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2020-12-31-accounts

KENNAWAY HOUSE TRUST (formerly known as Kennaway House Limited)

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

Charity Registration Number: 1122667 Company Registration Number: 6471831 (England and Wales)

KENNAWAY HOUSE TRUST TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS

Year Ended 31 December 2020

CONTENTS
Page
Trustees Annual Report 1 - 5
Independent Examiners Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes on the Financial Statements 9 - 15

KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT

Year Ended 31 December 2020

The Trustees, who are directors for Company Law purposes, have pleasure in presenting their report along with the financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with current statutory requirements, the charity’s governing documents, and the recommendations of the Statement of Recommended Practice “Accounting and Reporting by Charities” (SORP 2005) and complies with applicable law. We have also referred to the guidance contained in the Charity Commission’s guidance on public benefit when reviewing our aims and objectives for the year.

Objects and Policies

Objectives

The objective of the charity is to advance public education in particular, but not exclusively, by the provision of an educational centre for people of all ages in Sidmouth and the surrounding area.

Policies

The policy of the Trust continues to be to encourage a wide variety of educational classes and events alongside our successful art gallery and to preserve, maintain and improve our Grade 2* listed building by generating income, predominately through the rental of rooms and spaces.

Achievements and Performance

Report on 2020

As usual, January and February were quiet with only the routine classes taking place. The high point was the removal of scaffolding that revealed new Kennaway House lettering on the portico over the main entrance and the house looking wonderful, having had two sides redecorated.

On the 23[rd] March the first lockdown came into force after Government ruling due to the COVID pandemic. The house was moth-balled by the manager, ensuring all costs were minimised during the closure. The Caretaker, Tony Coombe resigned from his post, and remaining staff were furloughed. Essential internal maintenance was completed by volunteers in full compliance with the lockdown restrictions. Our Meet the Author event, with John Nettles had to be postponed, with the hope to make an alternative date in the autumn.

When we were able to partially reopen, the manager, on part time furlough, undertook work to ensure the building was COVID safe; one-way systems, hand sanitiser stations, mask wearing, enhanced cleaning, and specific risk assessments. A fully stewarded Craft fair with additional food stalls using the lawn area and Cellar, was held on the 1[st] August. We were able to hold a scaled down version of our annual Food festival, on the 15[th] August, with all safety regulations in place. It was not as well attended as previous years, but people were pleased to see an event being carried out and safely. Cancellations and postponement of bookings continued, although we did manage to host one wedding ceremony and a funeral, the latter, being streamed to those who were not allowed to attend.

The house continued to stay open but with limited access. Office tenants continued to use the house on an ad hoc basis. Counselling sessions continued throughout the year, designated by adult social services as an essential requirement.

A Christmas art exhibition was held during the first weekend of December. Full closure of the House was again required by Government rules from the second week of December.

The garden continued to be maintained throughout the year by the gardener. Along with the regular house checks by the manager throughout what was a very unusual and difficult year.

We are very grateful for grants from the Government, via East Devon District Council, that enabled us to pay for the unavoidable costs such as standing charges for utilities, essential maintenance of alarm systems, insurance, and renewal of our wedding licence.

The House continues to be a community asset and is well respected by those in the locality and surrounding areas.

1

KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT

Year Ended 31 December 2020

Report on 2020 – continued

Overview and future plans

At the time of writing, we reflect on how our business plans have been significantly affected by the Covid 19 pandemic. We will strive to continue as a successful arts and community centre doing all that we can to restore and further increase the use of the house. We will continue to undertake the essential maintenance of the house to keep up the high standards.

We are working to increase the capabilities of the new website, making it more informative and easier to navigate, and e.g., will investigate booking online for all ticketed events and some classes. In addition to changing our practices to enable people’s safety in line with changing guidance, we need to build the confidence of users. We plan to investigate better ways of marketing our facilities and also how we can develop a programme of events of our own, especially within our lawned area.

Financial Review

Total incoming resources in the Unrestricted Fund for the year to 31 December 2020 amounted to £79,682 (year ended 31 December 2019 £97,134).

General fund expenditure amounted to £91,057 (year ended 31 December 2019 £110,270).

The Charity had £(253,792) (year ended 31 December 2019 £(242,417)) in its general fund at the year ended 31 December 2020. This accounting deficit arose, as a result of significant expenditure incurred on the renovation of the Kennaway House building which ended in the year to 31 December 2009. The general fund, together with the property revaluation reserve and the capital fund, as shown on the balance sheet, shows an overall total charity fund amount of £752,300 (year ended 31 December 2019 £763,675).

In January 2015, East Devon District Council agreed with the Trust that for five years 2015 to 2020, no interest payment would be required on their loan. Instead, five years’ interest would be “rolled up” and become due for payment in 2034, along with the principal of the loan. Interest will become payable annually from 2021.

