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2021-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

LINDISFARNE TRUST LIMITED

(A Company Limited by Guarantee)

CHARITY REGISTRATION NUMBER 1092445

COMPANY REGISTRATION NUMBER 04170471

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

1

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

CONTENTS
Pages 3 to 5 Report of the Directors
Page 6 Statement of Financial Activities
Page 7 Balance Sheet
Pages 8 to 17 Notes to the Financial Statements
Page 18 Independent Examiners' Report

2

LINDISFARNE TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2021

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 1092445 COMPANY REGISTRATION NUMBER 04170471 START OF FINANCIAL YEAR 1st January 2021 END OF FINANCIAL YEAR 31st December 2021 DIRECTORS AT 31ST DECEMBER 2021 Geoff Holt (Chair) (ALSO THE CHARITY TRUSTEES) Janet Bissex Sue Clarke (resigned 1st March 2021) Joy Holt Linda Butler Ruth Stock REGISTERED ADDRESS 137 Newton Road Sparkhill Birmingham B11 4PU DATE OF INCORPORATION 1st March 2002 GOVERNING DOCUMENT Memorandum and Articles of Association incorporated on 1st March 2001 as amended by special resolution dated 8 April 2002 BANKERS Unity Trust Bank Birmingham ACCOUNTANTS Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

3

LINDISFARNE TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2021

Charitable objects

The advancement of the Christian religion, in particular:

Review of Activities during the year

The Trustees of Lindisfarne Trust have a particular responsibility to manage the property and other facilities of the Community of Aidan and Hilda, including the regular maintenance and improvement of the Community’s buildings and other assets, in keeping with the ethos of the Community, and so to offer spiritual renewal and refreshment to guests, pilgrims and visitors.

In line with the experience of many organisations involved in the hospitality sector, Covid-19 has had a major impact on our finances, with a significant loss of guest income. After long and careful consideration, the Trustees came to the decision that that our existing model of operation was sadly no longer financially sustainable.

Having exhausted all other possibilities, the Trustees concluded that the only option which gives future financial sustainability was to sell the Open Gate. After an extended period of consultation sadly we had no option but to make our valued staff redundant as from the end of April 2021, providing as generous a redundancy package as we were able to afford.

Sale of the Open Gate to an Island family was finally completed in November 2021. This enabled us to pay off our liabilities, both bank loans and personal loans, and also provided some capital to enable us to upgrade our other properties.

This means we can continue to offer space for spiritual retreat, renewal and refreshment for guests, pilgrims and visitors at our other properties, primarily on a self-catering basis. It is therefore planned that we should be able to do this in a financially sustainable way during the 2022 season and into the longer-term future.

Financial Review

The Trustees report a surplus of £89,703 income over expenditure during the financial year end 31st December 2021, compared to a deficit of (£29,078) in the previous year.

Payments to Trustees

Apart from loan repayments totallng £54,000, no other payments were made to Trustees or any persons connected with them during this financial period.

One Trustee donated an aggregate total of £10,000 to the charity during 2021 (2020: One Trustee donated an aggregate total of £10,000).

No Trustees made loans to the charity in 2021 (2020: Two Trustees made loans to the charity totalling £23,500).

The above transactions did not have conditions attached.

No other material transaction took place between the organisation and a Trustee or any person connected with them.

4

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2021

Risk Assessment

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

Reserves Policy

The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.

Public Benefit

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or aims that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

Statement of Director's responsibilities:

The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to

The trustees are responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are also responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.

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

I approve the attached statement of financial activities and balance sheet for the year ended 31 December 2021, and confirm that I have made available all information necessary for its preparation.

Signed on behalf of the Board by G Holt

PRINT NAME: G HOLT

5

Date: 15 September 2022

LINDISFARNE TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM:
Donations and Legacies
2a
Charitable Activities
2b
Other Trading Activities
2c
Other Income
2d
TOTAL
EXPENDITURE ON:
Charitable Activities
3a
TOTAL
NET INCOME/(EXPENDITURE)
Transfers Between Funds
15
Other recognised gains/(losses):
Gain/(Loss) on Investment
Gain on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Designated
TOTAL
TOTAL
Funds
Funds
2021
2020
£
£
£
£
38,608
0
38,608
50,700
24,726
0
24,726
47,835
6,114
0
6,114
2,110
134,282
0
134,282
0
203,730
0
203,730
100,645
114,027
0
114,027
129,723
114,027
0
114,027
129,723
89,703
0
89,703
(29,078)
0
0
0
0
0
0
0
0
0
0
0
0
89,703
0
89,703
(29,078)
830,586
0
830,586
859,664
920,289
0
920,289
830,586

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 8 to 17 form part of these financial statements.

