REGISTERED COMPANY NUMBER: 5330850 REGISTERED CHARITY NUMBER: 1109301
Report of the Trustees and Financial Statements For The Year Ended 31 March 2021 for The Florence Institute Trust Limited
The Florence Institute Trust Limited
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 9 |
| Independent Examiner’s Report | 10 |
| Profit and Loss Account | 11 |
The Florence Institute Trust Limited
Report of the Trustees for the year Ended 31 March 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 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in January 2015.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
5330850
Registered Charity number
1109301
Registered office
377 Mill Street Dingle Liverpool Merseyside L8 4RF
Trustees
Simon Humphreys Sue McQueen Paul Dickson Christine Hendrick
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisation and Administration
The charity is developing and growing its membership. The named Directors are the board of Trustees elected via nomination by the membership the AGM. We employ a team of staff to operationally run and manage The Florrie along with apprentices and volunteers as required.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The charity undertook a review which included a risk analysis and mitigation strategy. Measures have been put in place to manage the identified risks and are being employed and monitored.
OBJECTIVES AND ACTIVITIES
The company was incorporated on 12th January 2005 under the Companies Act 1985, under the terms of the Memorandum and Articles of Association dated 22nd December 2004, and was subsequently registered as a charity in accordance with this governing document on 3rd May 2005.
The objects of the charity are: -
(a) To preserve for the public benefit of the people of the County of Merseyside and of the nation at large, the building known as the Florence Institute on Mill Street in the city of Liverpool ("the Florence Institute") ; and (b) In the interests of social welfare to provide or assist in the provision of facilities for recreation and other leisure time occupation for the public at large with the object of improving their conditions of life; and
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The Florence Institute Trust Limited
Report of the Trustees for the year ended 31 March 2021
(c) To educate and assist young persons through their leisure time activities so as to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved and in furtherance of that object to provide in the Florence Institute from time to time a centre for meetings, lectures, classes and other forms of leisure time occupation for the benefit of young person’s; and
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(d) The promotion for the public benefit of urban regeneration in areas of social and economic deprivation (and in particular the district and surrounding area of Liverpool 8) by all or any of the following means
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the relief of poverty in such ways as may be thought fit;
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the relief of unemployment in such ways as may be thought fit;
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the advancement of education, training or retraining, particularly among unemployed people, and providing
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unemployed people with work experience.
Principal Activity
The company was established to develop plans and pursue with funding application to repair, restore, conserve and convert the building known as The Florence Institute For Boys, Mill Street, Liverpool 8 and manage the same to achieve its objects as stated in its governing document for the aforesaid beneficiaries.
ACHIEVEMENT AND PERFORMANCE
The Board of Trustees are very pleased to report that the charity remains solvent despite a decrease in income from tenancies and room bookings due to the impact of the covid pandemic in 2020/21.
The charity generated a total income of £814,270 and carries forward a healthy surplus of restricted, designated and unrestricted income of £511,078 into new financial year, with £20,604 representing unrestricted funds. This represents free reserves available towards the running costs of the charity. The Annual Accounts are presented to the AGM as a true and accurate record and will be signed off and submitted to the Charity Commission by our accountants.
FINANCIAL REVIEW
Finance: The Statement of Financial Activities shows a net income for the year of £454,264. As a result of the pandemic and lockdown restrictions, the building and its community facilities and activities were closed for the majority of the year, therefore grant funded activities were postponed and there were significant cost reductions resulting in the financial surplus for the year.
The charity carries forward an unrestricted fund of £20,604. This represents free reserves available for the running costs of the charity.
An impairment review on the freehold property was carried out by the trustees and the building was valued at £412,000. The restricted fund balance was £902,476 which represents this building valuation along with restricted grants received and not yet spent. These are not free reserves and do not represent cash in the bank.
Reserves policy
It is the intention of the charity to ensure that once the charity achieves sustainability via its activities, that a surplus of income over expenditure be achieved. The objective of the charity is to be in a position to procure up to 1/4 annual running costs which would be held and sustained in a reserves account.
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The Florence Institute Trust Limited
Report of the Trustees for the year ended 31 March 2021
FUTURE DEVELOPMENTS
Ensuring sustainability is still the key driver for 2021/22, building up the staff core team and securing salary for new posts to develop our marketing strategy, a youth/development worker in order to continue to engage young people in our activities and training programmes and a new Events Manger and Commercial Manager to oversee and support the CEO in the strategic direction and income generation of the Florrie activities.
We are moving forward with the Conservation Maintenance Programme to preserve the heritage asset and promote the Florrie as an exemplar of outstanding community led regeneration is an ongoing outcome that is the golden thread of everything we do here at the Florrie.
