wide range ol a9e groups aThd social backgrounds.
Flavel Centre Trust Company Limitèd by Guarantea Trustees. Annual Report {Incorporating the Director's Report) (eonllrtu•dJ Year ended 28 February 2021 Chaimian's Report- Aehiev•mènts and perfonnance The 202012021 financial year will be rervembered as the year of the Covid 19 panL#emlc and in common with most Arts and Culture venues around the country, Th8 Flavel has been cjosed for much of the y9ar. Only open for a total of 9 weeks out of 52, and then badly affecled by the social distancing restrictions. Thi5 has not Dnly affèct•d our film and Iwe events programme. but also the Café. rneeung room5 and classes plus the bar and relreshrnents. Only the library remained open on 8 very limited basss and with severe restrictions in plaee. Our total ti¢ket sales for the year arnounted 10 2.012 against the previous yea¢s total 0119,914. and of the 2.012 lickets sold, marny were for events that wem s¢JbsequentJy carKg11gd or postponed. We have however received considerable financi81 support during the year Isee belowl. Mosl of our staff were lurfoughed or part furfoughed during the year under Job Retention Scheme. and we also r8ceived a number of government grants. In addition. as a res of our fundraising efforts. we received onsiderable and generous financial support frofn Flavel Friends and other patrons to whom we are 8xlrernely grateftjl. All of these tsctors contrfbthÉd to our financial position in a very positive way. Our staff have been extremely supportive and und8f5iarin9 during what has bgen a difficult time for thern, wth a mrx of furtwgh wcKking from home. Arter è turbulent previous year with staff. the leadership t8am of Lesley Tumer as Operaknons Managar. and Hannah Roberts as Artistic Development Manager has worked well, and met with the Management Committee at Tegular inlervals. The Flavel building of course has been maintained and checked on a routine basi5 during the year and we have maintsined contact wrth both st8ff, volunleers and patrons through re9uLar updates vi8 8-fflail. The Trustees InCaSed the frequency of their Trustee meetings during the pandemic to monthly instead of bi-monthly, and met via Z4Jorn a5 8 result of the social distancing restrictions. The M8nagernent Committee met at 9St tsn a month, and a number Df Trustees volunteered to carekke the building whilst the library was open. Lwking ahead the main challenge is to retum to and possibly irnprove on, our prgvious trarfing pOSitTr. Followin9 the r8opening on May 171Th the aim is to begin with a limit1 programrne under continuing r¢strictions while we hopefully rebuild ihe confidence ol our audien5 by demorlstrating that we will be putb.ng on an excitlng progrgmmÈ in a Covid secure environment. Our live events piogfamme will begin in September which hopefully will allow time lor restrictions to be compktely litted. We know that it wll take time for audience confidence lo retum and that the 202112022 year will be extremely challenging. After Caful consKl8rattDn the Board of Trustees Mave agre?d an appr08ch which invests in retuming Dur staffiru to pre-pandernic levels, so that we can bring resources to bear on programming and markeb.ng and improving areas such as meetiro room incorne. The target is to bring our trading in(we back in lir¢e with pre-pand8mic levels during the aulurm. Although we ar& likaty to maké 810ss during the year because ol limited income during first six months, we hope to b8 able to confidently demonstralo that by the end of the year we can see a clear path lo Fift¢11 siabdrty lor future years.