As at 31 December 2020, cash at bank and in handheld by the charity was £95,931 (31 December 2019 £93,022), with a healthy net current assets figure of £90,494 (31 December 2019 £88,087).

The purposes of the different types of funds are explained in the accounting policies as shown in the financial statements.

Notes 15 and 16 to the financial statements provide further explanation.

Reserves Policies

Reserves Policy

It is the policy of the charity to maintain liquid reserves at a level which equates to approximately 3 months of unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs.

The charity has a deficit in the general fund, which resulted from the initial restoration work on Kennaway House. The trustees and staff are working towards reducing the deficit year on year and have increased the total cash balances to help towards improving the reserves position.

Risk Management

The Trustees of Kennaway House have put in place a risk management strategy which comprises:

2

KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT

Year Ended 31 December 2020

During 2019, significant risks related to the challenge of users due to increasing competition opened to more room hire. During 2020, the most significant risks have arisen from the loss of income due to the Covid 19 Pandemic.

Looking forward, the risk of there being a lack of public appetite to visit and attend events may restrict our income. Users being reluctant to visit indoor venues is an increasing possibility. We aim to build confidence through demonstrating effective control and management of those events that can take place, following Government guidance during these unprecedented times.

Structure, Governance and Management

Kennaway House Trust is a company limited by guarantee, incorporated on 14[th] January 2008 and governed by its Memorandum and Articles of Association. The Charity Commission registered it as a charity on 6[th] February 2008.

The guarantors of the company are its members, each of whom undertakes to contribute £10 in the event of the charity winding up. The first members were the team who worked from 2001 to 2008 to raise £1 million to restore the house; others may apply to become members of the company.

The Trustees are elected by the members at the Annual General Meeting (or any general meeting). Members may propose and second a member for election, in writing and circulated to all members one month before the meeting.

Trustees are elected for three years, at the end of which they may retire or stand for re-election. The Articles of Association require that one third of the Trustees should retire at an AGM. The Board has the power to co-opt a Trustee in between AGMs, but he or she must retire or stand for re-election at the next AGM.

The Chairman is elected annually by the Board of Trustees, to serve for one year.

The Board of Trustees administers the charity and meets bi-monthly. Individual Trustees may take responsibility for a particular aspect of the administration. The board appoints the Manager to manage the day to day operations of the charity with the authority delegated by the Trustees for operational matters including finance. The Premises Manager/Caretaker reports to the Manager of Kennaway House.

Reference and Administration Details

Patron The Rt Hon Sir Hugo Swire KCMG MP
Patron of the Kennaway Gallery Professor Alan Cotton
President Michael James MBE
Vice Presidents David James
Jackie Street-Palmer
Trustees Michael James MBE
Linda Williams
Ralph Cox
Stephen Williams
Douglas Waller
Penelope Bates
Company Secretary Debbie Squibbs
Kennaway House Manager Nicola Dawkins

3

KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT

Year Ended 31 December 2020

Caretaker Anthony Coombe (until April 2020)
Registered Charity Number 1122667
Registered Company Number 6471831
Registered Address Coburg Road, Sidmouth, Devon, EX10 8NG
Bankers HSBC Bank PLC, Fore Street, Sidmouth, Devon, EX10 8AA
CCLA Investment Management, Senator House, 85 Queen
Victoria Street, London, EC4V 4ET
Solicitors Gilbert Stephens, 36 High Street, Sidmouth, Devon, EX10
8ED
Accountants Merlin Accountancy Services Ltd, 2ndFloor, 33 Longbrook
Street, Exeter, Devon, EX4 6AW

4

KENNAWAY HOUSE TRUST TRUSTEES’ ANNUAL REPORT

Year Ended 31 December 2020

Statement of Trustees’ Responsibilities

As a small charitable company, this report is prepared in accordance with the Small Companies Regime under the Companies Act 2006.

Company Law and Charity Law requires the Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the company and the profit or loss for that period. In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that financial statements comply with the Companies Act 2006, and in accordance with the Statement of Recommended Practice (SORP 2005). The Trustees are also responsible for safeguarding the assets of the charity and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with company law, as the company’s Directors, we certify that:

This report has been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies, and was approved by the board and signed on their behalf by:

Signed……………………………………………………

Name: Linda Williams

Date………………………………………………………

5

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF KENNAWAY HOUSE TRUST

Year Ended 31 December 2020

I report on the accounts of the charity for the year ended 31 December 2020, which are set out on pages 8 to 16.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to these matters set out in the statement below.

