OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

Charity registration number 1087766

Company registration number 04240017 (England and Wales)

CRANEDALE EDUCATIONAL CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

CRANEDALE EDUCATIONAL CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A W A Outhwaite Mrs M E Outhwaite Mr J P Midgley Mr R E France Mr R H R Innes Secretary Mrs M E Outhwaite Charity number 1087766 Company number 04240017 Registered office Manor Farm Kirby Grindalythe Malton North Yorkshire UK YO17 8DB Independent examiner David Walker FCA 124 Acomb Road York YO24 4EY Bankers HSBC UK Bank Plc 27 Market Place Malton YO17 7LU

CRANEDALE EDUCATIONAL CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8 - 9
Statement of cash flows 10
Notes to the financial statements 11 - 25

CRANEDALE EDUCATIONAL CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The trust 's objects are the advancement of the public benefit of education concerning the natural environment and knowledge of the living world.

The policies adopted in furtherance of these objects is the operation of an educational field centre. There has been no change in this during the year.

The general aims of the trust remain the education, mainly of children, through its field centre, in matters concerning the natural environment.

Objectives for the year were, as previously, the effective running of the field centre and the provision of high quality field courses and services.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Activities

The Charitable Trust is a market leader in the provision of high quality field courses and promotes its services to schools and colleges nationwide.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

Significant activities and achievements against objectives

On beginning the academic year 2022 - 2023 we appointed one new tutor to alleviate pressure on the tutor team, as well as appointing an additional tutor in January 2023 to replace another tutor who had decided to move on. Still, the tutors worked a high number of hours thanks to many more smaller groups (of 8 students or less) attending the Centre on courses and who wanted evening tuition. These small groups made up 10% of our income during this academic year.

With regards our income over the course of the year, we were slightly down on last year. This was expected, considering we had the lowest person days in the last 22 years at 11,220 which was 9% down from the previous academic year. We actually had more schools visit us this academic year (155 schools) than last year (153), but many of our same customers who normally bring tens of students were now bring significantly less than previous years. Cost of living likely a factor, along with the ‘hangover’ effects of COVID (increased anxiety/worry in the student population).

The two new buses made a difference to our fleet although the other vehicles continued to bring problems, possibly having been stood for such a long time when we were closed.

Spending was higher thanks in large part to the energy crisis (eg. electricity usually circa £10,000 pa but it increased to £54000 pa) which resulted in large bills for a few months. Fortunately these have stabilised and a new price was fixed in July 2023 on a 2 year contract. We also seized the opportunity to switch over all main lighting to LED bulbs (from the former eco-friendly bulbs) this to provide better lighting and reduced expenditure on bulbs and energy going forwards.

Our Catering Department required new fridge freezers, sandwich fridges and a commercial microwave as the ageing units were no longer operating reliably.

After a four year absence, we decided to exhibit at the Geographical Association Conference in Sheffield in April 2023. This being the major event of the year for Geography Teachers and a major advertising opportunity for the Centre. We had a great attendance of our own staff and benefitted from at least two new bookings which has repaid the cost of attending.

The cost of living and high working hours led to us providing two significant staff pay rises in September 2022 and April 2023 both to show our appreciation of staff and to assist them personally against inflation which in April 2023 was at circa 6.5%.

The Head of Centre’s vehicle, an expensive Diesel model (Suzuki Vitara) was part exchanged for a much more modern environmentally friendly electric vehicle (Hyundai Ioniq) together with installation of an electric vehicle charging point on the front drive.

Financial review

Reserves policy

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 12 month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised.

Total reserves are £ 46,024 (2022 £ 146,867 ) and therefore the current amount of reserves are less than the required amount although it is the intention of the trustees to continue to generate surpluses in the future which will be retained in order adhere to the policy.

Major risks

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees review the major risks which the trust faces on a regular basis with the trust's manager and believe that maintaining the trusts unrestricted reserves as above, combined with a regular review of the trust's finances and financial controls will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate any significant risks.

Plans for future periods

Although we would like to order another two minibuses to replace the two '66' plate minibuses the hit on cashflow is too great so we are looking to replace one per year, subject to lead time. Our fleet of laptops purchased circa 10 years ago are no longer fit for purpose and we have been unable to provide GIS sessions for our Geography visitors. Our hope is to invest in a new fleet of laptops which can be utilised for these sessions and allow us to offer more for our customers.