Flavel Centre Trust Company Lirnited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (conlinueLII Year ended 28 February 2021 Treasurer's Report. Financial revi8w The Flavel closed for the firsi lockdown (M 16th March 2020. jusl a couple of weeks into the financial year. There was no doubt that the outlook at that point Was very uncertain at best. Over the fitgt lew weeks ol the pandemic the Board w8r8 V8ry ffluch aware that we needed io put in place a financial Strategy which was aimed 81 minirnising wh8t 8ppèÈred to be inevitable signfficant lossés. The kay elemenls thal ernerged were that we needed to lak8 advanta98 of all govemmenl grants, rnaximise our use of e Job Retention Schetne. manage down our cosls, especially on salaries and launch a ndiThJ diivp. The ev8r-pr85ent uncertainties 0¥8f reopening throughout the year rnad8 forward klanning extremely difficult and because of Covid reslnctlons, our rèduc8d sèats.ng capacity mlèd out Ilve events and many of our regular rneen9 room LtskIng$. As it W8s after the ènd of both Ihe first aThl second shLrtdown we were able to open. but with very rèstricted audiancès go our Income in tt)è 9 weeks in ts1 we were open was very litnlled. We weie also the vtiirns of rn?naging gur financ¢s effe¢lwely in the past. Although we were able tD take aLlvantage ol direct govemment funding for business interruption. w8 were not eligible for the substantial pot of money distributed through the Arts Council because of our levels of reserves. However. our fundraising drive was party'culady efFeclive th £45k being raised in (knn8bons. The sumrnary of the finances for the year was that our trading incorne Is8les less dir8Ct Ix)sts such as artist f•esl fell from £147.2k in th& previous y8ar to £28.6k in 2020121. Our eXn58S lell trorn £227.5k to E165.7k Inot including deprecialionl and our n(-tradIng income rose from £65.k to £155.1k lilUdIng govemment business grants and Job RetentKsn Scheme). Our efforts result8d in a SU Iu5 being achieved for the year of £18k not including depreciation_ There was an additional c8Pit81 expenditure of £2.6k leaving a surplus of £15.4k for transfer into reserves. Thi5 was a very pleasing result in the light of the situation we We facing. The main FX)int being Ihat as we entered thè new financial year, we were in a muth better financial position than we could have imagined at the beginning ol e pandemic, which puls us in 8 stronger position to rebuild. As outlined in the Chairrnan'5 report 8bove. Ihe new financial yÈ8r presents n fact a bger challenge. Allhough we have r8C8iv&d one further government grant of £12k. the investrnent in staff we need to hdp build back the busiNess mean5 we have limited opw)rtunity for continued use of the Job Retention Scheme and we eypect all govemment support to end in Septernb8r. However. our r8serves remain strong, helped by the SUTplus from the PTevious year and hopefully our audiences and building users will return to prtrpandemic numbers.
Flavel Contre Trust Company Limited by Guarantee Trustees. Annual Report {In¢orporating the Directorfs Report) (rontinuodl Year endèd 28 February 2021 Trustees. re8ponsibilitSes $tat8fflent The trustees. who are also director5 for the purposes of company law, are spOnSIble for preparrng the trLislees' report and the finanual statements in accordance wrth applicable L3w aiid United ngdom Accounting Standards (United Kingdorn Generally Accepted Accountsng Prath'1. Company law requires the charity Iruslees Io Preparè fin8ncial stalemenfs for each year which give true and fair view of the state of affairs ol the charitable eompany and the inwming resources and application of resource5. incluthng the incotne aTrJ expeNdrtU, that period. In preparing thw finantial statements. the Irustees are requiied to.. seled Wilab acrwnting 1leS then appty them consistently,. observe the method5 and principlès in the applicable Charitres SORP-, make jtNJgFrRnts and accounlrng estInte8 that 81È reasonabk and pru(*nt." wepare the financial sialements on thè wng concem basis unless it 1$ inapwopri8te to presume that Ihe charty will continue in busines5. The trustees are responsible for keeping adequate ac¢ounhng records that are sufflci6nt to show and expkin the charity's transaction5 ar)d disclose wth r8asonable accuraey at any Ime the financial P05ilion tsl th8 charity and enablc them to ensure that the fTnancial slalem6nts comply with the Companies Act 2006 They are also responsible for safeguarding the asset5 of the tharity and hence for taking aSOnable Steps for the weventDn and deteclron offraud and olh&r iriegularities. Events aftgr the end of the reporting period Particulars of 8vents after the reporhThJ date are detailed in note 24 to the financial ststements. Small company provisions This report has been prepared fft att0[dan with the I0VISionS applicable tts o)mpanie5 entrtled to the small companies exemption. The tnrstees. 4nnual report was approved on .......... Itustee$ by.. and svJned on behalf of the board of P Conlsbee Ichainnanl Trustee