6

REGISTRATION NO.04170471

LINDISFARNE TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31ST DECEMBER 2021

Note
Fixed Assets
Tangible assets
8
Current Assets
Stocks
9
Debtors
10
Cash at bank and in hand
11
Total Current Assets
Creditors:amounts falling due within one
12
year
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETSless current liabilities
Creditors:amounts falling due in more
13
than one year
NET ASSETS
Funds of the Charity
Unrestricted General Fund
Restricted Funds
14
Designated Funds
15
Revaluation Reserve
Total Funds		 Unrestricted
Designated
31-Dec-21
31-Dec-20
Funds
Funds
Total
Total
£
£
£
£
819,316
0
819,316
1,237,718
0
0
0
13,174
297
0
297
3,196
143,546
0
143,546
35,891
143,843
0
143,843
52,261
870
0
870
25,140
142,973
0
142,973
27,121
962,289
0
962,289
1,264,839
42,000
0
42,000
434,253
920,289
0
920,289
830,586
705,289
0
705,289
615,586
0
0
0
0
0
0
0
0
215,000
0
215,000
215,000
920,289
0
920,289
830,586

The directors are satisfied that for the year ended on 31 December 2021 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 18.

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

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)).

The directors acknowledge their responsibility for ensuring that the company keeps proper accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and if its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

Approved by the Directors on 15 September 2022

Signed on their behalf by Director G Holt

Print Name: G HOLT

7

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

Basis of preparation

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)).

Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.

Lindisfarne Trust Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Preparation of accounts on a going concern basis

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.

The charity has opted to prepare its accounts using natural categories.

Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period.

Material prior period errors

No material prior year error have been identified in the reporting period.

1. ACCOUNTING POLICIES

The particular accounting policies adopted are set out below.

Income

Recognition of Income

These are included in the Statement of Financial Activities (SOFA) when:

▪ the charity becomes entitled to the income;

▪ it is more likely than not that the Directors will receive the resources; and

▪ the monetary value can be measured with sufficient reliability

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

8

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

ACCOUNTING POLICIES (continued)

Grants and Donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).

Tax reclaims on Donations and Gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Gifts in Kind

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Legacies

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Government Grants

The charity has received HMRC job retention scheme and covid support government grants in the reporting period.

Donated goods

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.

Goods donated for on-going use by the charity are recognised as tangible fixed assets and included in the SoFA as incoming resources when receivable.

Donated Services and Facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

9

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

Expenditure and liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance Costs

Support costs represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the charity and its compliance with regulation and good practice.

Employee benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Redundancy cost

The charity has made redundancy payments totalling £9,500 during the reporting period.

Deferred income

No material item of deferred income has been included in the accounts.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Taxation

Lindisfarne Trust Limited is not registered for Value Added Tax and therefore expenditure is shown inclusive of Value Added Tax.

The company is recognised as a charity by H M Revenue & Customs and therefore benefits from certain exemptions on income and gains, to the extent that they are applied for charitable purposes.

Funds

Funds held consist of:

▪ Unrestricted General Funds which are used for general running of the charitable company

10

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

Assets

Tangible fixed assets for use by the charity:

These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over their estimated useful lives. The rates applied per annum are as follows:

Motor Vehicles 25% Property Improvements 10%

No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost. Land and buildings are primarily used for charitable purposes.

In 2016, the Board of Directors carried out a revaluation of the properties held and based the fair value on current local market conditions. The effective date of revaluation is 31 December 2015.

An independent valuer was not involved, but the Trustees believe that internal personnel had sufficient knowledge of the local property market to make an informed valaution.

