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2021-03-31-accounts

Spinnaker Trust Limited UNAUDITED

TRUSTEES’ REPORT & ACCOUNTS 2020/21

For the year ended 31st March 2021

Page no:

TABLE OF CONTENTS

Reference and Administrative Details 2
Chief Executive Officer's Report 3
Trustees’ Report 5
Objectives and Activities 5
Achievements and Performance 6
A Look Ahead 6
Structure Governance & Management 7
Risk Management 7
Financial Review 8
Directors Responsibilities 10
Independent Examiner’s Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Accounts 14
Detailed Statement of Financial Activities 20
with Comparatives

1

Reference and Administrative Details

Directors/Trustees

Directors/Trustees
Catherine Christie
Stephen (Chig) Gough
Nigel Hewson
Brian Sweatman
Cath Mitchenall (16 June 2020)
Key Staff Mike Harrowing, CEO
Company Secretary Caroline Allen (resigned 16 June 2021)
Funmi Okanlawon (16 June 2021)
Governing Document Memorandum & Articles of Association
(July 2005)
Company registered number 5503977
Charity registered number 1111351
Registered office and principal office172 High Street
Penge
London SE20 7QS
020 8778 3181
spinnaker@spinnaker.org.uk
Independent Examiner Lisa Darby ACA
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Bankers HSBC
249 High Street
Orpington
BR6 0NR
Virgin Money
Jubilee House
Gosforth
Newcastle-upon-Tyne
NE3 4PL3
Kingdom Bank
Ruddington Fields Business Park
Mere Way, Ruddington
Nottingham
NG11 6JS

2

Chief Executive Officer’s Report

Mike Harrowing, CEO

This year has been defined entirely by the impact of the pandemic. It has been a long season of shifting sands and adaptation. The challenges presented have been exciting as well as exhausting and I want to commend the entire team for their brilliance – everyone has risen to the challenge, been extremely patient, flexible and supportive of each other. The trustees too, have been sturdy rocks in a stormy year. God has been ‘our refuge and strength, a very present help in times of trouble’ (Psalm 46) and we give him thanks and praise for all he has done during this time to enable our work to continue.

At the beginning of this financial year, when lockdown restrictions were at their peak, we were unable to deliver our usual program of assemblies and lessons, indeed it was difficult to even establish responsive contact with schools as they themselves grappled to navigate such fast-paced changes.

As CEO, my main concern was for the job security of all our staff. It was extremely important to me that we pivoted quickly to respond to the restricted landscape, completely altering our delivery, whilst remaining faithful to the purposes of our mission. As a direct result, we branched out into new media and target audiences with a variety of creative responses. This included producing videos that could be delivered in a variety of ways – for children being taught at home or at school and in classes or bubbles, along with supporting resources.

The backbone of our offerings was in creating Worship Resources, now distributed as digital content; alternating between video and PDF led assemblies each week.

The team were furloughed for a brief time, before taking advantage of the ‘flexi’ furlough option as it became available.

We made some significant organisational changes, which came about due to a combination of factors; bringing in a new dedicated treasurer in Susie, freed incumbent Caroline to focus solely on external communications through Grant applications and Social Media. The resignation of one of our School Team Managers, who was also our Lambeth Hub Leader, not long before the pandemic, has left a gap that has not been appropriate to fill during these times. Finally, the team itself was restructured with the creation of the Design and Development team to enable the team to collaborate digitally – this was intentional to both optimise our work patterns, and to ensure healthy and positive interaction amongst the team whilst apart.

Regardless of the public level of restriction, schools never closed – though numbers varied massively between communities and at different times of the pandemic, every school had children on site. Teachers and assistants were stretched greatly during this time, and we sought to pray for them, encourage and support them as best we could with quality, accessible resources. As the year went on, so academic seasons came and went. In September we focused on teaching staff by sending care-packages to staff rooms, whilst in October we provided resources for Black History Month (Racial

3

issues having become a significant topic of public life) and produced resources for Christmas alongside our worship assemblies.

The new year brought with it a 2[nd] /3[rd] Lockdown (depending on your region). I was less concerned with job-security this time, and more significantly focused on the mental and emotional welfare of our team. Our staff team were gifted a ‘hibernation pack’ as an encouragement, and various iterations of full and flexi-furlough were negotiated with each staff member according to their capacity, workload and balancing home and work life.