WiFi connectivity continues to be an ongoing problem with many teachers reporting this as an issue on their feedback forms. We are beginning to look at the different options for the Centre given that in summer 2025 all the BT lines are going across to digital. Technology has moved fast and we need to keep pace especially with the changing needs of visiting staff and students.

The planned large percentage increases in national minimum wage in April 2024 will result in massive increases in wage costs. It is also anticipated that some tutors will wish to move out of the village adding increased financial pressures.

Spending pressures have been high since reopening after the pandemic and the aim is that the charity is looking to rebuild our reserves back to a more healthy position within the next 2-5 years.

Student numbers falling across Geography, Junior and Biology groups are a concern. We hope to attract larger numbers of GCSE Geography groups to help counteract this shortfall as well as to avoid evening tuition for small courses by insisting that they self-tutor.

Given our need to change some of our asset in the coming years, we will be exploring all opportunities for grants and funding.

Structure, governance and management

The trust was registered with the Charity Commission on 30th July 2001 and is constituted as a company limited by guarantee and is therefore governed by its memorandum and articles of association dated 22nd June 2001.

The trust began to operate on 1 September 2001 when the assets and liabilities of the registered charity also known as the Cranedale Educational Charitable Trust were transferred to the company at their balance sheet value.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A W A Outhwaite Mrs M E Outhwaite Mr J P Midgley Mr R E France Mr R H R Innes

CRANEDALE EDUCATIONAL CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Recruitment and appointment of trustees

The appointment of trustees is governed by the Articles of Association. At the annual general meeting one third of the trustees who are subject to retirement by rotation, or, if their number is not three or a multiple of three, the number nearest to one third shall retire from office; but if there is only one trustee who is subject to retirement by rotation, he shall retire.

Subject to the provisions of the articles, the trustees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment, but as between persons who became or were last reappointed trustees on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot.

If the charity at the meeting at which a trustee retires by rotation, does not fill the vacancy the retiring trustee shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not to fill the vacancy or unless a resolution for the reappointment of the trustee is put to the meeting and lost.

As a result, R E France and R H R Innes retire from office but, being eligible, offer themselves for re-election.

The charity may by ordinary resolution appoint who is willing to act to be a trustee and may also determine the rotation in which any additional trustees are to retire.

The trustees may appoint a person who is willing to act to be a trustee either to fill a vacancy or as an additional trustee provided that the appointment does not cause the number of trustees to exceed any number fixed by or in accordance with the articles as the maximum number of trustees. A trustee so appointed shall hold office only until the next following annual general meeting and shall not be taken into account in determining the trustees who are to retire by rotation at the meeting. If not reappointed at such annual general meeting, he shall vacate office at the conclusion thereof.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees have complied with the duty imposed upon them by Section 4 of the Charities Act 2011/2006 to have due regard to guidance published by the Charity Commission.

The Trustees have also had regard to the Charity Commissioners guidance on public benefit.

The trust does not receive any services from volunteers.

Qualifying third party indemnity provisions

All new trustees are given a copy of the trust's memorandum and articles of association and are provided with booklets CC3 and CC3a from the Charity Commissioners and "Running a Limited company" from Companies House, which give guidance and advice on being a trustee and director.

Organisational structure

The trustees meet regularly to manage the trust's affairs and delegate the day-to-day running of the trust's activities to its operational director, Mr Chris Cassells, general manager, tutors and administrative staff.

The Memorandum and Articles of Association authorises the trustees to deposit or invest in the name of the charity and part of the funds as the trustees in their absolute discretion think fit.

Relationship with wider network

The remuneration of the charity's key management personal is agreed at the current market rates applicable to the particular duties performed by the employees concerned.

Relationship with related parties

The trust has numerous schools and educational facilities who return on a regular basis to the field centre. Although no formal working relationships have been formed with any of these entities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

The trust wholly owns a subsidiary company The Cranedale Centre Limited which provides holidays and associated goods and services of a non educational nature. It also provides the trust with transport facilities. The subsidiary's results are summarised in note 21.

The trustees' report was approved by the Board of Trustees.

