## Spinnaker Trust Ltd
Report and Accounts Year ended 31 March 2022
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
## **SPINNAKER TRUST LIMITED**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **COMPANY INFORMATION**
## **Directors / trustees**
Catherine Christie (resigned 22 July 2022) Stephen (Chig) Gough Nigel Hewson Brian Sweatman Catherine Mitchenall (resigned 22 July 2022)
## **Company Secretary**
## **Key staff**
Clare Holl (29 November 2021) Mike Harrowing, CEO
**Governing Document** Memorandum and Articles of Association (July 2005)
**Company Registration Number** 5503977 **Charity Registration Number** 1111351 **Registered Office** The Spinnaker Office, Christ Church Chislehurst 40 Lubbock Road Chislehurst Kent BR7 5JJ 020 3764 8503 spinnaker@spinnaker.org.uk **Independent Examiner** Lisa Darby ACA Stewardship 1 Lamb's Passage London EC1Y 8AB
## **Independent Examiner**
## **Bankers**
HSBC 249 High Street, Orpington BR6 0NR Virgin Money Jubilee House, Gosforth, Newcastle-upon-Tyne NE3 4PL Kingdon Bank Ruddington Fields Business Park, Nottingham NG11 6JS
## **Contents**
|||
|---|---|
|**Contents**|**Page**|
|Company Information|1|
|Directors' Report (including CEO Report)|2-8|
|Independent Examiner's Report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Accounts|12 - 18|
|Detailed Statement of Financial Activities with Comparatives|19|
1
## Chief Executive Officer’s Report Mike Harrowing, CEO
This year has represented something of a ‘springtime’ for Spinnaker; moving from national lockdown, through lifting restrictions to a point of varied and dynamic meet-ups and school visits. Like the previous year, it has been important to act flexibly, however this year has had a much clearer and welcome direction, both in our ability to operate, and in realising our ambitions.
Particularly noteworthy is the generosity of two churches in the Bromley borough: Jubilee Church, Bromley, and Christ Church, Chislehurst. We are extremely thankful to Jubilee Church, who opened their church building to us to use as restrictions began to lift. Because of their hospitality we were able to meet as a team to produce videos and hold in-person planning meetings. This welcome gift not only improved the quality and quantity of our work, but revived team relationships and awareness of each other’s work in different departments and hubs.
Towards the end of the academic year, we were able to gather as a wider team to celebrate the upcoming marriage of one of our number, and also the retirement of Epsom Hub Leader, Cathy Ellis (succeeded by long-time volunteer Lisa Bell). Continuing the ‘hybrid’ work approach at this time, we also capitalised on our well-developed technology skills to guest on local church broadcasts and online channel ‘Revelation TV’. Additionally, we delivered all our team safeguarding training online ahead of an expected return to schools in September.
The new academic year saw several good steps forward as more schools opened their doors to visitors again, and we were able formally gather in person as a whole team for an excellent Training Day at Otford Manor; with a focus on children’s spiritual styles led by Rev. Ronnie Lamont.
October was a particular highlight as we celebrated Spinnaker’s 35[th] Anniversary with a birthday showcase hosted at Jubilee church. This Hybrid event saw supporters come together online and in-person to capture the heart and vision of Spinnaker’s mission to reach children with the Good News. The evening was a joyful success, bringing together people from a myriad of backgrounds, including current peers and supporters and Spinnaker alumni, including founder Martin Sweet. One highlight of the event was the meal and prayers shared by the team just prior to the doors opening – this was a very special time marking all that we have been through and revealing the depth of fellowship that we have fostered through a tumultuous period.
Wintertime saw more localized disruptions as schools had to respond to Covid outbreaks, however we easily dealt with these by replacing our in-person visits with videos as required – filming taking place in our new pop-up studio located under The Glades shopping centre (courtesy of Bromley Little Theatre). A permanent and workable base of operations was finally realised when in January when we moved our main office into Christ Church, Chislehurst. This move was a positive gamechanger in terms of morale – the premises being an absolute delight to work from, and the leadership and congregations going above and beyond in making us feel at home.