We were very aware of maintaining relationships with our volunteer team, and throughout the last year we have had regular coffee and chat pop in sessions to enable people to stay in touch and give them updates and have also maintained our termly team training, all on Zoom.

As spring came, the weather began to lift, and so did the restrictions. This was the time I proposed a vision for Spinnaker to no longer be on the ‘back-foot’ and just responding to events, but to push forward intentionally despite the still-shifting landscape.

Essentially the vision is for Spinnaker to be a Centre of Excellence for schoolswork, facilitating both the delivery and resourcing of best practice in the areas of Worship, Education, and Development. In particular, it includes the ‘Covid-proof’ practice of creating multi-media content to be used in a variety of settings and platforms.

The seeds of this vision were already in place prior to the pandemic, but accelerated by two particular ramifications of the lockdowns, firstly and more obviously, the need to be dynamic and utilise contemporary technologies has been a long-needed addition to our ministry. Secondly, the year has caused many people to reassess and change their life focus. Our team is no different, resulting in a couple of staff/volunteer losses and changes. This necessitates re-structuring the personnel, opening the door to much stronger collaboration across the Hubs, and new roles to be developed in the future.

The practical outworking of the vision was supported by the team, mingled with some understandable nervousness about how to metamorphose in a rapidly changing and uncertain landscape. Thus, my job for the year ahead is clear: steering successfully towards our future through still choppy waters.

Signed by Mike Harrowing:

On: 14/09/21

4

Trustees’ Report for the year ended 31 March 2021

Objectives and Activities

OUR MISSION STATEMENT IS:

‘To inspire this generation of primary school children to engage with the Christian faith and explore its beliefs and values. To partner with churches, helping them to contribute effectively to school communities.’

AIMS:

  1. To establish a respected and valued long term relationship of integrity with each school community visited.

  2. To create and provide quality resources, appropriate for the teaching of Christianity through RE and Collective Worship.

  3. To build an effective team through quality training and mentoring.

  4. To offer appropriate training in primary RE and Collective Worship.

  5. To encourage churches to make a prayerful and positive contribution to their local primary schools.

Our mission statement and aims support the company objects as set out in our ‘Memorandum & Articles of Association’ document which state that the company is for ‘the promotion of Christianity through education or otherwise’.

Spinnaker has the privilege of working with and visiting many primary schools, giving input into the Christian elements of Religious Education by complementing the prescribed locally agreed or diocesan RE syllabus. We have also given support to teachers, especially NQTs, both in class and through staff training. Staff, along with the children, look forward to the time when one of our team stands at the front of the assembly hall or classroom. Schools can be confident they have trusted members of the local church community, inducted and trained by Spinnaker, who will deliver appropriate content that supports the curriculum and the ethos of the school.

We can offer schools various support, including regular assemblies, RE lessons, RE days and clubs, and digital resources through videos and live conference calling. We produce high quality materials that meet current educational standards, and these are available to everyone via our website. It is the added value we bring to the Christian content, and the caring way we seek to interact with the staff, that makes Spinnaker valued and sought after in more schools than we have often have capacity to visit.

Public Benefit Statement

When planning our activities for the year, the trustees have considered the Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of education.

5

Achievements and Performance

Like all organisations, our performance has been influenced greatly by the global pandemic, and we are pleased with how the whole team have responded both in achieving our objectives and supporting each other. For most of the year, our team have been unable to visit their respective schools, some schools have been difficult to communicate with at all and though this is disappointing, similar organisations to ours report the same experience. Our Executive and Trustee meetings have continued unhampered because of conference-call technologies.

Our Lambeth & Southwark Hub Leader left us early in the financial year to pursue another career direction. However, since these Hubs have a stronger focus on education, rather than worship, the staff on team were unaffected, and remained in consistent contact with their schools either digitally, or live and in person, to deliver their lessons. The loss of this Hub Leader was followed by a re-structuring of the staff team; some permanent changes - with our taking on a new finance manager, releasing the previous incumbent to fundraising and communications; some temporary – with the remaining employed Hub Leaders forming a ‘Design and Development’ team to adapt and create resources digitally.

The quality of materials produced have improved dramatically, and so has the systems and equipment to produce them, allowing the team to provide a suite of multi-media resources for Black History Month and Christmas.

