## **Spinnaker Trust Limited**
Report & Accounts Year Ended 31[st] March 2023
## Reference and Administrative Details
## Trustees
Brian Sweatman Stephen (Chig) Gough Nigel Hewson Roger Bristow
## Key Staff
Mike Harrowing, CEO
Company Secretary Clare Holl Governing Document Memorandum & Articles of Association (July 2005) Company registered number 5503977 Charity registered number 1111351 Registered office and principal office Christ Church Chislehurst 40 Lubbock Road Chislehurst BR7 5JJ
## Independent Examiner
Zachary Ramsden FCA 63 Deakin Leas Tonbridge Kent TN9 2JT
## Bankers
HSBC 249 High Street Orpington BR6 0NR
Kingdom Bank Ruddington Fields Business Park Mere Way, Ruddington Nottingham NG11 6JS
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Chief Executive Officer’s Introduction Mike Harrowing, CEO
## When I was growing up, I heard a lot about the “unreached tribes” of the world; the last vestiges of humanity that were yet to be blessed with the Good News of the gospel.
It is not such a popular topic here in the 21[st] century, but there is still an unreached people to which I believe mission is a vital imperative. Mission with this group involves travelling into unknown places, occasionally feeling like one has travelled back in time; eating strange foods, learning new languages, and having uncomfortable experiences - all par-for-the-course; as well as jumping through hoops in intellectual acrobatics trying to explain the gospel in a manner that both fits and challenges the indigenous culture. This unreached people I speak of is hundreds of thousands strong and they absolutely LOVE discovering Jesus and God’s love. These people are called School Children, and we at Spinnaker are dedicated to reaching them, and encouraging the local church to do the same with the children living on their doorstep, down their streets, and around their corners, and of course, in their schools…
School Children are a tribe that are perpetually gospel-ignorant, biblically illiterate, and rank amongst the most vulnerable people on the planet, but they are open to hearing the Word of God from Christian lips, they are happy to hear Christian witness, they take joy in Christian visitors, and their lives are changed for good when the local church reaches them in mission.
Spinnaker is able to do what so many parents and teachers are unable to do - to draw back the curtain on the kingdom of heaven. Spinnaker is an arm of the church; Spinnaker is an army of the church, and we are on a mission to reach the most enthusiastic tribe in the world!
Signed by Mike Harrowing: _Mike Harrowing_ 14/09/23
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## Trustees’ Report
For the year ended 31 March 2023
## **Objectives and Activities**
## **Our vision is:**
To become a ‘beacon of excellence’ for education and worship that influences and enables Christian encounter in primary schools.
## **Our mission is:**
To inspire 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 for school staff.
5. To encourage churches to make a prayerful and positive contribution to their local primary schools.
Our mission statement and aims support the company objectives as set out in our Memorandum & Articles of Association document which states 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 also give support to teachers, especially NQTs, both in class and through staff training. Schools can be confident they have trusted members of the local church community, inducted, trained, and monitored by Spinnaker, who will deliver appropriate content that supports the curriculum and the ethos of the school.
We offer schools various support, including regular assemblies, RE lessons, RE days, and clubs. 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
3
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 Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of education.
## **Achievements and Performance**
After the last two years, which were punctuated by national lockdowns and restrictions on visits to schools through the Covid pandemic, this year was the first in a while that started with the team able to visit schools - and all signs indicated we might continue to do so throughout the year (despite small pockets of Covid). This inspired a confidence in the whole team that our core work of visiting schools was restored and we could now focus on the restorative aims of writing, recruiting and fundraising.
It was an inspirational move by our CEO, Mike Harrowing, to provide Christian collective worship resources through regular video content, made freely available through our website, for use during these times of remote learning and restricted access. This move enabled us to keep in touch with our contact schools and increased the number of visits to our website, but also had a transformational role in unlocking new creativity in our writing team.
The vision of collective worship based on key moments in the life of Jesus has gradually become a reality this year in the ‘It’s Jesus’ resources. The writing team met fortnightly to discuss, present, refine and critique ideas for the 39 episodes that made up our most ambitious resource project ever. This chronological series of weekly episodes enables the children to encounter and be inspired by the ideas, attitudes, and values of Jesus’ teaching and life. Each episode is accompanied by an engaging illustration commissioned from Sarah Horne, a local author and illustrator. The first batch of episodes was released in July for both teachers and our team to get a sense of what to expect from the new product and the release schedule continued in a regular pattern, with each batch published ahead of its respective term. By the end of the year, the entire scheme had been published. The ‘It’s Jesus’ series has been well received by our schools and other schoolswork organisations but, most important of all, by the children.