From here, Spinnaker continued onwards and upwards with the appointment of Stephen Garner, Administrative Support in the main office, Assistant Hub Leader Chrissie in Eastbourne, and the commissioning of Children’s Illustrator Sarah Horne to create high-quality images for
2
our new worship series: ‘It’s Jesus’. With such strong foundations in place, a new home, and a renewed focus on developing resources, funding, and volunteers, the task ahead is clear, exciting, and (most importantly!) realistically achievable. The journey of this year reminds me of Paul’s words in 2 Corinthians 9:8 – that God’s blessing might provide us with all we need to abound in his good work.
Signed by Mike Harrowing:
Mike Harrowing
## On: 22 July 2022
3
## Trustees’ Report For the year ended 31 March 2022
## **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.’_
## **OUR AIMS ARE:**
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 newly qualified teachers, 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 varied 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.
4
## **Public Benefit Statement**
When planning our activities for the year, the trustees have considered the Charity Commission's guidance on public benefit and our specific focus on the advancement of education.
## **Achievements and Performance**
Our operations have continued to be shaped by national and local restrictions responding to Covid, with an emphasis on digital provisions for school and class Worship. Many or our education-focused provisions have been able to continue easily as these do not require visiting multiple sites or ‘bubbles’. Our Executive and Trustee meetings have continued unhampered because of conference-call technologies.
This year marks the 35[th] Anniversary of Spinnaker’s inception which is both a cause for thanksgiving and celebration, and a prism through which Spinnaker has been able to draw a line under the disruption of the last few months. Marking this birthday has allowed Spinnaker to:
- Communicate clearly about our current operations and our vision and ambitions for the future
- Draw the team together with supporters for an excellent event; building moral and unity in all levels of the organisation.
- Focus on fundraising to raise £35,000
Staff and team levels have remained stable throughout the year – positive in that we have been able to meet school demands as they have increased, but realistically not succeeding in our aim to rebuild volunteer numbers. In truth, the pace of re-opening operations has been slow and steady on the ground, and the team have emphasised a qualitative approach in nurturing relations with schools, over a quantitate approach.
## **A look ahead**
**I** t is our expectation to return to full regular visits during the 2022/23 academic year (maintaining the ability to respond to any winter restrictions that may arise). Significantly, a new vision for the ‘It’s Jesus’ Worship resource sets a higher bar for quality, scope and accessibility. We expect that this resource will function to clearly communicate the tone and purpose of Spinnaker’s future to all stakeholders, represent a step-up in enabling schools to hold meaningful times of Worship, and serve as a product which churches are keen to get behind prayerfully and financially.
## **Objectives for the year**
- Develop higher-quality Worship resources
- Increase voluntary team members in all Hubs
- Restore base funding levels with Churches and Individuals
- Seek new Trustees
5
## **Financial Review for 2021/22 Accounts**
It has been a constant encouragement to us that support for the mission of Spinnaker Trust remains strong. There has been an overall decline in the financial support that churches have been able to donate in the last year due to the challenging economic climate, but it has been an ongoing testimony of God’s provision that we have been able to secure more funding from Grant Applications in the year. Together with the launch of our 35 for 35 Campaign in October 2021 we have raised awareness of Spinnaker and enabled new donors to give via our online platform for our 35th Year, increasing individual donations in the year by 2% (which was more than expected due to the increased costs of living).
Income for the year totalled £112,837, a decrease of 14% from the previous year, mainly resulting from reduced church donations and 62% decrease in other income due to the Job Retention Scheme coming to an end and staff getting back into schools by September 2021.
Expenses totalled £138,907, an increase of 16% from the previous year due to the increased staffing levels from the start of the 2021/22 academic year. As a result, the deficit funds for the year were £26,070 (2021: surplus £10,388) and the charity’s net assets decreased to £104,325 (2021: £130,395) of which £10,980 (2021: £12,220) is restricted in purpose. The deficit is not unplanned as the charity partially spent legacy funds previously received and is prepared to remove the designation of such funds.