An aim for this year was to collate feedback from schools to assess our impact, however responses have been a limited resource. The responses we have received have been unanimously positive.

Full and flexible Furlough has been used through the winter and spring according to the work demands and staff capacity, and we remain grateful to a legacy previously received from one of our long-standing supporters of £77,255. Originally intended as an internal development fund, it has acted as a confident buffer from unpredictable, and possibly negative, changes in support due to the pandemic (which thankfully never materialised).

A Look Ahead

Whilst a few schools are inviting our team back for visits, it is unclear about the realistic pace at which we may return to a ‘normal’ work pattern. Consequently, we are preparing in advance to provide flexible materials that can be used digitally and inperson.

Whilst in-person visits are returning, it is clear that there is a place for digital resources for schools and so we are preparing to develop a studio to create further videos for school use. The need to appoint a new Hub Leader to cover Lambeth and Southwark is

6

expected in the coming year and we are actively seeking out partners in the region to work with in relaunching these Hubs.

We have recently been celebrating our 35th Anniversary through thanksgiving of what God has done and fundraising for our future endeavours.

Objectives for the year

Structure Governance & Management

The organisation is a charity which was incorporated on 8th July 2005. The company was established under a Memorandum of Association which sets out the ‘objects and powers’ of the charitable company.

The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Management Committee.

Directions relating to the charity are made by the trustees and day to day decisions on expenditure and activities are decided by the Executive Committee (which consists of Mike Harrowing, CEO; Clare Holl, Team Operations Manager; Caroline Allen, Central Operations Manager; Stephen Gough, Trustee and Brian Sweatman, Trustee) with budgets set and monitored by the trustees.

The powers of appointment or removal of trustees rests with the trustees. On being appointed new trustees spend time with existing trustees to ensure they understand their responsibilities and the legal and financial framework in which the charity operates. The trustees met five times in the year.

Risk Management

The trustees are responsible for the management of the risks faced by the Charity and monitor risk areas on an ongoing basis, reviewing policies and maintaining robust communication with the Management team via the Executive Committee. Risks are identified, assessed and controls established throughout the period. Our risk assessment helps us identify the risks and their possible impact on the charity and this is reviewed annually. This, together with the Charity Commission's 'Internal Financial Controls

checklist', were considered helpful tools for reviewing the risks faced by Spinnaker Trust. Through the risk management processes we have adopted for the Charity; the trustees are satisfied that the major risks have been adequately mitigated where necessary. It is recognised that the systems can only provide reasonable but not absolute assurance that the major risks have been managed.

7

Financial Review

This year has seen much of our support from individuals and churches remaining in place despite the challenging economic climate, and it has been a constant encouragement to us that support for the mission of Spinnaker Trust remains strong. It is our ongoing testimony of God’s provision and the generosity of the individuals, churches and grant makers we partner with. Income for the year totalled £130,564, a decrease of 34% from the previous year, mainly resulting from a higher income level last year due to a legacy gift received in 2019/20. Expenses totalled £120,176, a decrease of 18% from the previous year due to the reduced staffing levels and activity in schools. As a result, the surplus funds for the year was £10,388 (2020: £58,992) and the charity’s net assets increased by the same amount to £130,395 (2020: £120,007) of which £12,220 (2020: £8,403) is restricted in purpose.

----- Start of picture text -----
The Trustees are grateful to the numerous supporters who donate and pray for our work.
Gifts from individuals this year totalled £42,172. The Churches we partner with together
contributed a further £47,540. The grant makers and other organisations who have
generously supported us during the year donated a further £16,600. Workers that
haven’t been able to attend schools have qualified for the Job Retention Scheme and
we have received £16,409 Income for the year towards staff costs, which is recorded in
Other Income.
Income breakdown: 2020/21
Quarterly Gift
Aid Reclaim Other
6% Income
13%
Churches &
Schools
36%
Individual
Donations
32%
Grants & Trusts
13%
“2
Reserves Policy
It is the Trustees’ policy that the equivalent of 3 months of expenditure should be held in
unrestricted funds for reserves. Should the unrestricted funds fall below this amount a
review would be undertaken by the Trustees.
----- End of picture text -----

8

Covid-19 Considerations

During the year, staff have continued to work to meet the needs of schools in their hubs. Staff have been utilised for resource development and video production to supply online resources, which has limited the amount of furlough hours that have been claimed. The Flexible Furlough scheme during the year has been a substantial benefit to the charity and as the restrictions ease, the Trustees are confident that the Spinnaker staff team is well equipped to adapt to and meet the changing needs of schools in the coming year.