Flavel Centre Trust Company Limilad by Guarantee Independent Examinerfs Report to Ihe Trustees of Flavel Centre Trust Y9ar endgd 28 February 2021 I report to th8 trustees on ffly 8xafflination of the financial slat8mgnts of Flavel Centre TrLtst I'the arrty'l for the year 8nded 28 February 2021. Responsiblllties and bas[$ ot rèport As the trustees of the cofflp8ny land akn its diredors for purposes of company lawl you are sponsible lor the pparat.0ft of the financial *alernents in aordanCe with the requirements ol the Companies Act 2(X)61'the 2006 Aci'l. Having satlsfied myself that the aooounls of the company are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examFnalion, I report in SPeCt of my examinatfi of the charity's aiLounts as carried out under 5ects.on 145 of Charili8s Act 2011 1.the 2011 Act'l. In carrying out my examination I have loll¢Jwed the Directions given by the Charity Commission under section 14515llb} of Ihe 2011 Act. Independent gx•miner's 5tat8ment I have MPleted my examiiation. I confirm that no matters have come to my aitention irb connection with Ihe examination givirbg me cause lo believe-. acu)untin9 reix)rds were nol kept in respert of the chaty 85 required by section 386 of ihe 2006 Act.. or the fin8ncial statements do not accord those records". LY the fin8na81 statèments do not comply th the accounting qUIrementS ol section 396 of lh8 2006 Act Dlh8r than any rgquirgfflenl that th8 accounts give a 'lrue and lair, which is not a matter considered a5 part of an independent examinats'on.. or the financial stslerrents h8ve not been prep8red in 8co)rd8noe with the tneth(KIs 8nd piinciples of the Staternent ol Recommended Practsce ft)r accounting and reporting by ¢harit5 applicable lo charities preparing their accounts in accordance wth th8 Financial R8porting Standard applicable in th8 UK and ReputAic of Ireland IFRS 1021. I hav8 no conc8rns and have corne acr055 no oth8r matter5 In connection with the examination to ich attention should be drawn in ihis report in order to enable a proper understanding of Ihe accourls to be reached. S R Smith FCA Independent Examlner Thomas W8Stcott Chartered Accountants Petitor House Nicholson Roa Torquay Devon TQ2 TtD
Flavel Cantre Trust Company Limited by Guarantee Statemenl of Financial Activities (including income and expenditure account) Year ended 28 February 2021 2021 Restricted lun¢Js Total funds Total funds 2020 unStn"cted funds Income and endowmonts Donations and legaeies Oth8r tr8ding activitS Inve5tsH8nt incorne 154,956 37,567 164 154.956 37.567 164 65.199 261.757 270 Total Sncome 192.687 192.687 327.226 Expendlture EXpendIbJ on r815ing funds.. Costs of other trading lI¥[tIeS Expendiiure on thawrtablg aclNilies Total expenditure 181.634 2.895 20,984 202,618 2.895 374,057 5.096 184,529 20,984 205,513 379.153 Net expèndlture and net movement In fund5 8,158 120,9841 112,8261 151,9271 Reconcillation of funds Totsl ftjnds brought forward Total funds carri•d foryfard 753,749 917,940 1.671,689 1,658,863 1.723.616 761.907 896.956 1.671.689 The statement olfirydnaal activitS indudes all gains arKI hJ55es reced in the year. l income and expeThJiluie 1ve from Gontinuing activities. Tho not•s on paps 9 to 19 form part of financ•il 5tat4Tn¢nts.
Flavel Centre Trust Company Limlted by Guarantee Stslgment of Financlal Position 28 February 2021 2021 2020 Fixed as$•ts Tangible fixed assets 15 1.488,513 1,516.764 Cufrent assets Stocks Deblors Cash at bank and in han(1 16 17 2,101 15,805 182,718 2.876 15,240 204,621 200,624 222,737 Credltor¥- amounts f•lllng due wlthln one year Net current ass•ts 1B 30,274 67,812 170,350 1,658.863 154.925 Total assets less cvrrent liabilities 1,671,689 Net assets 1.658.863 1,671.689 Funds Cf the Charfty ReStrted fund3 Unr8stricted tunds 896.956 761.907 917,940 753,749 Total charlty fund5 1,658.863 1,671.689 For the year ending 28 February 2021 th8 charity was entitled to exewnption from audit untjer sectio 477 ofthe Companies Act 2006 relating to sm811 companies. Directors, responsibilities". The m6fflb8rs h8v6 nDt required Ihe company to obtaln an audit of ts finanaal statgments for the y8aT in question in accordarKe wilh section 476", The direclors acknowledge their responsibilitS lor comptyt'ng with the requirements ol the Act with respect to accounting records arvj the preparation or rinancial stalemonls. These financkal slatements hav¢ been prep8red in accordance with the pl0s1o$ Applicable to companies subjecl to the small companie5. regiine. Ih se linancial statements were approved by board of trustee5 and aulhorised for issue o S4>....:..Z.1.. and aTe signed 01) behalf of th8 board by.. P R Johnson (Treasurer Trustee The I86 on pagos 9 to 19 fom) part of IhÈs¢ financial ststements.