The Florrie belongs to everyone and we will always work to ensure it remains open to all members of the community offering a multitude of free services to adults, children, young people and community groups.
Public Benefit
The Trustees have considered the Charities Commissions’ guidance on public benefit in the shaping of its mission and the planning of the Florence Institute Trust’s activities for the year.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The trustees are responsible for maintaining 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. The trustees 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.
This report has been prepared in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
............................................. Christine Hendrick - Trustee
Date:
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The Florence Institute Trust Limited
Statement of Financial Activities for the year ended 31 March 2021
| Unrestricted funds Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income 3 110,004 Investment income - Activities for generating funds 10,975 Total incoming resources 120,979 RESOURCES EXPENDED Costs of generating funds Costs of generating voluntary income 4 428 Charitable activities 5 111,081 Governance costs 6 - Total resources expended 111,509 NET INCOMING RESOURCES 9,470 RECONCILIATION OF FUNDS Total funds brought forward 11,134 TOTAL FUNDS CARRIED FORWARD 20,604 |
Restricted funds £ 693,291 - - 693,291 - 218,560 29,937 248,497 444,794 457,682 902,476 |
2021 Total funds £ 803,295 - 10,975 814,270 428 329,641 29,937 360,006 454,264 468,816 923,080 |
2020 Total Funds £ 383,602 - 22,530 406,132 1,968 387,551 28,854 418,373 (12,241) 481,057 468,816 |
|---|---|---|---|
Movements in funds are disclosed in Note 12 to the financial statements.
DESIGNATED AND ENDOWMENT FUNDS
The charity had no designated or endowment funds in either the current year or the previous year.
The notes form part of these financial statements.
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The Florence Institute Trust Limited
Balance Sheet At 31 March 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 - Investments 9 1 1 CURRENT ASSETS Cash in hand - Debtors 10 20,603 CREDITORS Amounts falling due within one year 11 - FUNDS Unrestricted funds Restricted funds TOTAL FUNDS NET CURRENT ASSETS 20,604 TOTAL ASSETS LESS CURRENT LIABILITIES 20,604 |
Restricted funds £ 412,001 - 412,001 493,258 9,520 (12,303) 490,475 902,476 |
2021 Total Funds £ 412,001 1 412,002 493,258 30,123 (12,303) 20,604 902,476 923,080 511,078 923,080 |
2020 Total Funds £ 412,001 1 |
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|---|---|---|---|---|---|---|
| 412,002 51,594 21,387 (16,167) 11,134 457,682 468,816 56,814 468,816 |
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The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
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(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the 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 company.
The financial statements were approved by the Board of Directors on 11 July 2021 and were signed on its behalf by:
........................................................................ Christine Hendricks – Director
The notes form part of these financial statements.
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The Florence Institute Trust Limited
Notes to the Financial Statements for the year ended 31 March 2021
1. STATUTORY INFORMATION
The Florence Institute Trust Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
Accounting convention
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities. The financial statements have been prepared under the historical cost convention.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
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.
Tangible fixed assets
Tangible fixed assets are originally measured at cost
- Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. - Fixtures and fittings – 20% straight line
Freehold property is subject to regular impairment reviews and depreciation is provided accordingly.
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.
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.
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The Florence Institute Trust Limited Notes to the Financial Statements - continued for the year ended 31 March 2021
3. VOLUNTARY INCOME
| Grants National Heritage Lottery Funding National Lottery Community Fund Liverpool City Council Mayor’s Fund Section 106 Community Hub Business Grant Funding Community Foundation Liverpool Covid Job Retention Scheme Morgan Foundation Workers Educational Association Home Office Power to Change Medicash Foundation CAF Resilience Fund MPAC Awards for All Henry Smith P H Holt Foundation Granby Toxteth Development Trust LCVS NLRCO ComMutual/Liverpool Mutual Homes Red Touch Media English Sports Council Groundwork Without Walls St James in the City Duchess of Westminster Other grants Donations |
2021 £ 64,700 173,358 41,362 - 20,000 16,500 50,000 8,770 60,004 35,000 7,000 - 17,824 10,000 55,000 200 - 101,500 7,854 14,075 16,100 2,000 - 8,330 5,000 1,166 2,260 25,000 - 8,795 51,497 803,295 |
2020 £ 34,000 103,288 59,696 23,780 - - - - - - 5,000 28,795 1,000 - - 2,485 10,000 40,000 - 10,000 6,121 - 640 9,966 - - - - 2,500 670 46,301 |
|---|---|---|
| 383,602 |
4. COSTS OF GENERATING VOLUNTARY INCOME
| 2021 £ |
2020 £ |
||
|---|---|---|---|
| Telephone & IT | 377 | 261 | |
| Postage and stationery - Travelling and volunteer expenses 51 Sessional workers - 1,968 BREAKDOWN OF COSTS OF CHARITABLE ACTIVITIES Direct costs Support costs £ £ Running costs of the building 90,868 22,198 Activities for community benefit 166,986 49,588 257,854 71,786 |
5. BREAKDOWN OF COSTS OF CHARITABLE ACTIVITIES
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The Florence Institute Trust Limited Notes to the Financial Statements - continued for the year ended 31 March 2021
6. GOVERNANCE COSTS
| Audit and accountancy Wages and salaries |
2021 £ 1,000 28,937 29,937 |
2020 £ 1,000 27,854 28,854 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There was no trustees' remuneration or other benefits for the year ending 31 March 2021, nor for the period ended 31 March 2020.