The value of the land element of the property is deemed to be one fifth of the total carrying value. For properties acquired after 1st January 2016 the cost of acquisition is taken.

The carrying amount that would have been recognised had the assets (those purchased before 1 January 2016) been carried at historical cost is as follows:

been carried at historical cost is as follows:
£
Open Gate Holy Island 331,599
Shalom Holy Island 220,000
Starbank Cottage (formerly Lindisfarne Retreat Holy Island) 195,000
2. INCOME Unrestricted Designated TOTAL TOTAL
Notes Funds Funds 2021 2020
£ £ £ £
a) Donations and Legacies
Donations and Gifts 11,128 0 11,128 5,568
Gift Aid Donations 11,840 0 11,840 19,526
Gift Aid Tax Recoverable 2,960 0 2,960 4,881
Grants 8,000 0 8,000 10,000
Grants - HMRC Job Retention Scheme 4,680 0 4,680 10,725
38,608 0 38,608 50,700
b) Charitable Activities
Open Gate Guest Income 29,291 0 29,291 47,835
Less Refunds on Open Gate Guest Income (4,565) 0 (4,565) 0
24,726 0 24,726 47,835

11

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

Notes
c) Other Trading Activities
Rental Income - Shalom
Rental Income - Starbank Cottage
Resource Centre Sales
d) Other Income
Gain on Sale of Fixed Asset
3. EXPENDITURE
Notes
a) Charitable Activities
Resource Centre
Cost of goods sold
Stock Impairment
9
Building and establishment costs
Bank and Mortgage Interest and Fees
Depreciation
8
Insurance, Council Tax and Utilities
Open Gate Household Expenses:
Catering
Cleaning Expenses
Open Gate Retreat Costs
Open Gate Repairs and Maintenance
Staff and volunteer costs
Wages, Salaries and Voluntary NI
7
Support and Governance costs
Administration Costs
4,5
Companies House Fee
5
Independent Examiners Fees
5
Telephone
5		 Unrestricted
Designated
TOTAL
TOTAL
Funds
Funds
2021
2020
£
£
£
£
0
0
0
485
2,000
0
2,000
0
4,114
0
4,114
1,625
6,114
0
6,114
2,110
134,282
0
134,282
0
134,282
0
134,282
0
Unrestricted
Designated
TOTAL
TOTAL
Funds
Funds
2021
2020
£
£
£
£
2,675
0
2,675
1,056
10,499
0
10,499
0
19,049
0
19,049
20,650
3,537
0
3,537
2,119
25,671
0
25,671
29,271
10,002
0
10,002
38,995
6,990
0
6,990
1,215
0
0
0
888
9,327
0
9,327
4,897
19,955
0
19,955
23,655
1,764
0
1,764
2,474
13
0
13
13
870
0
870
840
3,675
0
3,675
3,650
114,027
0
114,027
129,723

12

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31ST DECEMBER 2021

4. ANALYSIS OF ADMINISTRATION COSTS

----- Start of picture text -----
2021 2020
£ £
IT and Computer 23 234
Licences and Subscriptions 464 354
Printing and Stationery 0 0
Professional and Legal Fees 35 0
Streamline and Bank Charges 942 1,836
Sundry Administration 300 50
Repairs and Maintenance 0 0
1,764 2,474
----- End of picture text -----

5. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS

Support costs
Telephone and Broadband
Office, Admin and Upkeep Costs
Governance costs
Companies House Fee
Independent Examiners Fees		 Staff
Other
and related
direct
costs
costs
£
£
0
3,675
0
1,764
0
13
0
870		 TOTAL
TOTAL
2021
2020
£
£
3,675
3,650
1,764
2,474
13
13
870
840
0
6,322		 6,322
6,977
6. DETAILS OF CERTAIN TYPES OF EXPENDITURE
Other fees (for example: financial advice, consultancy,
to the independent examiner
Tax advisory fees
Independent examiner’s fees		 accountancy services) paid 2021
2020
£
£
870
840
0
0
0
0
870
840

13

LINDISFARNE TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

7. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

Gross Wages and Salaries
Self Employed Fees
Voluntary NI contributions
Redundancy Pay		 2021
2020
£
£
7,800
23,400
2,655
0
0
255
9,500
0
19,955
23,655

The average number of employees who were engaged in each of the following activities:

2021 2020
TOTAL TOTAL
Operational activities 3 3

Three staff members have been employed since April 2017. They were made redundant on 30th April 2021.