Flavel Centre Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 28 F8bruary 2021 Gèneral Informatlon The Eharily is a public benefit entity and a private Company limite(I by gu8r3ntee, registered in EngL4nd and Wales arKI a registered charity in England and Wales. The address of the Tegistered offic8 is Flavel Place. Dartmoulh, T06 9ND. Devon. Stai?rn¥nt ot ¢omplian¢e These financial statements have been pf•par*d in compliance with FRS 102, 'The Financial Reporting Standard applicable in Ihe UK arKI the Republic of Ireland., the Statement of Recornmended Practi applicable lo chaiib.es preparin9 their acctyJnts in accordance with the Financial Reporb'ng SlaThJard applicable in the UK and Republic of Irdand IFRS 1021 Icharities SORP IFRS 10211 and the Companies kt 2006. A¢countlng poli¢ies Cash and cash equivalents Cash is represented by rash in hand arml dep05it5 wlth flnana81 kn5Itutions paYable wilhout penalty on notice of mts than 24 hours. Cash equivalents are highly liquid investments that malure in no more than three months from the dale of aequlsition and that are adity convertible to known arnounls of cash wlh insignificanl risk of change in value. Basis of Pfeparation The finaneial statements have been PParely on the historical cost basis. as m(xlified by the revaluatn of certain financial assets and liabilities and investment prortieS measured al fair value through income or expenditure. Th? finoncial statetn8nt5 8r8 Prepad in sterling. which is Ihe functioral currèftty of thè entity. Golng concern The are no material uncertainties abt the charrtls abirty to continue. Drsclosure exemptions The entity satisfies the criteria of being a qualifying enlity as defin8d in FRS 102. A5 such, advanlage has been taken of the following d15closur8 exernptions availab und8r paragraph 1.12 of FRS 102. not to present a Cash flow statement. 10-
Flavel Centre Trust Company Limited by Guarantee Notes to the Financial Statements [¢ontsnued) Year endÈd 28 February 2021 AccouTrEing policiès feortlnu8dl Judgements and key sources of estimation uncertainty The preparation of the financial ststements requires management to rnake jud9ement5, eslimales and assumptions that affect the amounts reported. These estimates and judgements are continually revi8wed and are based on experienc8 and other factor5, including exp8CtatvJns of future events that are believed lo be reasonable under the circumstances. Significant judgèments The judgefflenis (apart from those Involving estimations) tha( management has made in the proce55 of applying the entivs accounting ptslicies and that have the most significant effeci on the arTh)unts reo)gnised in the financial slatements are as folh)ws.'- None Key sources of estimation uncertalnty AOtI[vj ests"mates and assumptions ole made concerniThJ the future and, by their Thatu, wll rarely equal the related actual outcome. The kEy $suMp"0ns and other sources of eslimatson uncertainty that have a significant risk of causing a material adiustmenl to the carrying amounls of assets and liabilit185 Within the next financial year are as follows'_ Deprèciation Fund a¢¢ounting Unrestrieted funds arè available for us8 at the dlscretion of thè trusteès to further any of th6 charity s purposes. Oesignated funds are unrestricted funds earmarked by the tnjstees lor pariicular future project or commibrent. Restricted funds are Subjected to restrictions on their expenditure dea by the donor or through the terms of an appeal. and fall Into one of two sub<lasses.- restricted incorne funds or endowm•nl funds. 11
