**REGISTERED COMPANY NUMBER: 04855747 (England and Wales) REGISTERED CHARITY NUMBER: 1100530**
## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FOR**
## **THE CEDARWOOD TRUST**
Read, Milburn & Co 71 Howard Street North Shields Tyne and Wear NE30 1AF
**THE CEDARWOOD TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 9|
|**Independent Examiner's Report**|10|
|**Statement of Financial Activities**|11|
|**Balance Sheet**|12 to 13|
|**Cash Flow Statement**|14|
|**Notes to the Financial Statements**|15 to 30|
|**Detailed Statement of Financial Activities**|31 to 32|
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2021. The trustees have adopted the provisions of 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**
## **Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Summary of Cedarwood Trust areas of work**
Our vision is for people of all ages to be safe, building ambitions for the future and reaching towards their full potential. To do this, we create services and support to meet people's complex health and social needs, helping them to build healthier lives that have meaning and value for themselves and their families. We support local people to create stronger, better-connected communities.
## **In pursuit of our Nurture Nourish Thrive vision, we deliver:**
## **Thrive Poverty Relief**
A core fundamental of Cedarwood is to provide community resources that alleviate poverty and services that offer a helping hand up. Cedarwood actively challenges, lobbies, and ensures the narrative of the area surrounding the Cedarwood Hub is accurate and not one stigmatised on misinterpretations or history. With many years' experiences of supporting people in distress from persistent poverty Cedarwood Trust is an expert by experience (40 years) and community anchor.
## **Nurture Young People & Families Service:**
Cedarwood Trust has many years' experience of working with people from all different stages of their life course. We offer support to vulnerable young people and adults who have a range of different needs, as well as their carers and their wider families. With a designated family playroom, we provide quality 0-4 free educational play activities, breastfeeding support, and parental engagement activities.
## **Nurture Health & Wellbeing Services:**
One of the core aspects of Cedarwood Trust vision is for people to be safe, and therefore we see it as vital that the people that use our services, their families and their communities are healthy. Our health improvement services range from lifestyle or behavioural advice.
Page 1
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **OBJECTIVES AND ACTIVITIES continued**
## **Nourish Mental Health/Wellbeing:**
Cedarwood delivers services which provide early intervention to those who are experiencing a mental health need.
## **Thrive Education and Employment:**
Cedarwood Trust offers specialist training academy, education and employment services which offers people with complex lifestyles the valuable opportunity to identify and address any barriers to their employment and to create opportunities which lead to healthier, positive, and more stable lives.
As a board of Trustees, we have been hugely impressed by the determination and resilience of our whole workforce and want to thank both staff and volunteers for the exceptional way they have worked during this difficult period.
## **ACHIEVEMENT AND PERFORMANCE**
## **Our Impact**
Examples of our impact in 2020/21 include:
5,322 meals given free to the community. Each interaction allowed for staff to 'check in' with residents and offer a listening ear and signposting/referral service.
1,441 wellbeing/isolation calls made. Many resulting in additional support, welfare assistance, craft packs, WhatsApp groups, online Zoom calls.
400 hours spent interacting with people by telephone. Improving loneliness and poor mental health.
2,766 hours have been accumulated by 12 volunteers offering up their time to support the centre with cooking and distribution of meals. Maintaining the grounds and building, admin support and running our charity shop.
Page 2
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **THE CEDARWOOD TRUST**
## **ACHIEVEMENT AND PERFORMANCE continued**
## **New service areas**
During 2020/21, we were successfully awarded and/or mobilised:
Step Up into Care Thrive Covid 19 Recovery Community Support Nourish Community Meals Nurture Academy Free advice and Health checks Free Chiropodist service Hairdressers Elders lunch Community bingo Community local memories group Teen midwife workshops Breast feeding support Shoulder to shoulder sessions Charity shop Free buggy boot clubs Free beginners running group Free clothing kit bank Community champions programme The shed project Craft café Stay and play Cooking on a budget Benefit advice and support Holiday provision with Blowin' a hooley Waddlers and toddlers Dementia friend awareness and training to the community Art play sessions Christmas story writing workshops Maths support workshops Micro inventors Canny books project Celebrating the Meadowell project Halloween party Christmas events Free stockings to the community Kids fitness and rugby sessions Cinema club Gardening club
The above achievements highlight Cedarwood Trusts strong performance, and innovation.