The Trustees are grateful to the numerous supporters who donate and pray for our work. Gifts from individuals this year totalled £43,061. The Churches we partner with together contributed a further £36,326. The grant makers and other organisations who have generously supported us during the year donated a further £21,250. Workers that
haven’t been able to attend schools qualified for the Job Retention Scheme for the first few months of the year and we received £6,103 income for the year towards staff costs, which is recorded as Government Grant Income (part of Other Income in the below chart)
6
## **Reserves Policy**
It is the Trustees’ policy that the equivalent of 3 months of expenditure, approximately £25,000, should be held in unrestricted funds for reserves. Should the unrestricted funds fall below this amount a review would be undertaken by the Trustees. The unrestricted cash funds held at the end of the year was £95,080 of which £71,980 has designated purposes but could be redirected to general funds if needed.
## **Covid-19 Considerations**
As restrictions have eased since the start of the 2021/22 academic year, the charity has seen more activity in schools. It has been able to direct Legacy monies from 2019/20 from the Late Dinah Coad Memorial Fund to support the exciting plans for 2022/23 academic year, with the new ‘It’s Jesus’ resource, and development of the Lambeth hub. This legacy has been allocated to support hub development and leadership as well as training and is something that Trustees have been able to utilise now that schools are welcoming 'in-person' visits again. 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.
## **Responsibilities of directors under company law**
The directors are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors 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 these financial statements, the directors are required to:
1. select suitable accounting policies and apply them consistently;
2. observe the methods and principles in the Charities SORP;
3. make judgements and estimates that are reasonable and prudent;
4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
7
## Approval
This report was approved by the directors on 14 December 2022 and signed on their behalf by:
## Brian Sweatman
----------------------------------------------------------------
## BRIAN SWEATMAN
8
## **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 2022 on pages 10 to 19 following, which have been prepared on the basis of the accounting policies set out on pages 12 - 13.
## **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
Lisa Darby ACA
Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: 19 December 2022
9
## **SPINNAKER TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|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
£
74,494
-
6,103
163
80,760
106,339
477
106,816
(26,056)
1,226
(24,830)
118,175
93,345|Restricted
Funds
£
32,077
-
-
-
32,077
32,037
54
32,091
(14)
(1,226)
(1,240)
12,220
10,980|Total
Funds
2022
£
106,571
-
6,103
163
112,837
138,376
531
138,907
(26,070)
-
(26,070)
130,395
104,325|Total
Funds
2021
£
113,500
595
16,409
60|
|---|---|---|---|---|
|||||130,564|
|||||119,596
580|
|||||120,176|
|||||10,388
-|
|||||10,388
120,007|
|||||130,395|
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 12-18 form part of these accounts.
10
## **SPINNAKER TRUST LIMITED**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2022**
|**BALANCE SHEET**
**AS AT 31 MARCH 2022**||||
|---|---|---|---|
|Unrestricted
Funds
Note
£
**FIXED ASSETS**
Tangible assets
7
1,366
**CURRENT ASSETS**
Debtors
8
1,742
Cash at bank and in hand
9
95,080
96,822
**CREDITORS: Amounts falling**
**due within one year**
10
4,843
**Net current assets / (liabilities)**
91,979
**Total assets less current liabilities**
93,345
**TOTAL NET ASSETS**
93,345
**FUND BALANCES**
Unrestricted Funds
General funds
**11**
21,365
Designated funds
71,980
93,345
Restricted Funds
-
93,345|Restricted
Funds
£
-
146
10,834
10,980
-
10,980
10,980
10,980
-
-
-
10,980
10,980|Total
Funds
2022
£
1,366
1,888
105,914
107,802
4,843
102,959
104,325
104,325
21,365
71,980
93,345
10,980
104,325|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|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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:
- (a) ensuring that the charitable company keeps accounting records which 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 net income or expenditure 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 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:
## Brian Sweatman
--------------------------------------Brian Sweatman, Director Date: 14 December 2022 Company number: 5503977 Charity number: 1111351
The notes on page 12-18 form part of these accounts.