Mr A W A Outhwaite

Trustee

16 August 2024

CRANEDALE EDUCATIONAL CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CRANEDALE EDUCATIONAL CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of Cranedale Educational Charitable Trust (the trust) for the year ended 31 August 2023.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England & Wales., which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

David Walker FCA

Chartered Accountant

124 Acomb Road York YO24 4EY

Dated: 16 August 2024

CRANEDALE EDUCATIONAL CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2023
2022
2022
Notes
£
£
£
Income from:
Donations and legacies
3
76
152
989
Charitable activities
4
859,991
901,428
-
Investments
5
11,879
3,309
-
Total income
871,946
904,889
989
Expenditure on:
Charitable activities
6
972,789
798,256
-
Total expenditure
972,789
798,256
-
Net income/(expenditure)
(100,843)
106,633
989
Transfers between funds
-
989
(989)
Net movement in funds
8
(100,843)
107,622
-
Reconciliation of funds:
Fund balances at 1 September 2022
146,867
39,245
-
Fund balances at 31 August 2023
46,024
146,867
-		 Total
2022
£
1,141
901,428
3,309
905,878
798,256
798,256
107,622
-
107,622
39,245
146,867

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors falling due after one year
14
Debtors falling due within one year
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
Loans and overdrafts
15
Obligations under finance leases
16
Taxation and social security
Other creditors
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Unrestricted funds		 2023
£
6,984
122,351
35,280
128,465
293,080
5,500
2,355
12,710
261,734
282,299		 £
72,100
10,781
82,881
(36,857)
46,024
46,024
46,024		 2022
£
12,102
150,000
31,181
148,695
341,978
5,800
594
8,445
221,048
235,887		 £
85,193
106,091
191,284
(44,417)
146,867
146,867
146,867

CRANEDALE EDUCATIONAL CHARITABLE TRUST

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 August 2024

Mr A W A Outhwaite

Trustee

Company Registration No. 04240017

CRANEDALE EDUCATIONAL CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in)
investing activities
Financing activities
Repayment of bank loans
Payment of finance leases obligations
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(10,044)
11,879
(5,505)
(594)		 £
(15,966)
1,835
(6,099)
(20,230)
148,695
128,465		 2022
£
(4,307)
3,309
(3,174)
(360)		 £
36,752
(998)
(3,534)
32,220
116,475
148,695

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Cranedale Educational Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Manor Farm, Kirby Grindalythe, Malton, North Yorkshire, YO17 8DB, UK.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant which specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Resources expended are accounted for on an accruals basis.

Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the field centre and educational programmes and include both direct and support costs relating to those activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Straight line over 20 years Fixtures and fittings Straight line over 10 years, 5 years if leased asset

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.14 Creditors and provisions

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measure reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
76
-
Grants
-
-
76
-
Donations and gifts
Other
76
-
76
-
Grants
Coronovirus Job Support
Scheme
-
-
-
-		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
76
152
-
-
-
989
76
152
989
76
152
-
76
152
-
-
-
989
-
-
989		 Total
2022
£
152
989
1,141
152
152
989
989

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Educational
Field centre 859,991 901,428
Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Rental income 600 600
Interest received on loans 9,376 2,590
Interest receivable 1,903 119
11,879 3,309

5 Income from investments

The rental income received arises from the letting of various parts of the centre's premises to the charitable trust's wholly owned subsidiary, Cranedale Centre Limited.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

6 Expenditure on charitable activities

Field centre Field centre
2023 2022
£ £
Direct costs
Staff costs 427,372 327,281
Depreciation and impairment 23,137 27,198
Educational purchases 73,775 77,331
Repairs & renewals 38,840 37,358
Motor expenses & travel 114,060 124,040
Teaching staff telephone 249 272
Light, heat & power 99,190 48,654
Sundry expenses 4,044 3,509
Rent & rates 33,817 18,795
Insurance 12,105 9,689
Laundry & cleaning 4,238 2,501
830,827 676,628
Share of support and governance costs (see note 7)
Support 91,525 76,137
Governance 50,437 45,491
972,789 798,256
Analysis by fund
Unrestricted funds 972,789 798,256

All the charitable activities relate to the operation of the educational field centre.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Support costs