Page 3
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **FINANCIAL REVIEW**
Our focus this year has been to strengthen and consolidate our financial position. Despite the pandemic and additional costs this and Brexit attracted, we further strengthened our group position. We have monitored potential and actual costs closely to ensure that we continued to meet our charitable objectives as well as strengthening our position for the future. We have also been successful in attracting new business to the group which too has contributed to the positive result in the year.
Most of our funding is still obtained by grant / tendering for the delivery of specialist community services. Our funders include Local Authorities, Defra, Skills Funding Agency, the Big Lottery and charitable grants and donations.
The charity reported a surplus of £308,499 (2020 - £34,404), comprising a surplus on unrestricted funds after transfers of £88,133 (2020 - £39,190) and a surplus on restricted funds of £220,366 (2020 - deficit of £4,786).
At the balance sheet date, total funds amounted to £578,273 (2020 - £269,774) of which £422,480 (2020 - £202,114) was subject to restriction and a further £55,000 (2020 - £nil) was designated for specific purposes. The free reserves of the charity amounted to £100,793 (2020 - £67,660).
## **Reserves Policy**
Following the review of our reserves policy in the last financial year, we believe that the target level set continues to be sufficient for the needs of our organisation. Our reserves policy is set at an equivalent to one month of total resources expended.
Such a level of reserves would provide a buffer to enable the organisation to make provisions for the loss of a major service whilst maintaining effective management and administration of the group. These reserves also provide working capital to enable development of service provision.
We continue to review the requirements to ensure we are able to continue to meet our charitable aspirations in the future.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity and group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **Value for money statement**
Cedarwood is committed to delivering Value for Money (VfM) as an integral part of its business strategy. The aims and objectives of VfM will be incorporated within each Service Delivery Units (SDU) Business Plans and will be imbedded across all areas of service delivery. It is our aim to continually assess opportunities to enhance our services and actively involve our employees, service users and partners to achieve value for money. We will continually seek value by sourcing the best materials at the best price. We will always look for ways to make our services work more efficiently and effectively.
Page 4
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **PLANS FOR FUTURE PERIODS**
Cedarwood Trust will continue to deliver community development, poverty relief, health, and social care services, making a real difference to people and their communities.
Our strategic plans are based on further strengthening our foundations whilst continuing to grow in key Nurture Nourish Thrive strategic areas and further strengthening our regional voice. Our growth will be with the aid of key partnerships to further enhance our offer and ensuring our service users get the best services to address their needs. Underpinning our strategy, we will also be ensuring our workforce feels valued and engaged, so that they can continue to deliver the best for our clients.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Cedarwood Trust is a charity and company limited by guarantee - incorporated 4 August 2003 and registered as a charity on 5 November 2003.
The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the Trustees are elected at the Annual General Meeting (AGM). Rotation of Trustees requires that the longest serving one-third or nearest one-third of their number shall retire from office at each AGM but shall be eligible for re-election.
The Trustees reviewed Cedarwood Trusts Memorandum and Articles in the light of changes to Charity and Company Law and made minor amendments in 2011.
Page 5
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT continued**
## **Recruitment, training, and appointment of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Cedarwood Trust's governing body is a voluntary Board of Trustees, each of whom sits independently. The Trustees who held office during the 2020/21 financial year and at the time of writing of this report are set out under Reference and Administrative Details.
Members of the Board of Trustees meet monthly and do not receive any remuneration.
Trustees are recruited using advertisements with potential Trustees being invited to complete an application form. Cedarwood recruits Trustees who are able to offer a wide range of experience for the benefit of the organisation these areas of expertise include business, marketing, education, and quality. A panel of Trustees, together with the Chief Executive, meet with applicants to discuss Cedarwood's aims and objectives, outline their responsibilities as Trustees and ensure that there are no conflicts of interest and to answer any questions that applicants may have.