Flavel Centre Trust Company Limited by Guarantee Notes to the Financial Statements (wntiw¢dl Year ended 28 February 2021 Accountlng polleiès {eLvrfyrw Incoming r$sou5 I IrKotllillg resources are included In the stxlement of financial activities when entiuement has passed lo the tharily., il is probable that Ihe economic benerrts assOated with the lrans8cts.on will ftow 10 the charity and the amount can be reliably measured. The lollowing specrfic policies a applied to particular categories ol ineorne". Income from donations or grant5 15 recognised when there is evidence of entitlemènt io the gift, receipt is probable and Its amount can be measured relièbSy. legacy incom8 18 ragnised when receipt is probable and entitlement Is estsblished. IDcorn8 from donated gwds is measured at the fair value of the goods unless this is ImpractieAI to measure rellably, in which case th8 valtje $ derived from the cost to the donor or the esiirnated resale value. Donated facilit1è5 and s@rvicÈ5 aré recognised in tl]e acEounts when r1Ved if the value can be reliably measuied. No atnounts are included for the contribution ol gèntral volunteers. income from eontra¢ts for the supply of services is r8cognised with the delivery of the contracted service. Thi$ 1$ dassified as unrestiict8d funds unless th8r8 is a Gontraclual requiremenl for it to be spÈnt on a particular purFrtJs8 and returned rf LJnsP8nt. in which casè it tnay be r>garded as restricled. Resources expended Expenditure is recognised on an accruals basis as a liabi1ty is Incuired. Expenditu Include3 any VAT which cannot be fully recovered. and is classified undef headings of Ihe statemerbt of finmncial activities to which it relates= expenditure on iaising funds incJude5 the costs of all lundraisirg activities. evenis, non-¢haritable trading aciivitlg5. arKI the sale of donated goods. expenditijre on charilable activities includes all costs Inrred by 8 charty in undertaking activrties that further its charitable aims for the benefit of it5 ben8ficiaries. including those supptyi $ts and c$1$ relab"rvJ to the govemance of Ihe tharty èppthoneil to charitab activities. otrEr expenditure tncludes all eKpenditure Ihat Is neither flated to raising funds for the charity nor part of its expendilure on charit8b activities. Al ¢xyJls are allccoted to expenditijrp ratp.gnrip,s rp.fle.cling thp use of the rosouice. Di[1 cus15 attributable to a single activity are allocat8d direclly to that activity. Sharf¥l arp appotboned between the actlvlt188 they contribut8 to on a r8a50nable. iustsfiatAe and coiisislvnl bdsis. Tanglble ass Tangible assets are inrtially recorded al cost. and subsaquantly stat8d 8t C051 185s any a¢Gutnulated depreciation and impairment losses. Any tangible assets Carried at wevalued amounts are recorded at the fair value at the date of revalu8tson less any subs8quent accumulated depwialion and subsequent accumulated impa1[nt losses. 12
Flavel Centre Trust Company Llmtled by Guarantee Notes to the Financial Statements (conllrtuedj Year ended 28 February 2021 Accounting policies Ictsnlrnuèdl Tangible awts (continued) An increase in the carrying amount of an asset as a Tesu5t ot a revaluation, B re(x)gnised in other recognised gains and losses, unless rt reverses a charge for impaiment Ihat has previously been recognised as expenditure ¥wthin the slalement of financial activities. A decrease in the carrying amunt of an asset as a sU11 of ValUatIon. is r6cognis&d in other recognised gains and losses. except lo which it oftsets any previous ValUation gain, in which case the loss is shown within other cOgnised gains and losses cn the statement of financial activit4es. D•prgclalion Dep¢18n is calculated so as to write off the cost or valuation of an asse( less its re5¥Iual value, overthe useful economlc life of that asset as follows.. Land and buildings Fixlures, fftongs and equlpment 1% straight line 10% - 50% Straight line Impairmerrt of fixed a55•ts A review for indicators of impairment is carried out at each replIng date, with the recoveratsle amount being estimated where such indicators exist. Where the carrying value exceeds the reCOverae amount. the asset is impaid accordinoly. PrKJr impairments