Staff costs
Telecommunications
Printing & Stationery
Advertising
Staff Training
Conference expenses
Cleaning & General Maintenance
IT Costs
Examination fees
Accountancy
Bank Charges
HP & Lease Charges
Bookkeeping
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
60,017
26,492
4,518
-
2,867
-
3,292
-
1,733
-
2,205
-
9,402
-
7,491
-
-
2,500
-
1,844
-
193
-
2,008
-
17,400
91,525
50,437
91,525
50,437		 2023
£
86,509
4,518
2,867
3,292
1,733
2,205
9,402
7,491
2,500
1,844
193
2,008
17,400
141,962
141,962		 2022 Basis of
allocation
£
75,456 Time spent
3,754 Total Expenditure
2,122 Total Expenditure
2,703 Total Expenditure
- Total Expenditure
- Total Expenditure
8,722 Total Expenditure
6,553 Total Expenditure
2,500 Governance
1,520 Governance
207 Governance
2,371 Governance
15,720 Governance
121,628
121,628

Governance costs includes payments to the auditors of £2,500 (2022 - £2,500) for the independent examination of the financial statments and £1,844 (2022- £1,520) for other services.

8 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 2,500 2,500
Depreciation of owned tangible fixed assets 22,420 26,481
Depreciation of tangible fixed assets held under finance leases 717 717

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

Trustees AWA Outhwaite and ME Outhwaite, husband and wife, purchased various goods and services, at full commercial rates and under normal commercial terms, from the trust during the year as follows:

Cleaning services £7,428 (2022- £6,249) Domestic services £11,300 (2022- £7,155) Motor insurance £2,677 (2022- £2,540)

The amounts outstanding at the year end were £nil (2022 £nil).

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2023
Number
35
2023
£
488,442
10,991
14,448
513,881
2023
£
121,076		 2022
Number
33
2022
£
363,977
17,656
21,104
402,737
2022
£
98,226

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

12 Tangible fixed assets

Leasehold
land and
buildings
Fixtures and
fittings
£
£
Cost
At 1 September 2022
404,122
334,935
Additions
-
10,044
Disposals
-
(8,973)
At 31 August 2023
404,122
336,006
Depreciation and impairment
At 1 September 2022
358,296
295,568
Depreciation charged in the year
10,569
12,568
Eliminated in respect of disposals
-
(8,973)
At 31 August 2023
368,865
299,163
Carrying amount
At 31 August 2023
35,257
36,843
At 31 August 2022
45,826
39,367		 Total
£
739,057
10,044
(8,973
740,128
653,864
23,137
(8,973
668,028
72,100
85,193

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £717 (2022 - £717) for the year.

- £717) for the year.
2023 2022
£ £
Fixtures and fittings 2,151 2,868

An impairment review of the charity's fixed assets has been undertaken. The net realisable value of the assets concerned has been assessed by estimating their market value. Their value in use has been determined by evaluating present value of the future benefits expected to arise from the continued use of the assets concerned.

It has been agreed that the improvements to the leasehold property will be acquired by the landlord at their written down value at the time of the landlord's terminating the trust's operating lease.

13 Stocks

2023 2022
£ £
Raw materials and consumables 6,984 12,102

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

14
Debtors
Amounts falling due within one year:
Amounts owed by subsidiary undertakings
Other debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Amounts owed by subsidiary undertakings
Total debtors
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2023
£
14,412
10,124
10,744
35,280
2023
£
122,351
157,631
2023
£
41,530
5,500
36,030
8,824		 2022
£
-
21,313
9,868
31,181
2022
£
150,000
181,181
2022
£
47,035
5,800
41,235
15,400

On 1st June 2020 the trust was advanced a loan of £50,000 under the Coronavirus Bounce Bank Loan Scheme. Repayable in instalments over 8 Years after an initial 12 months interest and repayment free. Interest is payable at 2.5%.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Finance lease obligations

Future minimum lease payments due under finance leases:

Within one year
Within two and five years
Less: future finance charges		 2023
£
1,439
2,881
4,320
(1,138)
3,182		 2022
£
1,439
4,321
5,760
(1,984
3,776

.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

17 Other creditors falling due within one year

Payments received on account
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
195,728
7,505
21,930
36,571
261,734		 2022
£
153,045
16,531
35,058
16,414
221,048