Successful candidates are then invited to join the Board of Trustees for a period of induction between three and six months. During this time, they are also required to visit a number of Cedarwood projects, view presentations and discuss key issues with other Board members and employees of the organisation. Trustees undertake mandatory training annually, including Information Governance, Prevent, Safeguarding and Equality Diversity and inclusion. Regular skills audits and governance reviews also take place to ensure our trustee board has the requisite skills and attributes required to oversee our charity.
## **Management structure**
The Board of Trustees are responsible for the strategic direction and policies of the organisation and are actively involved in the business planning. The Trustees monitor compliance with the business plan by monitoring key performance indicators set out in the plan. The Trustees also review management accounts monthly against financial projections which are produced at least twice yearly to reflect the activities in the business plan.
The Chair of Trustees provides support and supervision for the Chief Executive.
Responsibility for the day to day running of the company lies with the Chief Executive along with the senior management team. The SMT meet monthly with the Chief Executive who are responsible for the operational Cedarwood Trust services.
Page 6
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT continued**
## **Risk strategy**
The risk management strategy and risk registers are in place to review, evaluate and minimise any risks facing the organisation. The strategy covers insurance plans, financial risks, media, health & safety, IT, archiving and reconstruction of records, staff and service user safety, information governance, clinical governance, and disaster recovery plans. The strategy is reviewed quarterly by the Quality and Performance Subcommittee of the main Board and is then discussed at the main Board Meeting. Quality systems and audit checks are embedded in our service delivery, and we comply with the various audit frameworks including Ofsted, Matrix and Governance and Financial Standard of the Regulatory Framework.
The principal risks and uncertainties we face include reduced viability of grants/contracts and continuing cost pressures; the need for a skilled and committed workforce who we need to ensure feel motivated and part of Cedarwood.
## **Disabled employees**
The organisation fully complies with the Equality Act 2010. Cedarwood does not discriminate against employees because of mental or physical disability. This year we have further invested in our approach to equality, diversity, and inclusion with the planned recruitment of a specific post holder to build our organisational partnerships.
## **Public benefit**
Section 4 of the Charities Act 2011 requires all charities to meet the legal requirement that its aims be for the public benefit. The Trustees confirm that they have complied with the duty to have due regard to the Charity Commission's general guidance on public benefit.
The Charity Commission states that there are two principles to be met in order to show that an organisation's aims are for the public benefit; firstly, there must be an identifiable benefit or benefits and secondly that the benefit must be to the public, or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above, meet these principles.
Page 7
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
04855747 (England and Wales)
## **Registered Charity number**
1100530
## **Registered Office**
The Meadow Well Centre, Avon Avenue, North Shields, NE29 7QT
## **Trustees**
Dr J Appleby - Chair Mr J Binks Mr A Gray Mrs A O'Donnell Sarah Holmes-Willis Appointed 30 September 2020 Mr N Thurlow-Dorner Appointed 30 September 2020 Rev C Hughes Retired 9 May 2022
## **Key Management Personnel**
Mr W Dobson, CEO Ms C Bray-Bowden, Head of Operations
## **Independent Examiner**
Read, Milburn & Co., 71 Howard Street, North Shields, NE30 1AF
## **Bankers**
The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester, M60 4EP
Page 8
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Cedarwood Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 30 June 2022 and signed on its behalf by:
Dr J. Appleby - Chair
Page 9
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CEDARWOOD TRUST**
## **Independent examiner's report to the trustees of The Cedarwood Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and 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:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Nicholas J Liley FCA Institute of Chartered Accountants in England and Wales Read, Milburn & Co
30 June 2022
Page 10
## **THE CEDARWOOD TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
26,726
**Charitable activities**
4
Grant funded activities
112,258
Other trading activities
3
2,033
Other income
25,919
**Total**
166,936
**EXPENDITURE ON**
**Charitable activities**
5