The new academic year has seen a marked increase in opportunities for visits to schools, which has emphasised the need for more volunteers to join the team and recruitment will be one of the challenges for the year ahead. Our core work of Schools Outreach continued with increases in both assemblies and lesson visits, and new expressions of delivery were explored through Bible drama clubs in Eastbourne and after-school clubs in Croydon. In total we visited 70 schools this year and delivered 764 assemblies, 200 RE lessons, 23 RE days and 42 clubs, giving a total of 1029 visits by our paid and volunteer workers and reaching about 22,000 children.
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We appointed two new Hub Leaders, one in Lambeth and Southwark and the other in Croydon. The Croydon Hub is a new opportunity, but will require significant work in building contacts with the local churches to support the initiative there. Indeed, all Hub Leaders now have the task of building relationships with their local churches and using such opportunities to recruit volunteer schoolsworkers and encourage financial support.
We started to build a culture of fundraising across the organisation using Spinnaker’s 35th anniversary as a launchpad. Each member of staff was tasked with raising money through a sponsored ‘35 things’. Most of the team opted to join the 35,000 steps challenge for a walk around Bewl Water. This and other fundraising efforts meant that by October we had surpassed our target of £35K (set 12 months prior) to reach a fantastic total of £48,325. Fundraising efforts continued from there through an ongoing programme of inviting Christians to Sponsor an assembly – receiving the framed image of the ‘Its Jesus’ episode of their choice. In addition to regular newsletters to supporters and our website, Social Media was a complimentary thread throughout all our endeavours, with a marked output on Instagram and Facebook – always met with a positive response from our increased number of followers. This has allowed us to connect better with individuals and schools after a time of reduced Church visits – a situation that our CEO has sought to rectify with an increase in outreach communications and by visiting church leaders.
Worthy of note is that Operations manager, Clare Holl, reached 10 years with Spinnaker this year. Clare has been an indispensable keystone to all our operations – her organisational skills, positivity, level-headedness and general influence in the local Christian community have carried the team as a whole, and as individuals, through the highs and lows of a decade. She is a fantastic member of the Spinnaker family.
We are always grateful to individuals, churches and grant-makers for all of the donations that support our work of giving primary school children the opportunity to engage with the Christian faith. However, while our recent fundraising has been successful at prompting one-off donations, to be sustainable, we need to find more donors willing to commit to regular, predictable giving. Although we had a successful 35th Anniversary fundraising campaign, the financial climate continues to be challenging, with the ongoing cost of living crisis likely to impact future donations from churches and individuals. This year we received an unexpected one-off donation from the closure of one of our supporting Charitable Trusts, and we have been able to support two younger team members with the funds from a legacy, neither of which will be available next year. The Trustees are mindful of the Reserves Policy and anticipate that the year ahead will be challenging.
## **A look ahead**
The writing team has put a huge amount of time into producing the ‘It’s Jesus’ resources for the whole year. The focus going forward will be on getting feedback from all our users, improving and refining the Collective Worship packs, and then towards the end of
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the year, writing value themed assemblies that will support schools with promoting their values.
As stated in the finance review, monthly costs have escalated and steps will need to be taken to reduce spending with the least amount of impact on our mission of inspiring children to engage with the Christian faith. Therefore, alongside reducing costs, we will also be focussing on raising regular donations from individuals and churches to ensure that our work is sustainable and we can meet our monthly costs. We are always looking for more funding streams and will continue to develop our fundraising strategy.
## **Objectives for the year**
- Develop our current Collective Worship resources
- Encourage more volunteers to join the team and visit their local school
- Build relationships with churches, including speaking engagements
- Increase regular giving from individuals and churches
## **Financial Review for 2022/23 Accounts**
The trustees and management team are grateful and encouraged that the support for the mission of Spinnaker Trust remains strong. In a challenging economic climate, we have seen income from churches increase and have received a significant boost from Grants and Trusts to continue our work in schools, an ongoing testimony of God’s provision. Funds have also been raised from a new assembly sponsorship scheme whereby donors can sponsor one of the assembly packs from the ‘It’s Jesus’ resource. This raised an additional £1,150 in the year and it is hoped we will gain more in the coming year along with other initiatives for corporate sponsorship. We have recruited new staff members during this period to meet the many opportunities we have to create space for Christian encounter in schools.