This year has seen an impact on income with a decline in individual giving and a 33% decline in Grant funding. The trustees acknowledge that this was a possibility at the start of the Pandemic and are closely monitoring the cashflow. Having a kind legacy donation, in the 2019/20 year, from the Late Dinah Coad-Pryor has enabled funds to be available to provide support for developing hubs and leaders and training, something the Trustees hope will be able to be utilised once schools are free from restrictions. The trustees are confident that the charity is financially secure enough and is sufficiently well resourced to continue to meet its objectives for the foreseeable future.

9

Directors Responsibilities

Charity law requires us as Directors to prepare financial statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year.

We are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.

We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.

Approved by the trustees and signed on their behalf by

Brian Sweatman On

Date: 22 November 2021

Spinnaker Trust 172 High Street London

SE20 7QS

10

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

SPINNAKER 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 on pages 11 to 20 following, which have been prepared on the basis of the accounting policies set out on page 14.

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

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.

Lisa Darby ACA

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: 6 December 2021

11

SPINNAKER TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
Government Grant
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
4
Raising funds
5
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£
80,271
595
16,409
60
97,335
91,735
580
92,315
5,020
1,551
6,571
111,604
118,175		 Restricted
Funds
£
33,229
-
-
-
33,229
27,861
-
27,861
5,368
(1,551)
3,817
8,403
12,220		 Total
Funds
2021
£
113,500
595
16,409
60
130,564
119,596
580
120,176
10,388
-
10,388
120,007
130,395		 Total
Funds
2020
£
195,825
539
-
1,703
198,067
137,260
1,815
139,075
58,992
-
58,992
61,015
120,007

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 14-19 form part of these accounts.

12

SPINNAKER TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2021

AS AT 31 MARCH 2021
BALANCE SHEET
Unrestricted
Funds
Note
£
FIXED ASSETS
Tangible assets
7
1,603
CURRENT ASSETS
Debtors
8
3,062
Cash at bank and in hand
9
116,725
119,787
CREDITORS: Amounts falling
due within one year
10
3,215
Net current assets / (liabilities)
116,572
Total assets less current liabilities
118,175
TOTAL NET ASSETS
118,175
FUND BALANCES
Unrestricted Funds
General funds
11
46,953
Designated funds
71,222
118,175
Restricted Funds
-
118,175		 Restricted
Funds
£
-
12,220
12,220
-
12,220
12,220
12,220
-
-
-
12,220
12,220		 Total
Funds
2021
£
1,603
3,062
128,945
132,007
3,215
128,792
130,395
130,395
46,953
71,222
118,175
12,220
130,395		 Total
Funds
2020
£
689
2,762
120,823
123,585
4,267
119,318
120,007
120,007
40,127
71,477
111,604
8,403
120,007

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors and were signed on its behalf by:

Chig (Steve) Gough, Director

Date: 22 November 2021

Brian Sweatman, Director

Date: 22 November 2021

Company number: 5503977

Charity number: 1111351

The notes on page 14-19 form part of these accounts.

13

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Government Grants income relates to the Government CJRS grants received during the year.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

14

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

e) Tangible fixed assets

Office Equipment 25% Straight Line Computer Equipment 25% Straight Line

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The company operates defined contribution pension schemes for its employees. Pension premiums are charged as they are paid.

g) Taxation The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

i) Critical accounting estimates and areas of judgement

3 Donations and legacies

Unrestricted
Restricted
Funds
Funds
£
£
Donations of cash and similar
68,069
21,643
Legacies
-
Grants receivable
5,600
11,000
Income tax recoverable
6,603
585
80,272
33,228		 Total
2021
£
89,712
-
16,600
7,188
113,500		 Total
2020
£
86,649
77,255
25,100
6,821
195,825