Grant funded activities
50,766
**NET INCOME**
116,170
**Transfers between funds**
17
(28,037)
**Net movement in funds**
88,133
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
67,660
**TOTAL FUNDS CARRIED FORWARD**
155,793|Restricted
funds
£
-
644,325
-
-
644,325
451,996
192,329
28,037
220,366
202,114
422,480|2021
Total
funds
£
26,726
756,583
2,033
25,919
811,261
502,762
308,499
-
308,499
269,774
578,273|2020
Total
funds
£
7,166
285,140
2,397
5,605
300,308
265,904
34,404
-
34,404
235,370
269,774|
|---|---|---|---|
The notes form part of these financial statements
Page 11
## **THE CEDARWOOD TRUST (REGISTERED NUMBER: 04855747)**
## **BALANCE SHEET 31 AUGUST 2021**
|Notes
**FIXED ASSETS**
Tangible assets
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**PROVISIONS FOR LIABILITIES**
15
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2021
£
313,799
14,573
326,744
341,317
(70,007)
271,310
585,109
(6,836)
578,273
155,793
422,480
578,273|2020
£
197,495
1,286
165,581
166,867
(85,890)
80,977
278,472
(8,698)
269,774
67,660
202,114
269,774|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 12
## **THE CEDARWOOD TRUST (REGISTERED NUMBER: 04855747)**
## **BALANCE SHEET - continued 31 AUGUST 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 30 June 2022 and were signed on its behalf by:
Dr J. Appleby - Chair
The notes form part of these financial statements
Page 13
## **THE CEDARWOOD TRUST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
20
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2021
£
306,472
306,472
(145,309)
(145,309)
161,163
165,581
326,744|2020
£
113,707
113,707
-
-
113,707
51,874
165,581|
|---|---|---|
The notes form part of these financial statements
Page 14
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether capital or revenue in nature, is recognised when the charity has entitlement to the funds, any related performance conditions have been satisfied, it is probable that income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Support costs relate to functions of the charity which do not directly undertake charitable activities. Support costs are charged to the activity to which they relate; where they relate to multiple activities they are apportioned on the basis of staff time spent on each activity.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|Freehold property|-|4% on cost|
|---|---|---|
|Improvements to property|-|4% on cost|
|Fixtures and fittings|-|
25% on cost and 10% on cost|
|Computer equipment|-|25% on cost|
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Page 15
continued...
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
The company also participates in a defined benefit pension scheme. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, therefore it accounts for the scheme as a defined contribution scheme.
## **Debtors**
Debtors and prepayments are recognised at the settlement amount due or amount prepaid.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments.
## **Creditors**
Creditors and provisions 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 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **Financial instruments**
Other than those mentioned above, the company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 16
continued...
**THE CEDARWOOD TRUST**
|**NOTES TO THE FINANCIAL STATEMENTS - continued**
**FOR THE YEAR ENDED 31 AUGUST 2021**
**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**OTHER TRADING ACTIVITIES**
Shop and catering income
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Grants
Grant funded activities
Grants received, included in the above, are as follows:
NLCF - Reaching Communities
Community Foundation
Tudor Trust
National Lottery Community Fund
Department for the Environment, Food and Rural Affairs
Armed Forces Covenant Fund
Martin Lewis Coronavirus Emergency Fund
Willan Charitable Trust
Power to Change
Business Rates grant
North Tyneside Council - ESF
North Tynseside Council - Step Up into Care
North Tynseside Council - Covid Relief Fund
North of Tyne Combined Authority
Other grants|2021
£
26,726
2021
£
2,033
2021
£
756,583
2021
£
40,934
31,000
94,167
49,335
6,014
5,515
-
-
100,000
-
34,788
216,999
43,091
117,562
17,178
756,583|2020
£
7,166
2020
£
2,397
2020
£
285,140
2020
£
68,719
38,500
50,000
28,033
2,478
11,985
14,200
18,360
10,000
25,000
-
-
-
-
17,865
285,140|
|---|---|---|
continued...
Page 17
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **5. CHARITABLE ACTIVITIES COSTS**
|Grant funded activities
**6.**
**SUPPORT COSTS**
Grant funded activities|Direct
Costs
£
373,944|Support
costs (see
note 6)
£
128,818|Totals
£
502,762
Mgmt and
admin
£
128,818|
|---|---|---|---|
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Depreciation - owned assets
Deficit on disposal of fixed assets
Independent Examiner's remuneration
Operating lease payments|2021
£
16,310
12,695
1,230
5,285|2020
£
12,989
-
1,230
8,345|
|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
continued...