11
## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **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
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded, in light of the COVID pandemic, that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## 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 Coronavirus Job Retension Scheme grants received during the year.
12
## 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.
## e) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
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 The trustees do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
## **3 Donations and legacies**
|**ations and legacies**|||
|---|---|---|
|_General Discretionary_
_Restricted_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
Donations of cash and similar
_57,771_
_4,624_
_16,992_
Grants receivable
_6,750_
_14,500_
Income tax recoverable
_5,349_
_585_
**_69,870_**
**_4,624_**
**_32,077_**|Total
2022
£
79,387
21,250
5,934
106,571|Total
2021
£
89,712
16,600
7,188|
|||113,500|
13
## **4 Charitable expenditure**
|_Unrestricted Discretionary_
_Restricted_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
**a**
**Costs incurred directly on specific activities**
Costs of generating voluntary income
_-_
_-_
_-_
Salaries, training, travel and expenses
_91,776_
_3,896_
_29,745_
Computer and Internet
_1,773_
_1,724_
Premise cost (incl heat, light and utilities)
_2,857_
_-_
Resources
_639_
_538_
Publicity and PR
_-_
_-_
Depreciation
_736_
_-_
Miscellaneous expenses
_144_
_-_
_97,925_
_3,896_
_32,007_
**b**
**Costs incurred on support & administration**
Governance costs
Cost of independent examination
_2,100_
_-_
Other
_-_
_-_
_2,100_
_-_
Printing, postage and stationery
_1,344_
_30_
Subscriptions and professional fees
_577_
_-_
Insurance
_497_
_-_
_4,518_
_30_
**Total charitable expenditure**
_102,443_
_3,896_
_32,036_|Total
2022
£
-
125,418
3,496
2,857
1,177
-
736
144
133,828
2,100
-
2,100
1,374
577
497
4,548
138,376|Total
2021
£
-
107,403
2,231
2,400
218
88
612
202|
|---|---|---|
|||113,154|
|||2,113
2,030|
|||4,143
1,254
434
611|
|||6,442|
|||119,596|
**5 Cost of raising funds**
|_Unrestricted Discretionary_
_Restricted_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
Fundraising costs
_477_
_54_
**6**
Gross wages, salaries & benefits in kind
Social security
Pension costs
**Analysis of staff and trustee costs**|Total
2022
£
531
531
2022
£
118,441
641
3,233
122,315|Total
2021
£
580|
|---|---|---|
|||580|
|||2021
£
87,663
-
2,725|
|||90,388|
The average monthly number of employees during the year was 11 (2021: 11). 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.
Key Management received remuneration of £24,215 (2021: £13,081).
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 £2,110 (2021: £1,060)
No trustee expenses were incurred during the year apart from direct reimbursement for expenses incurred on behalf of the charity.