Self Employed Contractors

The Trust engaged the services of two self employed contractors between June and December 2021. The total amount paid was £2,655. These self employed contractors provided services such as bookings secretary and provision of hospitality. They invoice the Trust and are responsible for their own reporting of tax and national insurance to HMRC.

Key Management Personnel

The key management personnel are the Trustees, House Manager, Site Manager and Catering Manager. No Trustees are remunerated. The total employee benefits (which comprises honorarium and salaries including reduncdancy pay processed through payroll, and also ex gratia payments) paid to key management personnel was £17,300 (2020: Key management personnel were the Trustees, House Manager, Site Manager and Catering Manager. No Trustees were remunerated. Honorarium, salaries and ex gratia payments totalling £23,400 were paid).

Pensions

An auto enrolment stakeholder pension scheme is offered to eligible employees. Set up costs of £180 were paid to the pension provider during 2018. All staff opted out of the scheme and therefore no employer contributions were paid during 2020 or 2021.

Loans from Trustees

At the start of the financial year there were loans owing to five Trustees totalling £94,000. During the year, a total of £54,000 was repaid to Trustees. At the end of the financial year there were loans owing to one Trustee totalling £40,000. The loans were given to assist with the cashflow of the Trust and to assist with the purchase of a property for the property's founding guardian to reside.

Related Parties

During the year the following related party transactions took place:

A loan of £29,000 to assist with building works was made by the Community of Aidan and Hilda (charity number 1055306) to Lindisfarne Trust and was repaid in the same year. The two charities work closely together and Lindisfarne Trust has a particular responsibility to manage the property and other facilities of the Community of Aidan and Hilda (CAH) , including the regular maintenance and improvement of the Community’s buildings and other assets, in keeping with the ethos of the Community, and so to offer spiritual renewal and refreshment to guests, pilgrims and visitors.

A payment of £4,499 was paid by the CAH to install mobility equipment in one of the properties owned by Lindisfarne Trust. All of The Trustees of Lindisfarne Trust are also Trustees of CAH.

14

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

8. TANGIBLE FIXED ASSETS
Cost
01-Jan-21
Additions
Disposals
Cost at
31-Dec-21
Depreciation
01-Jan-21
Charge
Depreciation at
31-Dec-21
Net Book Value
31-Dec-21
Net Book Value
31-Dec-20
Cost
01-Jan-21
Additions
Disposals
Cost at
31-Dec-21
Depreciation
01-Jan-21
Charge
Disposals
Depreciation at
31-Dec-21
Net Book Value
31-Dec-21
Net Book Value
31-Dec-20
TOTAL NBV
31-Dec-21
TOTAL NBV
31-Dec-20		 Motor
Open Gate Open Gate
Shalom
Shalom
Vehicles
Total
Holy IslandHoly Island Holy Island
Holy Island
Land
Buildings
Land
Buildings
£
£
£
£
£
£
90,000
360,000
58,000
232,000
9,620
749,620
0
0
0
0
0
0
(90,000)
(360,000)
0
0
0
(450,000)
0
0
58,000
232,000
9,620
299,620
0
0
0
0
9,620
9,620
0
0
0
0
0
0
0
0
0
0
9,620
9,620
0
0
58,000
232,000
0
290,000
90,000
360,000
58,000
232,000
0
740,000
Property
Starbank
Starbank
Improvements
Cottage
Cottage
(previously (previously
Lindisfarne Lindisfarne
Wallace
Wallace
Total
Retreat)
Retreat)
Green
Green
Holy IslandHoly Island
Berwick
Berwick
Land
Buildings
Land
Buildings
£
£
£
£
£
£
54,000
216,000
43,000
172,000
21,194
506,194
0
0
0
0
47,853
47,853
0
0
0
0
(21,194)
(21,194)
54,000
216,000
43,000
172,000
47,853
532,853
0
0
0
0
8,476
8,476
0
0
0
0
3,537
3,537
(8,476)
(8,476)
0
0
0
0
3,537
3,537
0
54,000
216,000
43,000
172,000
44,316
529,316
54,000
216,000
43,000
172,000
19,075
504,075
54,000
216,000
101,000
404,000
44,316
819,316
144,000
576,000
101,000
404,000
12,718
1,237,718
Freehold Property
Freehold Property