18 Creditors: amounts falling due after more than one year

Notes
Bank loans
15
Obligations under finance leases
16
19
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
36,030
827
36,857
2023
£
14,448		 2022
£
41,235
3,182
44,417
2022
£
21,104

The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources Transfers At 31 August Transfers At 31 August
September resources expended 2023
2022
£ £ £ £ £
General funds 146,867 871,946 (972,789) - 46,024
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2022
2021
£ £ £ £ £
General funds 39,245 904,889 (798,256) 989 146,867

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

21 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2023 2022
£ £
Aggregate compensation 121,076 98,226

The Cranedale Centre's freehold land is owned by Shipton Estates Limited of which Mr A W A Outhwaite, a trustee of the trust, is director and major shareholder. The centre is occupied under an operating lease, dated 1 January 2021, for 3 years, on a full repairing and insuring basis, at a rental of one acorn, if so demanded. Due to the expiration of the lease the tenancy is holding over under the landlord and tenant legislation with no notice having been served by either party.

On 4 January 2012 the trust entered into assured shorthold tenancies in respect of 4 domestic properties owned by Shipton Estates Limited to be occupied by the centre's tutors, the rents payable are at a full market rent and have been assessed by an independent surveyor. A rent free period was granted to the trust in respect of the coronavirus pandemic situation. The total rents paid amounted to £24,000 (2022- £12,000) with amounts outstanding at the year end of £nil (2022- £nil).

The trust wholly owns a subsidiary company The Cranedale Centre Limited which provides holidays and associated goods and services of a non educational nature.

Goods and services were purchased from the company during the year, on normal commercial terms, totalling £114,060 (2022- £124,040) with amounts outstanding at the year end of £nil (2022- £nil).

Goods and services were sold to the company during the year, on normal commercial terms, totalling £3,600 (2022- £3,600) with amounts outstanding at the year end of £nil (2022- £nil).

The trust receives a rent from the company, in respect of a 12 month licence, renewable yearly, for the company to occupy and use, including trading from and the hiring out of, various areas of the Cranedale Centre, payable at a sum of £600 per annum (2022- £600).

Donations under the Gift Aid scheme were also made to the trust, by the company, during the year totalling £nil (2022- £nil). The amount owing at the year end was £0 (2022- £ 0).

The trust has supported it's wholly owned subsidiary during the year and has an unsecured loan due from the company which has a balance at 31 August 2023 of £136763 (2022- £150000).

The loan is repayable in full on 13 July 2025, and interest is payable at 2% above HSBC base rates, per annum.

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Subsidiaries

These financial statements are separate trust financial statements for Cranedale Educational Charitable Trust for the year ending 31 August 2023.

Separate company financial statements are prepared in compliance with Companies Act 2006. Consolidated financial statements for the group are not required to be prepared in accordance with Companies Act 2006 and the Charities Act.

Separate financial statements for the trusts subsidiary, Cranedale Centre Limited are prepared and can be obtained from the registered office.

Details of the trust's subsidiaries at 31 August 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Cranedale Centre Limited UK Educational Services Ordinary 100.00

The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:

Name of undertaking Profit/(Loss) Capital and
Reserves
£ £
Cranedale Centre Limited (3,401) (6,227)

The investments in subsidiaries are all stated at fair value.

23
Cash generated from operations
2023
£
(Deficit)/surpus for the year
(100,843)
Adjustments for:
Investment income recognised in statement of financial activities
(11,879)
Depreciation and impairment of tangible fixed assets
23,137
Movements in working capital:
Decrease/(increase) in stocks
5,118
Decrease/(increase) in debtors
23,550
Increase/(decrease) in creditors
44,951
Cash (absorbed by)/generated from operations
(15,966)		 2022
£
107,622
(3,309)
27,198
(4,473)
(57,125)
(33,161)
36,752

CRANEDALE EDUCATIONAL CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

24 Analysis of changes in net funds
At 1 September Cash flows At 31 August
2022 2023
£ £ £
Cash at bank and in hand 148,695 (20,230) 128,465
Loans falling due within one year (5,800) 300 (5,500)
Loans falling due after more than one year (41,235) 5,205 (36,030)
Obligations under finance leases (3,776) 594 (3,182)
97,884 (14,131) 83,753