are also reviewed for possible rev8rsal at each reporbng date. Stocks stocks are measud al the rower DI cost and estimated selling pric8 costs to wnplele and sell. C05t indudes all costs of purchase, Costs of ¢cvers1On and other costs iThxrred in bringing the stock to Its pSent location and condition. Government grants Government grants are recogniseo at the frarr value of the a55et rèceNÈd or receivatrlle. Grant5 are not recogni5ed until therè is reasonable assurance that the charity will ¢otnply wrth the conditions attaching to them and Ihe grants will be received. Where the grani does not Smyjse spectfied futurè perfomiance-related ¢Dndih"on5 or¢ the recipient. it 18 recognisod in in(K>tne when the gr8nt proceedg 8 roceived or Te¢eiv8ble. Where the gr8nt does IrnPDse specihed future pertorm8nce-rel8ted condilrons on Ihe recipient, il is recognised in income wly when the pertomance-relaled conditions have been met. Whpre grants received are prior to satislying the revenue recognitlon criieria. they are recognised as a liabilrty. 13-
Flavel Centre Trust Cornpany Limited by Guarantee Noles to the Financial Statements fcoJytin¢Kdl Year ended 28 February 2021 Aeeounting pollcles Iconunuvdj Flnanclal instruments A ff nancial asset or a financi81 liabilty 1$ recogni58d only when the entity becomes 8 paty to the CDntr8Ctual provisions of the instrumenl. Basic financial instruments are initially recognised at the amount re¢eNable or payable including any relaled tran5actlQn CDSts, unless the arrangement consttutes a financing transaction, where it is recognis8(l at thè Psent value of the future paymants discounted at a martet rate of Inte$t for a similar debt iftstrumenl. Current assets and curreni Ikqbililies are subsequenuy measured at the cash or other consideration expoctad to bg paid or reiVed and not discounted. Debt in3tnJments are subsequently measured at 8mortised cost. Defined contributlon plans c£IrIbUtIOnS to defin&Y contribution plans are recognised as an expense in the pertod in which the related serwic• 15 provided. Pr¢paid Gonlributions are recognised as an asset to the extent that the prepayment will lead to a ductIon in firture payrnents or a cash refund. Llmit8d by guaranloe The Flavel Centr8 Trusi is a company limited by guarantee and accordingly does not have a share capital. Every member of the eompèny undertakes to contribute such amount as may be required not to exceed £10 lo the assets of the ch3ri1able company in the event ol it being wound up while hè or she is a rnember. or within one year after he or she ceases ID be a member. Donations and laga¢ig$ Unrestricted Total Funds Unrestrtcted Total Funds Funds 2021 Funds 2020 Donations DDnations Friends ol Flavel Fundraising GiftAid 45.034 12.218 49 7.425 45.034 12,218 10.391 18,031 13.941 7,836 10,391 18.031 13.941 7.836 7.425 Legacios L&Jacie¥ 12.000 12,000 Grants Hadley Trust G¢)vernm8nt grant 10,000 68,230 10,000 68,230 15,000 15.000 154,956 154,956 65.199 65,199 14-
Flavel C8ntra Trust Company Limited by Guarantee Note5 to the Financial Statements fGonlinOOj Year ended 28 February 2021 other trading actlvities Unlestricted Total Funds Unfftstri¢ted Total Funds Flbnds 2021 Funds 2020 Trading incorne Oevon County Council Ilibraryl 22,573 14,994 22,573 14,994 37.567 244.649 17,108 244.649 17,108 37.567 261,757 261.757 Invgstm¢nt income Unrestiicted Total Funds unrestn.cted Totsl Funds Funds 2021 Funds 2020 Bank interest rEcvabl& 164 164 270 270 Costs of other trading aGtiviti8s Th¥ costs under re5tiicted fvnds r&lat8S to part of the depreciation Charge for tho year. Unrestricted FndS Restricted Total Funds Funds 2021 Costs of other trading activities (see page 231 181,634 20.984 202.618 unCt8(1 Funds ReSt8d Total Funds Funds 2020 Costs of other trading acbvibeslsee page 231 353,072 20,985 374.057 EXPendre on charitable acdvltbes by fvnd type Unrestricted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 Support costs 2,695 2,895 5,096 5.096 10. ADalysl$ of support costs SupFM)rt cos15 Total 2021 Tolal 2020 Insurance Legal and professional fees Office expenses Independent 8xaminerfs fee 958 35 958 35 1,278 1,804 1.852 1,852 1.964 2,895 2.895 5.D96 15-