Income for the year totalled £156,778, an increase of 39% from the previous year, resulting from an increase in grant monies, individual donations and church donations.
Gifts from individuals this year totalled £44,695. The Churches we partner with together contributed a further £41,302. The grant-makers and other organisations who have generously supported us during the year donated a further £61,300. The Trustees are grateful to the numerous supporters who donate and pray for our work.
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**----- Start of picture text -----**
INCOME BREAKDOWN
APR22 TO MAR23 £156,778
Assembly
Quarterly Gift Other Income
Sponsorship
Aid Reclaim 1%
1%
5%
Churches &
Individual Schools
Donations 26%
28%
Grants &
Trusts
39%
**----- End of picture text -----**
The expansion of our team and development of new resources has had a significant impact on the expenses in the year. Expenses totalled £202,455, an increase of 45% from the previous year. This includes a holiday pay adjustment paid to staff in response to a landmark change in the law concerning the way that term-time-only employees have their holiday pay calculated. The Trustees conducted a review and concluded that, as is the case for many charities and educational institutions, we would have to adjust the way that holiday pay is calculated. This took effect from September 2022 and staff received backdated holiday pay to September 2020. This increases our monthly expenditure considerably and will be a big challenge to fund over the coming year. As a result, the deficit funds for the year were £45,677 (2022: deficit £26,069) and the charity’s net assets decreased to £58,648 (2022: £104,326) of which £9,040 (2022: £10,230) is restricted in purpose.
This situation has brought the unrestricted funds level close to the reserves policy amount and therefore the prayer focus at the start of 2023/24 year has been how the charity can meet funding to cover this in the coming year.
## **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.
7
## **Structure Governance & Management**
The organisation is a charity that 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, Operations Manager; Caroline Allen, Engagement & Publicity lead; Stephen Gough, Trustee, Brian Sweatman, Trustee and Susie Arthur, Finance Admin) 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.
## **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 and 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.
## **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:
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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; and5. 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.
## **Approval**
Approved by the trustees and signed on their behalf by
Brian Sweatman: _Brian Sweatman_
Date: 11[th] December 2023
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## 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 2023 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.
Signed: Zachary Ramsden Name: Zachary Ramsden FCA Chartered Accountant 63 Deakin Leas, Tonbridge, Kent TN9 2JT Date 19th December 2023
10
## **SPINNAKER TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**INCOME AND ENDOWMENTS FROM:**
**Note**
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)**
**Transfer between funds**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds brought forward**
**Total funds carried forward**||**Unrestricted**
**funds**
**2023**
**£**
105,629
463
-
408
106,500
150,986
-
150,986
-44,486
750
-43,736
93,345
49,609||**Restricted**
**funds**
**2023**
**£**
50,279
-
-
-
50,279
51,470
-
51,470
-1,191
-750
-1,941
10,980
9,039|**Total**
**funds**
**2023**
**£**
155,908
463
-
408
156,779
202,456
-
202,456
-45,677
-
-45,677
104,325
58,648|**Total**
**funds**
**2022**
**£**
106,571
-
6,103
163|
|---|---|---|---|---|---|---|
|||||||112,837
138,376
531|
|||||||138,907
-26,070
-|
|||||||-26,070
130,395|
|||||||104,325|
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 foran income and expenditure account required by the Companies Act 2006.
The notes on page 12-18 form part of these accounts.
11
**SPINNAKER TRUST LIMITED**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2023**
|**Note**
5
7
8
**NET CURRENT ASSETS**
**NET ASSETS**
**FUND BALANCES**
6,9
**FIXED ASSETS**
Tangible fixed assets
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CREDITORS**
Amounts falling due in less than one year
Unrestricted funds
General funds
Designated funds
Total unrestricted funds
Restricted funds
**TOTAL FUNDS**|1,342
2,339
56,622
58,961
-10,694
48,267
49,609
**Unrestricted**
**funds**
**2023**
**£**
9,405
40,204
49,609
-
49,609|**Restricted**
**funds**
**2023**
**£**
-
146
8,893
9,039
-
9,039
9,039
-
-
-
9,039
9,039|1,342
2,485
65,515
68,000
-10,694
57,306
58,648
**Total**
**funds**
**2023**
**£**
9,405
40,204
49,609
9,039
58,648|1,366
1,888
105,914
**Total**
**funds**
**2022**
**£**|
|---|---|---|---|---|
|||||107,802
-4,843|
|||||102,959|
|||||104,325|
|||||21,365
71,980|
|||||93,345
10,980|
|||||104,325|
The charitable company is entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31st March 2023.