The Trustees best estimate of the value of the properties held at 31st December 2021 based on their knowledge of the local area are:

£

Shalom, Holy Island 335,000 Starbank Cottage, Holy Island 275,000 (previously known as Lindisfarne Retreat) 7 Wallace Green, Berwick 240,000

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

31 December 2021 £nil

31 December 2020 £nil

15

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

9. STOCKS

9. STOCKS
Stock Stock
For For For For
distribution resale distribution resale
2021 2021 2020 2020
£ £ £ £
Charitable activities:
Opening (at valuation) 0 13,174 0 13,300
Added to stock in period 0 0 0 930
Cost of sales (stock sold) 0 (2,675) 0 (1,056)
Impaired 0 (10,499) 0 0
Closing (at valuation) 0 0 0 13,174

The Resource Centre was located within the Open Gate Building. When the property was sold in November 2021, some of the stock was sold as part of the sale. The remaining stock value was considered to be impaired and was written off.

10. DEBTORS AND PREPAYMENTS

Gift Aid Tax Recoverable
11. CASH AT BANK AND IN HAND
Cash at bank and in hand		 Unrestricted
Designated
Total
Total
Fund
Fund
31-Dec-21
31-Dec-20
£
£
£
£
297
0
297
3,196
297
0
297
3,196
Unrestricted
Designated
Total
Total
Fund
Fund
31-Dec-21
31-Dec-20
£
£
£
£
143,546
0
143,546
35,891
143,546
0
143,546
35,891

12. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Notes
Independent Examiners Fees
Unity Trust Loan
13(a)		 Unrestricted
Designated
Total
Total
Fund
Fund
31-Dec-21
31-Dec-20
£
£
£
£
870
0
870
840
0
0
0
24,300
870
0
870
25,140

The Unity Trust loan was secured on the following properties: The Open Gate, Holy Island TD15 2SD, Lindisfarne Retreat, Holy Island TD15 2SA, and Shalom, Holy Island TD15 2SA

This loan was conditional upon the charity agreeing to sell one of their properties within 12 months

The Open Gate was sold in November 2021 and the loan was redeemed in full.

16

LINDISFARNE TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2021

13. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Notes
Private Loans
Unity Trust Loan
13(a)		 Unrestricted
Designated
Total
Total
Fund
Fund
31-Dec-21
31-Dec-20
£
£
£
£
42,000
0
42,000
121,000
0
0
0
313,253
42,000
0
42,000
434,253

The Private loans are unsecured, interest free and there is no time limit on repayment. Post year end (in January and February 2022 respectively) repayments of £2,000 and £40,000 were made against the Private loans, which brings the amount owing for Private loans to zero.

13(a) Unity Trust Loan - Repayment Schedule

Amounts due within 1 year
Amounts due within 2-5 years
Amounts due in more than 5 years
TOTAL		 0
0
0
24,300
0
0
0
24,300
0
0
0
72,900
0
0
0
240,353
0
0
0
313,253
0
0
0
337,553

14. RESTRICTED FUNDS

The charitable company held no restricted funds at the end of this or the previous financial year.

15. DESIGNATED FUNDS

The charitable company held no designated funds at the end of this or the previous financial year.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Net Current Assets
Long term liabilities
TOTAL		 Unrestricted
Designated
Revaluation
Total
Total
Fund
Fund
Reserve
31-Dec-21
31-Dec-20
£
£
£
£
£
604,316
0
215,000
819,316
1,237,718
142,973
0
0
142,973
27,121
(42,000)
0
0
(42,000)
(434,253)
705,289
0
215,000
920,289
830,586

17

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

I report to the trustees on my examination of the accounts of the above charity for the year ended 31 December 2021.

As the charity's trustees (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

Responsibilities and basis of report

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives 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 accounts to be reached.

Signed:

Name: J Irvinesmith FCIE

Date: 20 September 2022

Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

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