Flavel Centre Trust Company Limltsd by Guarantee Note5 to the Financial Statements fconlinued) Year ended 28 February 2021 11. Net expendlture Net expendthre Is sta19d after ChargIn(creditingI-. 2021 2020 D8preaation of tangible frxed assets 30.888 37,101 12. Independent examinalion fg0S 2021 2020 Fees Payab to Ihe independent 8xarniner for'.- Independent examination ol the flnanckgl statemènts Other financial services 926 926 982 982 1,852 1,964 13. Staff costs The total staff costs and ernployee beneffts for the reporting ptsriod are analysed os follows.. 2021 2020 weS and salarre5 Sooal seoJrity costs Employer contributions to pension plans 96.484 3.697 610 117.192 5.114 1.989 100,791 124,295 XVÈfdgé hé8d count of employees during the year was 512020.. 81. The rag& number of full-time 8quivalent employees during Ihe yew is analysed as follows.. 2021 No. 2020 Number of staff - admini5trath)n No employee receivèd employèè beneltis of m(*e th8n £60.CW durlno thè yèar12020-. Nill. 14. Trustee romun•ratlon and oxpen58s No rémuneration or Olher benefits froim empbyment wrth the charity or a relatad antty w8r8 rac8iV8d by th8 trustees. No IDJstee expenses We made during the y¢or. -16-
Flavel Cèntre Trust Company Limited by Guarantee Notes to the Financial Ststefnents f¢onlinueill Year ended 28 February 2021 15. Tangibl• fixed assets Land and Fixtures and buildings fittings Total Cost At 1 March 2020 Addillons 1,713.921 335,957 2,617 2.049,878 2,617 At 28 F•bruary 2021 1.713.921 338,514 2.052.495 Dopreciation Al 1 Maich 2020 Charge for the yèar At 28 FÈbrnary 2021 Carrying amount At 2B February 2021 At 29 February 2020 225,456 15,040 307.658 15,828 533.114 30,868 563,982 240.496 323.486 1.473,425 15.088 1.488,513 1.488,465 28.299 1,516.764 16. Stock5 2021 2020 Drink5 and confeciionery 2.101 2.876 17. Debtors 2021 2020 Trgde d8bti)r5 Prepaym8nls and acuue(l incorne Other debtors 6,376 7.277 2,1S2 9.248 5.451 543 15.805 15,24Q 18. Crédltors.. amounts f8111rtg duè within one year 202t 2020 Trade creditors Accruals and doferr8d incorTrE Soaal security and other laxes Other crtsditors 11,184 16,844 2,246 29,714 32,737 4,757 604 30.274 67,812 17-
Flavel Centre Trust Cornpany LimitÈd by Guarantse Notes to the Financial Stalements (contsnuedl Year ended 28 February 2021 19. O¢tsrrgd income 2021 2020 knount deferred in year 8,899 23,102 Deferred income reLates to advanced ticket sales and evènt botsklngs. 20. P•nsions and other p05t retirement bgneffts Defined contribution plan$ The amount Tecognised in income or expenditu as an expense in relation io defined Contributi plans w85 £61012020.. £1,9891. 21. Gov6rnment grants The amounts recogni5ed in the financial statemenls for govemment grants are as follows.'- 2021 2020 Recognised in incx)me from donations and legacies.. Govemment gfants Income 68,230 22. Analysls of charltsble funds Unrestricted funds At 28 February 2021 At 1 March 3020 Income Expenditure Unrestrrted Funds 753,749 192.687 1184,5291 761,907 At 1 March 2019 29 Fèbru8ry 2 020 Incorne Expendituie UnrgstrKted Funds 784,691 327,226 1358,1681 753,749 The UnstrIcted fund patNy rpprp.sEnls Bpftrifir. Qrant frnm lor31 aiithnrili8s and d()nafinns towards the building costs of the Flavel cent and rtu¢ed by depre¢iation on an annuas asis. The available fuThJs are held foT working capital if income fallg significantly, for IT equipment upgrdde, improvamènts to th9 re¢eption ar8a and the balance is for future building repalrs. 18-