Page 18
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **9. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs|2021
£
234,160
12,450
5,647
252,257|2020
£
85,330
4,403
3,518|
|||93,251|
The key management personnel, including the trustees, are listed under Reference and Administrative Details. The total employee benefits of the key management personnel were £80,385 (2020 - £79,738).
The average monthly number of employees during the year was as follows:
|Key management
Other staff|2021
2
11
13|2020
2
2|
|---|---|---|
|||4|
No employees received emoluments in excess of £60,000.
continued...
Page 19
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
7,166
-
**Charitable activities**
Grant funded activities
139,210
145,930
Other trading activities
2,397
-
Other income
5,605
-
**Total**
154,378
145,930
**EXPENDITURE ON**
**Charitable activities**
Grant funded activities
73,418
192,486
**NET INCOME/(EXPENDITURE)**
80,960
(46,556)
**Transfers between funds**
(41,770)
41,770
**Net movement in funds**
39,190
(4,786)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
28,470
206,900
**TOTAL FUNDS CARRIED FORWARD**
67,660
202,114|Total
funds
£
7,166
285,140
2,397
5,605
300,308
265,904
34,404
-
34,404
235,370
269,774|
|---|---|
continued...
Page 20
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **11. TANGIBLE FIXED ASSETS**
|Improvements
Fixtures
Freehold
to
and
property
property
fittings
£
£
£
**COST**
At 1 September 2020
220,000
15,114
28,861
Additions
-
137,228
2,200
Disposals
-
(15,114)
-
At 31 August 2021
220,000
137,228
31,061
**DEPRECIATION**
At 1 September 2020
35,200
2,419
28,861
Charge for year
8,800
5,489
550
Eliminated on disposal
-
(2,419)
-
At 31 August 2021
44,000
5,489
29,411
**NET BOOK VALUE**
At 31 August 2021
176,000
131,739
1,650
At 31 August 2020
184,800
12,695
-
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income|Computer
equipment
£
-
5,881
-
5,881
-
1,471
-
1,471
4,410
-
2021
£
10,337
4,236
14,573|Totals
£
263,975
145,309
(15,114)
394,170
66,480
16,310
(2,419)
80,371
313,799
197,495
2020
£
250
1,036
1,286|
|---|---|---|
||||
||||
||||
||||
||||
||||
continued...
Page 21
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Other creditors
Accruals and deferred income|2021
£
9,089
60,918
70,007|2020
£
-
85,890|
|||85,890|
## **Deferred Income**
Included within Accruals and Deferred Income are the following amounts comprising income received in advance of delivery of the related services or expenditure incurred.
|Balance at 1 September 2020
Released to incoming resources
Amount deferred in year
Balance at 31 August 2021|£
84,155
(84,155)
58,896
58,896|
|---|---|
## **14. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
|Within one year
Between one and five years|2021
£
3,917
1,958
5,875|2020
£
5,285
6,102|
|---|---|---|
|||11,387|
continued...
Page 22
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
|**15.**|**PROVISIONS FOR LIABILITIES**||||
|---|---|---|---|---|
||||2021|2020|
||||£|£|
||Provisions||6,836|8,698|
||**Present Values of Provision**||||
|||2021|2020|2019|
|||£|£|£|
||Present value of provision|6,836|8,698|10,366|
||**Reconciliation of Opening and Closing Provisions**||||
||||2021|2020|
||||£|£|
||Provision at start of period||8,698|10,366|
||Unwinding of the discount factor (interest expense)||42|92|
||Deficit contribution paid||(1,895)|(1,839)|
||Remeasurements - impact of any change in assumptions||(9)|79|
||Provision at end of period||6,836|8,698|
||**Income and Expenditure Impact**||||
||||2021|2020|
||||£|£|
||Interest expense||42|92|
||Remeasurements - impact of any change in assumptions||(9)|79|
||||33|171|
||**Assumptions**||||
|||2021|2020|2019|
|||% per annum % per annum % per annum|||
||Rate of discount|0.63|0.55|0.97|
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
continued...