14
## **7 Tangible fixed assets**
|Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Accumulated depreciation
At 1 April 2021
Charge for the year
Eliminated on disposal
At 31 March 2022
Net book value
At 31 March 2022
At 1 April 2021
**Debtors**
**Falling due within one year:**
Tax recoverable
Other debtors
**Total debtors**
**Cash at Bank and in Hand**
Bank operating accounts
Bank deposits
Petty cash
**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
£
7,610
499
(5,165)
2,944
6,007
736
(5,165)
1,578
1,366
1,603
2022
£
1,465
423
1,888
2022
£
56,165
49,728
21
105,914
2022
£
1,864
879
2,100
4,843|Total
2022
£
11,110
499
(8,665)|
|---|---|---|---|
||||2,944|
||||9,507
736
(8,665)|
||||1,578|
||||1,366|
||||1,603|
||||2021
£
2,516
546|
||||3,062|
||||2021
£
94,715
34,203
27|
||||128,945|
||||2021
£
1,003
64
2,148|
||||3,215|
## **8 Debtors**
## **9 Cash at Bank and in Hand**
- **10 Creditors: liabilities falling due within one year**
15
## **11 Funds**
During the year the movements in the funds were as follows:
|**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
01/04/2021
£
46,953
64,742
6,480
71,222
118,175
13
-
3,506
6,343
-
1,800
-
-
558
12,220
130,395
|Incoming
resources
2021/22
£
76,136
-
4,624
4,624
80,760
-
-
8,494
8,130
1,600
10,953
150
2,750
32,077
112,837|Outgoing
resources
2021/22
£
(102,920)
(2,342)
(1,554)
(3,896)
(106,816)
(13)
-
(9,000)
(12,029)
(1,600)
(6,548)
(150)
(2,750)
-
(32,090)
(138,907)|Transfers
in the year
2021/22
£
1,196
30
-
30
1,226
-
-
-
(276)
-
(950)
-
-
-
(1,226)
-|Closing
balance
31/03/2022
£
21,365
62,430
9,550|
||||||71,980|
||||||93,345|
||||||-
-
3,000
2,168
-
5,255
-
-
558|
||||||10,980|
||||||104,325|
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 apart from an alignment adjustment to designate funds.
Designated funds include a memorial gift from Dinah Coad together with some Funds for the Epsom hub
16
## **Analysis of net assets by fund**
The assets and liabilities of the various funds were as follows:
|**lysis 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
£
£
1,366
1,742
23,100
71,980
(4,843)
21,365
71,980
Unrestricted Funds|Restricted
funds
£
146
10,834
10,980|31/03/2022
£
1,366
1,888
105,914
(4,843)|
||||104,325|
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
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
558
8,403
120,007|Incoming
resources
2020/21
£
91,486
-
5,849
5,849
_97,335_
-
7,506
13,504
1,100
7,719
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)
(5,719)
(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
64,742
6,480|
|---|---|---|---|---|---|
||||||71,222|
||||||_118,175_|
||||||13
3,506
6,343
-
1,800
-
-
558|
||||||12,220|
||||||130,395|
2021 Accounts showed the designated fund income of the Epsom Fund as Memorial Fund in error which has been corrected in the note above.
17
## **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
£
£
1,603
-
3,062
-
45,503
71,222
(3,215)
-
46,953
71,222
Unrestricted Funds|Restricted
funds
£
-
-
12,220
-
12,220|31/03/2021
£
1,603
3,062
128,945
(3,215)|
||||130,395|
## **12 Transactions with related parties**
Except as disclosed in note 6 'Analysis of staff and trustee 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.
18
## **SPINNAKER TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|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**|2022
£
69,870
-
6,103
163
76,136
102,443
477
102,920
(26,784)
1,196
(25,588)
46,953
21,365
Unrestricted F|2021
£
74,422
595
16,409
60
91,486
85,631
580
86,211
5,275
1,551
6,826
40,127
46,953
unds - General|2022
2021
£
£
4,624
5,849
-
-
-
-
-
-
4,624
5,849
3,896
6,104
-
-
3,896
6,104
728
(255)
30
-
758
(255)
71,222
71,477
71,980
71,222
Designated Funds|2022
£
32,077
-
-
-
32,077
32,037
54
32,091
(14)
(1,226)
(1,240)
12,220
10,980
Restricte|2021
£
33,229
-
-
-
33,229
27,861
-
27,861
5,368
(1,551)
3,817
8,403
12,220
d Funds|Total
Funds
2022
£
106,571
-
6,103
163
112,837
138,376
531
138,907
(26,070)
-
(26,070)
130,395
104,325|Total
Funds
2021
£
113,500
595
16,409
60|
|---|---|---|---|---|---|---|---|
||||4,624||||130,564|
||||3,896
-||||119,596
580|
||||3,896||||120,176|
||||728
30||||10,388
-|
||||758
71,222||||10,388
120,007|
||||71,980||||130,395|
19