4 Charitable expenditure

4
Charitable expenditure
Unrestricted
Restricted
Funds
Funds
£
£
a
Costs incurred directly on specific activities
Costs of generating voluntary income
Salaries, travel and expenses
79,890
27,513
Computer and Internet
2,195
36
Heat, light and utilities
2,400
-
Resources
169
49
Publicity and PR
88
-
Depreciation
612
-
Miscellaneous expenses
203
-
85,556
27,598
b
Costs incurred on support & administration
Governance costs
Cost of independent examination
2,113
-
Other
2,030
-
4,143
-
Printing, postage and stationery
991
263
Subscriptions and professional fees
434
-
Insurance
611
-
6,179
263
Total charitable expenditure
91,735
27,861		 Total
2021
£
-
107,403
2,231
2,400
218
88
612
203
113,154
2,113
2,030
4,143
1,254
434
611
6,442
119,596		 Total
2020
£
122,979
2,538
2,400
431
1,176
230
157
129,910
2,143
3,124
5,267
1,476
119
488
7,350
137,260

15

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

5 Cost of raising funds

5
Cost of raising funds
Fundraising costs
6
Gross wages, salaries & benefits in kind
Social security
Pension costs
Analysis of staff and trustee costs		 Unrestricted
Funds
£
580
580		 Restricted
Funds
£
-
-		 Total
2021
£
580
580
2021
£
87,663
-
2,725
90,388		 Total
2020
£
1,815
1,815
2020
£
115,907
1,301
3,386
120,594

The average monthly number of employees during the year was 11 (2020: 13). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

Martin Sweet received employment benefits of £11,743 in 2020 (2021: £NIL) in his capacity as Development Director and a schools worker in Eastbourne, and not as a director, as permitted by paragraph 5(5) of the Memorandum. Martin Sweet was also considered to be the key management personnel of the charity until his retirement in August 2019.

Key Management received remuneration of £13,081 (2020: £11,677).

No renumeration was paid to any other trustee during the year nor to any person connected to them.

The total amount of donations funded by trustees (and connected parties), and other related parties, was £1,060 (2020: £1,200) No trustee expenses were incurred during the year.

16

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

7 Tangible fixed assets

Cost
At 1 April 2020
Additions
At 31 March 2021
Accumulated depreciation
At 1 April 2020
Charge for the year
Eliminated on disposal
At 31 March 2021
Net book value
At 31 March 2021
At 1 April 2020
8
Debtors
Falling due within one year:
Tax recoverable
Other debtors
Total debtors
9
Cash at Bank and in Hand
Bank operating accounts
Bank deposits
Petty cash
10
Creditors: liabilities falling due within one year
Taxation and social security
Other creditors
Accruals		 Office
Equipment
£
3,500
3,500
3,500
3,500
-
-		 Fixtures,
Computer
Equipment
£
6,084
1,526
7,610
5,395
612
6,007
1,603
689
2021
£
2,516
546
3,062
2021
£
94,715
34,203
27
128,945
2021
£
1,003
64
2,148
3,215		 Total
2021
£
9,584
1,526
11,110
8,895
612
-
9,507
1,603
689
2020
£
1,737
1,025
2,762
2020
£
106,615
14,181
27
120,823
2020
£
1,547
620
2,100
4,267

17

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

11 Funds

During the year the movements in the funds were as follows:

Unrestricted Funds
General Fund
Designated Funds
Memorial Fund
Epsom Fund
Restricted Funds
Ashford
Bromley
Central
Eastbourne
Epsom
Lambeth
Orpington
Southwark
Stream
Aggregate of funds		 Opening
balance
01/04/2020
£
40,127
69,877
1,600
71,477
111,604
15
-
1,686
3,674
-
-
606
1,864
559
8,403
120,007		 Incoming
resources
2020/21
£
91,486
5,849
-
5,849
97,334
-
-
7,506
13,504
1,100
7,718
150
3,250
33,229
130,564		 Outgoing
resources
2020/21
£
(86,211)
(5,135)
(969)
(6,104)
(92,315)
-
-
(5,685)
(9,486)
(1,100)
(5,718)
(757)
(5,114)
-
(27,861)
(120,176)		 Transfers
in the year
2020/21
£
1,551
-
-
-
1,551
(2)
-
-
(1,349)
-
(200)
-
-
-
(1,551)
-		 Closing
balance
31/03/2021
£
46,953
70,591
631
71,222
118,175
13
-
3,506
6,343
-
1,800
-
-
559
12,220
130,395

Restricted funds are made up of grants or donations from churches and individuals which are received for schools-work activities in a specific geographical area or for a specific project. A 'Hub' exists for each area or project. Where there are sufficient funds, an administrative fee of 10% of income received is charged to cover core costs. This accounts for the transfers shown above, from restricted funds to unrestricted funds.