Page 23
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted
funds
£
Fixed assets
-
Current assets
177,906
Current liabilities
(15,277)
Provision for liabilities
(6,836)
155,793
**17.**
**MOVEMENT IN FUNDS**
At 1/9/20
£
**Unrestricted funds**
General fund
67,660
Contingency Fund
-
67,660
**Restricted funds**
Freehold property
184,800
Propety improvements
12,695
Other tangible fixed assets
-
Elders
969
Parents Plus
-
ESF - Brighter Futures
3,548
NLCF - Covid Support
-
Martin Lewis Coronavirus Emergency
Fund
102
Step Up into Care
-
Nourish (Food Membership Scheme)
-
202,114
**TOTAL FUNDS**
269,774|Restricted
funds
£
313,799
163,411
(54,730)
-
422,480
Net
movement
in funds
£
116,170
-
116,170
(8,800)
16,816
(2,021)
(969)
2,587
6,536
9,875
(102)
88,722
79,685
192,329
308,499|2021
Total
funds
£
313,799
341,317
(70,007)
(6,836)
578,273
Transfers
between
funds
£
(83,037)
55,000
(28,037)
-
102,228
8,081
-
(2,587)
-
-
-
-
(79,685)
28,037
-|2020
Total
funds
£
197,495
166,867
(85,890)
(8,698)
269,774
At
31/8/21
£
100,793
55,000
155,793
176,000
131,739
6,060
-
-
10,084
9,875
-
88,722
-
422,480
578,273|
|---|---|---|---|
continued...
Page 24
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **17. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Freehold property
Propety improvements
Other tangible fixed assets
Elders
Parents Plus
ESF - Brighter Futures
NLCF - Covid Support
WRAP
Armed Forces Covenant Fund
Martin Lewis Coronavirus Emergency
Fund
Step Up into Care
Nourish (Food Membership Scheme)
Other restricted funds
**TOTAL FUNDS**|Incoming
resources
£
166,936
-
35,000
-
16,000
40,934
34,788
49,335
6,014
5,515
-
334,561
100,000
22,178
644,325
811,261|Resources
Movement
expended
in funds
£
£
(50,766)
116,170
(8,800)
(8,800)
(18,184)
16,816
(2,021)
(2,021)
(16,969)
(969)
(38,347)
2,587
(28,252)
6,536
(39,460)
9,875
(6,014)
-
(5,515)
-
(102)
(102)
(245,839)
88,722
(20,315)
79,685
(22,178)
-
(451,996)
192,329
(502,762)
308,499|
|---|---|---|
Page 25
continued...
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Freehold property
Propety improvements
Elders
Parents Plus
ESF - Brighter Futures
NLCF - Covid Support
Martin Lewis Coronavirus Emergency
Fund
Second Bite Training Academy
Step Up into Care
**TOTAL FUNDS**|At 1/9/19
£
28,470
193,600
13,300
-
-
-
-
-
-
-
206,900
235,370|Net
movement
in funds
£
80,960
(8,800)
(605)
969
(14,857)
3,548
(816)
102
(20,279)
(5,818)
(46,556)
34,404|Transfers
between
funds
£
(41,770)
-
-
-
14,857
-
816
-
20,279
5,818
41,770
-|At
31/8/20
£
67,660
184,800
12,695
969
-
3,548
-
102
-
-
202,114
269,774|
|---|---|---|---|---|
Page 26
continued...
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **17. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Freehold property
Propety improvements
Elders
Parents Plus
ESF - Brighter Futures
NLCF - Covid Support
WRAP
Armed Forces Covenant Fund
Martin Lewis Coronavirus Emergency
Fund
Second Bite Training Academy
Step Up into Care
Other restricted funds
**TOTAL FUNDS**|Incoming
resources
£
154,378
-
-
16,000
68,719
3,575
28,033
2,478
11,985
14,200
-
-
940
145,930
300,308|Resources
Movement
expended
in funds
£
£
(73,418)
80,960
(8,800)
(8,800)
(605)
(605)
(15,031)
969
(83,576)
(14,857)
(27)
3,548
(28,849)
(816)
(2,478)
-
(11,985)
-
(14,098)
102
(20,279)
(20,279)
(5,818)
(5,818)
(940)
-
(192,486)
(46,556)
(265,904)
34,404|
|---|---|---|
## **Contingency fund**
These are funds set aside by the trustees such that they do not form part of the general operations of the charity and will be used to meet presently unforeseen future expenditure.