The members have not required the company to obtain and audit of the financial statements for the year ended 31st March 2023 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 and expenditure for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 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: 11/12/23
Company number: 5503977
Charity number: 1111351
The notes on page 12-18 form part of these accounts.
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**SPINNAKER TRUST LIMITED**
**NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## 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.
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**SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## 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**
Donations of cash and similar
Grants receivable
Income tax recoverable|**Total**
**2023**
**£**
87,198
61,300
7,410
155,908|**Total**
**2022**
**£**
79,387
21,250
5,934|
|---|---|---|
|||106,571|
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## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**4. Charitable expenditure**
**a Costs incurred directly on specific activities**
Costs of generating voluntary income
Salaries, training, travel and expenses
Computer and Internet
Premise cost (incl heat, light and utilities)
Resources
Publicity and PR
Depreciation
Miscellaneous expenses
**b Costs incurred on support & administration**
Governance costs
Cost of independent examination
Printing, postage and stationery
Subscriptions and professional fees
Insurance
Total charitable expenditure
**5. Cost of raising funds**
Fundraising costs
**6. Analysis of staff and trustee costs**
Gross wages, salaries & benefits in kind
Social security
Pension costs|**Total**
**Total**
**2023**
**£**
**2022**
**£**
-
-
185,073
125,418
2,734
3,496
4,992
2,857
3,723
1,177
667
-
973
736
193
144|
|---|---|
||198,355
133,828|
||2,280
2,100
739
1,374
509
577
573
497|
||4,101
4,548|
||202,456
138,376|
||**Total**
**Total**
**2023**
**2022**
**£**
**£**
-
531|
||**2023**
**£**
**2022**
**£**
172,589
118,441
5,265
641
4,396
3,233|
||182,250
122,315|
The average monthly number of employees during the year was 14 (2022: 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 £34,540 (2022: £24,215).
None of the trustees have been paid any remuneration or received any other benefits from the Charity (2022 - none).
The total amount of donations funded by trustees (and connected parties), and other related parties, was £2,000 (2022: £2,110)
No trustee expenses were incurred during the year apart from direct reimbursement for expenses incurred on behalf of the charity.
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## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**7. Tangible fixed assets**
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Accumulated depreciation
At 1 April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
Net book value
At 31 March 2023
At 1 April 2022
**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
£
-
-
-
-
-
-
-
-|Fixtures,
Computer
Equipment
£
2,944
949
3,893
1,578
973
2,551
1,342
1,366
**2023**
**£**
1,016
1,469
2,485
**2023**
**£**
3,199
62,297
19
65,515
**2023**
**£**
8,360
98
2,236
10,694|Total
£
2,944
949|
|---|---|---|---|
||||3,893
1,578
973|
||||2,551
1,342|
|||||
||||1,366|
|||||
||||**2022**
**£**
1,465
423|
||||1,888|
||||**2022**
**£**
56,165
49,728
21|
||||105,914|
||||**2022**
**£**
1,864
879
2,100|
||||4,843|
16
## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **11. Funds**
During the year the movements in the funds were as follows:
|_Unrestricted Funds_
General funds
_Designated Funds_
Memorial Fund
Epsom Fund|**Opening**
**balance**
**I**
**r**
01/04/22
**£**
21,365
62,430
9,550|**ncoming**
**esources**
2022/23
**£**
101,874
-
4,626|**Outgoing**
**resources**
**Transfers**
**in the year**
**Closing**
**balance**
2022/23
2022/23
31/03/2023
**£**
**£**
**£**
-114,584
750
9,405
-34,532
-
27,898
-1,870
-
12,306|**Outgoing**
**resources**
**Transfers**
**in the year**
**Closing**
**balance**
2022/23
2022/23
31/03/2023
**£**
**£**
**£**
-114,584
750
9,405
-34,532
-
27,898
-1,870
-
12,306|
|---|---|---|---|---|
||71,980|4,626|-36,402|-
40,204|
|_Total Unrestricted Funds_
_Restricted Funds_
Central
Eastbourne
Epsom
Lambeth
Orpington
Southwark
Stream
Aggregate of funds|93,345
3,000
2,167
-
5,255
-
-
558|106,500|-150,986|750
49,609|
|||18,150
11,179
1,100
16,900
150
2,800
-|-18,150
-13,346
-1,100
-15,924
-150
-2,800
-|-
3,000
-
-
-
-
-750
5,481
-
-
-
-
-
558|
||10,980|50,279|-51,470|-750
9,039|
||104,325|156,779|-202,456|-
58,648|
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.
## Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
|Fixed assets
Stock and debtors
Cash at bank and in hand
Current liabilities|Unrestricted Funds
General
Designated Restricted
funds
funds
funds
31/03/2023
£
£
£
£
1,342
-
-
1,342
2,339
-
146
2,485
16,418
40,204
8,893
65,515
-10,694
-
-
-10,694|
|---|---|
||
9,405
40,204
9,039
58,648|
17
## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **11. Funds**
In the previous year the movements in the charity's funds were as follows:
|_Unrestricted Funds_
General funds
_Designated Funds_
Memorial Fund
Epsom Fund|**Opening**
**balance**
**I**
**r**
01/04/21
**£**
46,953
64,742
6,480|**ncoming**
**esources**
2021/22
**£**
76,136
-
4,624|**Outgoing**
**resources**
**Transfers**
**in the year**
**Closing**
**balance**
2021/22
2021/22
31/03/2022
**£**
**£**
**£**
-102,920
1,196
21,365
-2,342
30
62,430
-1,554
-
9,550|
|---|---|---|---|
||71,222|4,624|-3,896
30
71,980|
|_Total Unrestricted Funds_
_Restricted Funds_
Ashford
Central
Eastbourne
Epsom
Lambeth
Southwark
Stream
Aggregate of funds|118,175
13
3,506
6,343
-
1,800
-
558|80,760|-106,816
1,226
93,345|
|||-
8,494
8,130
1,600
10,953
2,750
-|-13
-
-
-9,000
-
3,000
-12,029
-276
2,168
-1,600
-
-
-6,548
-950
5,255
-2,750
-
-
-
-
557|
||12,220|31,927|-31,940
-1,226
10,980|
||130,395|112,687|-138,756
-
104,325|
## Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
|Fixed assets
Stock and debtors
Cash at bank and in hand
Current liabilities||Unrestricted Funds
General
Designated Restricted
funds
funds
funds
31/03/2022
£
£
£
£
1,366
-
-
1,366
1,742
-
146
1,888
23,100
71,980
10,834
105,914
-4,843
-
-
-4,843|
|---|---|---|
|||
21,365
71,980
10,980
104,325|
18
## **SPINNAKER TRUST LIMITED**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **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.
19
## **SPINNAKER TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|INCOME FROM:
Donations and legacies
Investments
Government Grant
Other Income
**Total income**
EXPENDITURE ON:
Charitable activities:
Raising funds
**Total Expenditure**
**Net income/(expenditure)**
Transfers between funds
Reconciliation of funds:
**Total funds brought forward**
**Total funds carried forward**|Unrestricted funds
Designated funds
- general
2023
2022
2023
2022
£
£
£
£
101,003
69,870
4,626
4,624
463
-
-
-
-
6,103
-
-
408
163
-
-|Restricted funds
Total funds
2023
2022
2023
2022
£
£
£
£
50,279
32,077
155,908
106,571
-
-
463
-
-
-
-
6,103
-
-
408
163|Restricted funds
Total funds
2023
2022
2023
2022
£
£
£
£
50,279
32,077
155,908
106,571
-
-
463
-
-
-
-
6,103
-
-
408
163|
|---|---|---|---|
||101,874
76,136
4,626
4,624
114,584
102,443
36,402
3,896
-
477
-
-|50,279
32,077
156,779
51,470
32,037
202,456
-
54
-|112,837
138,376
531|
||114,584
102,920
36,402
3,896
-12,710
-26,784
-31,776
728
750
1,196
-
30
21,365
46,953
71,980
71,222|51,470
32,091
202,456
-1,191
-14
-45,677
-750
-1,226
-
10,980
12,220
104,325|138,907
-26,070
-
130,395|
||9,405
21,365
40,204
71,980|9,039
10,980
58,648|104,325|
20