Designated funds incorporate a memorial gift from Dinah Coad together with some Funds for the Epsom hub

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Fixed assets
Stock and debtors
Cash at bank and in hand
Current liabilities		 General
Designated
funds
funds
£
£
1,603
3,062
45,503
71,222
(3,215)
46,954
71,222
Unrestricted Funds		 Restricted
funds
£
12,220
12,220		 31/03/2021
£
1,603
3,062
128,945
(3,215)
130,395

18

SPINNAKER TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

In the previous year the movements in the charity's funds were as follows:

Unrestricted Funds
General Fund
Designated Funds
Memorial Fund
Epsom Fund
Restricted Funds
Ashford
Beckenham/Penge
Bromley
Central
Eastbourne
Epsom
Lambeth
Orpington
Southwark
Stream
Website Design/Resources
Aggregate of funds		 Opening
balance
01/04/2019
£
46,696
-
46,696
-
-
130
4,518
3,364
-
-
1,156
4,836
315
-
14,318
61,014		 Incoming
resources
2019/2020
£
78,798
77,255
3,802
81,057
159,855
25
-
6,125
14,099
1,200
5,618
2,030
7,800
1,316
-
38,213
198,068		 Outgoing
resources
2019/2020
£
(89,334)
(7,378)
(391)
(7,769)
(97,103)
(8)
(130)
(8,957)
(12,378)
(1,080)
(5,596)
(2,377)
(10,375)
(1,072)
-
(41,973)
(139,075)		 Transfers
in the year
2019/2020
£
3,966
-
(1,811)
(1,811)
2,155
(3)
-
-
(1,410)
(120)
(22)
(203)
(397)
-
-
(2,155)
1,812		 Closing
balance
31/03/2020
£
40,127
69,877
1,600
71,477
111,604
15
-
-
1,686
3,674
-
-
606
1,864
559
-
8,403
120,007

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

assets and liabilities of the various funds were as follows:
Fixed assets
Stock and debtors
Cash at bank and in hand
Current liabilities		 General
Designated
funds
funds
£
£
689
2,522
41,184
71,477
(4,267)
40,127
71,477
Unrestricted Funds		 Restricted
funds
£
240
8,163
8,403		 31/03/2020
£
689
2,762
120,823
(4,267)
120,007

Prior year fund balances have been adjusted by £30 between the designated fund and general fund due to an expenses disclosure adjustment.

12 Transactions with related parties

Except as disclosed in note 6 'Analysis of staff costs', there have been no other transactions with related parties during the year.

13 Events since the year end

As detailed in the Trustees Annual Report the COVID pandemic has impacted the activities of the charity, however there has been little negative financial impact. The trustees continue to carefully monitor the cashflow and are confident that the charity is financially secure enough and is sufficiently well resourced to continue to meet its objectives for the foreseeable future.

14 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

19

SPINNAKER TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 MARCH 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
Government Grant
Other Income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
4
Raising funds
5
Total Expenditure
Net income/(expenditure)
Transfers between funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2021
£
74,422
595
16,409
60
91,486
85,631
580
86,211
5,275
1,551
6,826
40,127
46,953
Unrestricted F		 2020
£
77,871
539
-
388
78,798
87,519
1,815
89,334
(10,536)
3,966
(6,569)
46,696
40,127
unds - General		 2021
2020
£
£
5,849
81,057
-
-
-
-
-
-
5,849
81,057
6,104
7,768
-
-
6,104
7,768
(255)
73,289
-
(1,811)
(255)
71,477
71,477
-
71,222
71,477
Designated Funds		 2021
£
33,229
-
-
-
33,229
27,861
-
27,861
5,368
(1,551)
3,817
8,403
12,220
Restricte		 2020
£
36,897
-
-
1,315
38,213
41,973
-
41,973
(3,760)
(2,155)
(5,915)
14,318
8,403
d Funds		 Total
Funds
2021
£
113,500
595
16,409
60
130,564
119,596
580
120,176
10,388
-
10,388
120,007
130,395		 Total
Funds
2020
£
195,825
539
-
1,703
5,849 198,068
6,104
-		 137,260
1,815
6,104 139,075
(255)
-		 58,993
-
(255)
71,477		 58,993
61,014
71,222 120,007

20