## **Freehold property and property improvements and other tangible fixed assets**
These funds comprise the reserves of the charity that are represented by fixed assets. During the year ended 31 August 2021 a grant of £35,000 from the Tudor Trust towards property renovations was credited to this fund and an additional £110,228 was transferred from other funds where grant conditions were satisfied by the acquisition of tangible fixed assets.
## **Other restricted funds**
The restricted funds represent the income and associated costs related to the specified project, upon which a restriction has been placed by the donor.
The Elders fund delivers services to the over-55s, including the re-training of staff and volunteers.
Parents Plus delivers parenting classes and related services and includes funding for a full-time coordinator and part-time assistant.
continued...
Page 27
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **17. MOVEMENT IN FUNDS - continued**
The National Lottery Community Fund provided emergency funding in response to the Coronavirus pandemic, including the Nourish Food Membership scheme via the Power to Change Trust.
North Tyneside Council provided funding as part of the Step Up to Care initiative, utilising the resources of local community organisations to provide services to vulnerable residents.
## **Transfers between funds**
Amounts transferred to restricted funds represent the (additional) funding of specific projects out of unrestricted reserves, or where funding conditions are met via capital expenditure, as detailed above.
## **18. EMPLOYEE BENEFIT OBLIGATIONS**
The charitable company participates in TPT Retirement Solutions - The Growth Plan (the Scheme), a multiemployer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charitable company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the charitable company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m.
continued...
Page 28
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **19. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2021.
## **20. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Loss on disposal of fixed assets
Increase in debtors
(Decrease)/increase in creditors
Difference between pension charge and cash contributions
**Net cash provided by operations**
**21..**
**ANALYSIS OF CHANGES IN NET FUNDS**|2021
£
308,499
16,310
12,695
(13,287)
(15,883)
(1,862)
306,472|2020
£
34,404
12,989
-
(972)
68,954
(1,668)
113,707|
|---|---|---|
||At 1/9/20|Cash flow|At 31/8/21|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank and in hand|165,581|161,163|326,744|
||165,581|161,163|326,744|
|**Total**|165,581|161,163|326,744|
continued...
Page 29
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2021**
## **22. LEGAL STATUS**
The Cedarwood Trust is a company limited by guarantee, registered in England and Wales and has no share capital. The company's registered number and registered office address can be found within Reference and Administrative Details.
The liability of members is limited. Every member of the Charity undertakes to contribute such amount as may be required (not exceeding £1) to the Charity's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the Charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
Page 30
**THE CEDARWOOD TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Shop and catering income
**Charitable activities**
Grants
**Other income**
Rent received
Other income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Other direct costs
**Support costs**
**Mgmt and admin**
Repairs and maintenance
Insurance
Heat, light and water
Telecommunications
Printing, postage and stationery
Advertising
Cleaning and sundries
Carried forward|2021
£
26,726
2,033
756,583
12,984
12,935
25,919
811,261
234,160
12,450
5,647
121,687
373,944
12,654
5,323
15,504
15,313
2,633
8,661
10,477
70,565|2020
£
7,166
2,397
285,140
5,169
436
5,605
300,308
85,330
4,403
3,518
121,381
214,632
2,417
3,341
13,587
9,267
959
162
35
29,768|
|---|---|---|
This page does not form part of the statutory financial statements
Page 31
## **THE CEDARWOOD TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021**
|**Mgmt and admin**
Brought forward
Training and recruitment
Subscriptions
Professional fees
Depreciation of tangible fixed assets
Loss on disposal of tangible fixed assets
Total resources expended
**Net income**|2021
£
70,565
10,908
802
17,538
16,310
12,695
128,818
502,762
308,499|2020
£
29,768
-
683
7,832
12,989
-
51,272
265,904
34,404|
|---|---|---|
This page does not form part of the statutory financial statements
Page 32