8. TANGIBLE FIXED ASSETS
| COST: At 1 April 2020 Additions At 31 March 2021 DEPRECIATION: At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUES: At 31 March 2021 At 31 March 2020 |
Improvements Fixtures & to Property Fittings £ £ 6,306,020 75,917 - - 6,306,020 75,917 5,894,020 75,916 - - 5,894,020 75,916 412,000 1 412,000 1 |
Total £ 6,381,937 - 6,381,937 5,969,936 - 5,969,936 412,001 412,001 |
|---|---|---|
The charity has acquired the Florence Institute for Boys freehold property from the Duchy of Lancaster for no cost.
The trustees have carried out an impairment review on the freehold property and value it at £412,000.
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| Shares | in | |
| group | ||
| undertakings | ||
| £ | ||
| COST | ||
| At 1 April 2020 | ||
| and 31 March 2021 | 1 | |
| NET BOOK VALUE | ||
| At 31 March 2021 | 1 | |
| At 31 March 2020 | 1 |
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The Florence Institute Trust Limited Notes to the Financial Statements - continued for the year ended 31 March 2021
10. DEBTORS
| 10. | DEBTORS | ||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Trade debtors | 3,761 | 8,982 | |||
| Amounts owed by group undertakings | 20,603 | 11,134 | |||
| Other debtors | 5,759 | 1,271 | |||
| 30,123 | 21,387 | ||||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Trade creditors | 7,984 | 8,266 | |||
| Taxation and social security | 4,319 | 5,901 | |||
| Other creditors | - | 2,000 | |||
| 12,303 | 16,167 | ||||
| 12. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| At | 1.4.20 | movement in | At 31.3.21 | ||
| funds | |||||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 11,134 | 9,470 | 20,604 | ||
| Restricted funds | |||||
| Restricted fund | 457,682 | 444,794 | 902,476 | ||
| TOTAL FUNDS | 468,816 | 454,264 | 923,080 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement in | |||
| Resources | Expended | funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 120,979 | 111,509 | 9,470 | ||
| Restricted funds | |||||
| Restricted fund | 693,291 | 248,497 | 444,794 | ||
| TOTAL FUNDS | 814,270 | 360,006 | 454,264 |
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Independent Examiner's Report to the Trustees of The Florence Institute Trust Limited
Independent examiner's report to the trustees of The Florence Institute Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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 ACIE 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:
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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
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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
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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
P C Taylor ACIE 74 Brook Vale Waterloo Liverpool Merseyside L22 3YB
11 July 2021
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The Florence Institute Trust Limited
Profit and Loss Account
for the year ended 31 March 2021
| 2021 £ Income: Rents received Café and merchandise sales Other income: Grants received Donations received Trading company profit donated Bank interest Administration costs: Wages and staff costs Rates and water Telephone & IT Postage and stationery Travelling and volunteer expenses Publicity and promotion Computer expenses Light and heat Repairs and renewals Security Cleaning and laundry Events and activities Audit and accountancy Sessional workers Licences and insurance Legal, professional and consultancy fees Bank charges Depreciation of tangible fixed assets NET SURPLUS/(DEFICIT) |
2020 £ £ 10,975 - 10,975 751,798 51,497 - - 814,270 210,667 2,636 3,767 - 102 - - 32,047 3,387 11,127 1,608 67,448 2,940 - 24,243 - 34 - 360,006 454,264 |
£ 20,762 1,768 22,530 337,301 16,406 29,895 - 406,132 183,089 490 2,610 359 3,343 594 - 26,924 4,988 4,473 3,966 174,757 2,223 - 9,229 - 96 1,232 418,373 (12,241) |
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This page does not form part of the statutory financial statements
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