Flavel Cèntre Trust Company Limited by Guarantee Notes to the Financial Statements Iconthued) Year endgd 28 February 2021 22. Analysi5 of charitable funds (ntInol Resirictsd funds At 28 February 2021 At 1 March 2020 Income ExpeThJiture Restricted Fund5 917.940 12D,9841 896,956 At 29 February 2 020 At 1 March 2019 Income ExpenditUTe Restricted Funds 938.925 120.9851 917.940 The restricted fund represents specific grants from Ioc81 authorities and donati¢$ towards the uilding and equipmerit costs of the Flavel Centre and is reduced by depcIatIon on an annual basis. 23. Analysis of not assets bolween funds Unrestricted Funds Reslricted Total Funds Funds 2021 Tan9ibltr fixed assets Current assets Credilors less than 1 year Net a5sgts 591,557 200,524 130,2741 761,907 896,956 1,488,513 200,624 130,274) 1,658.863 896.956 Unrestricted Funds Rest¥*tod Total Funds Funds 2020 Tangible fixe(J assets Current assets creditors less than 1 year Net assets 598,824 222.737 167,8121 753,749 917.940 1.516.764 222,737 167.8121 1,671,689 917,940 24. Post balance she8t events At tho of Ihs linancial y8ar, the tharity was closed under a national lod(dovm due to the COVID-19 global pandemic. They have since reDpened lo the public ori 17 May 2021 under govemmenl guidan¢e. onsuthng Ihat all of the requtred procedures and restrth.ons we in place_ The dtssura and the continued restrictions WAI have a sigrnificanl impad on the inccvne of the charity and il is actively revi8wing the scenario evaluating the management actions to mitigate the effect to their operats"ons. They have adopted initi'atives to salegLJard the health of its people and acb'ons aimed at maintaining futurè operauonal acts'vbty. The repercuSsiS on any 0r adlusfrnents to the financtal staterrents are currently not determinable In light r>f the volalility of the scenar) and the continuou5 developments. Th&r8for•. Ihis wll b8 rnno(1gd in th8 2022 Ilnancial staternents. 19-
Flavel Centre Trust Company Llmlted by Guarantse Notes to the Financial Statements (conbnu•YI Year ended 28 Fobruary 2021 25. Rolated parth$ The trustees and key peOnnel are listed on pgJe 1. Théra S no rdaknj parly transacts'ons thjring the y8ar. -20.
Flavel Centre Trust Company Limited by Guarantee Management Information Year ended 28 February 2021 The f[owing page$ dc* no¢ fomi part ol th# financial statements. 21-
Flavel Centre Trust Company Llmltod by Guarantee Detslled Statement of Financial Activities Year ended 28 February 2021 2021 2020 Incomè and ènd<ets Donations and legacigs DatiOnS FrierKJs of Flav FU1raISIng Grftd Lagades Hadley Tiust GcNÉmm6nt gr¥nl 4S.034 12318 10,391 18,031 13,941 7.836 7,425 11000 10,000 68330 1S.000 154,956 65,199 Oth•r tradlng adivlties Tradlng income County C¢yJncil Ilibraryl 22,573 244,649 14.994 17,108 37.567 261.757 Investmertt incom• Bank intorest T1¥&e 164 270 Total incorne 192,687 327226 -22-
Flavel Centre Trust Company Limited by Guarantee Detailed Statement of Flnancial Activiti8S (contsnu Year ended 28 February 2021 2021 2020 Expenditur8 Costs of other tradlng actlvltlÈs Purchases Wages and sa18ri8 Employerfs NIC Pension costs Recruitment costs Water ratOS Light & heat Repairs & mainlenance Insurance Equipment leasing Telephone Office exp8nse8 Depreciation Stsff welfare and trainlng Adverbsing and pubficity Refuse collection Equipfflenl and improvements Licènt8S and subscriptions Cleaning Bank dTaiges Credit card charges Website and cornpuier costs Bad debts Suntjry 8xp8rise5 8,924 96,484 3,697 610 304 1.738 12.220 114,519 117.192 5.114 1.989 507 3.075 18,176 14,098 6.777 3,118 2,347 2,494 37.101 2,072 15,402 1.581 1,164 5.034 12,773 65 4.676 3.762 6.588 2,947 2,151 1,517 30,868 462 6.097 1,103 230 4,655 5,033 2,557 4,581 214 3,728 202.618 1,021 374.057 Expendliure on charitable activittes Support Gosts Insurance Legal and professional fees olfi èxpenses Independent eXarnin8T fee 95B 35 1,278 1,804 50 1,852 2,895 Total expenditur• 2115,513 379,153 N•t expgnditure 12.B26 51,927 -23-