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:

  2. proper accounting records are kept in accordance with section 386 of the Companies Act 2006; and

  3. accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2005) have not been met; or

  4. to which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

G M Corby BSc FCA Signed:…………………………………… Merlin Accountancy Services Ltd 2[nd] Floor 33 Longbrook Street Date:……………………………………… Exeter EX4 6AW

6

KENNAWAY HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

Year Ended 31 December 2020

Notes
Incoming Resources
Donations and Legacies
3
Other Trading Activities
4
Income from Investments
Income from Charitable Activities
5
Total Incoming Resources
Resources Expended
Expenditure on Raising Funds
6
Expenditure from Charitable Activities
7
Total Resources Expended
Net Income/(Expenditure) for the year
Total Funds Brought Forward at
1st January 2020
16
Total Funds Carried Forward at
31st December 2020
16		 2020
2019
Total Funds
Total Funds
£
£
1,664
2,406
-
-
137
240
77,881
94,488
79,682
97,134
12,507
19,575
78,550
90,695
91,057
110,270
(11,375)
(13,136)
(242,417)
(229,281)
(253,792)
(242,417)		 2020
2019
Total Funds
Total Funds
£
£
1,664
2,406
-
-
137
240
77,881
94,488
79,682
97,134
12,507
19,575
78,550
90,695
91,057
110,270
(11,375)
(13,136)
(242,417)
(229,281)
(253,792)
(242,417)
97,134
19,575
90,695
110,270
(13,136)
(229,281)
(242,417)

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

All income resources and resources expended derive from continuing activities. No operations have been discontinued or acquired during the year.

The charity’s only activity is the provision of Kennaway House as a centre for the arts, learning, heritage and events.

The notes on pages 9 to 15 form part of the Financial Statements.

7

KENNAWAY HOUSE TRUST BALANCE SHEET Registered Charity Number: 1122667 As at 31 December 2020

Notes
Fixed Assets
Tangible Assets
10
Current Assets
Stock
Debtors and Prepayments
11
Cash at bank and in hand
12
Current Liabilities
Amounts falling due within one year
13
Net Current Assets
Total Assets Less Current Liabilities
Long Term Liabilities
Amounts falling due after more than
One year
14
Net Assets
Total Funds
Unrestricted Funds:
Capital Fund
Property Revaluation Reserve
General Fund		 2020
£
£
1,010,967
351
445
95,931
96,727
(5,882)
90,845
1,101,812
(349,512)
752,300
506,092
500,000
(253,792)
752,300		 2019
£
896
3,054
93,022
96,972
(8,874)
£
1,014,625
88,087
1,102,712
(339,037)
763,675
506,092
500,000
(242,417)
763,675

The company is entitled to exemption from audit under Section 477(1) of the Companies Act 2006 for the year ended 31 December 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 whose report appears in page 7.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2007).

Approved by the Board of Trustees on ............................................. and signed on its behalf by:

............................................................ Linda Williams

8

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

1. COMPANY STATUS

The charity is a company limited by guarantee and has no share capital and is registered in England and Wales. The company was incorporated on 14[th] January 2008, and the charities registered number and registered office address can be found within the Reference and Administration details on page 4 of the financial statements.

The members of the company are the trustees who are also ordinary members. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. A list of these members can be found in the Reference and Administration details as shown on page 4.

Since 31[st] December 2017, the Trustees of the charity changed its name from Kennaway House Limited to Kennaway House Trust. This change was made in March 2019.

2. ACCOUNTING POLICIES

a) Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

In drafting these financial statements, the charity has also takes advantage of the exemptions for smaller charities contained in Charity Commission publication CC17.

Kennaway House meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are presented in pound sterling (£) which is the charity’s functional and presentation currency.

b) Preparation of the financial statements on a going concern basis

Kennaway House Trust reported a net deficit in the reporting period of £11,375, with total funds held at the end of the period of £752,300. Of these total funds, £(253,792) was held in either unrestricted or designated funds; a net decrease of £11,375.

The deficit is financed by a loan which has a current balance of £349,512. This loan is not due to be repaid until 2033/34.

The trustees are of the view that, on the above basis, the charity is a going concern.

Kennaway House Trust is reliant on the local community to continue purchasing its services and the economic outlook, cuts in public spending, and reduced levels of available funding, are a potential area of financial uncertainty for the charity.

c) Incoming Resources

The charity’s only activity is the provision of Kennaway House as a centre for the arts, learning, heritage and events.

Legacies are recognised by reference to the date probate is granted, or if later, as soon as they are capable of being measured in financial terms.

Grants of a general nature are recognised as voluntary income.

9

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

Accounting Policies – continued

d) Volunteers and Donated Services and Facilities

The value of services provided by volunteers is not incorporated into these financial statements.

e) Resources Expended

The Unrestricted Fund is used for the cost of generating funds, i.e. fundraising costs and loan interest, on charitable activities such as running costs of the building, staff costs and expenses, and setup costs towards post-restoration activities. Governance costs are set out in note 7.

Expenditure is included on an accrual basis and incorporates provisions for known liabilities where the costs can be predicted. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.

Resources expended include attributable VAT which cannot be recovered.

f) Taxation

Under section 505 ICTA 1988 the charity is exempt from certain taxes. Full account is taken of tax credits attaching to gifts and qualifying donations. Kennaway House Trust has charitable status and is exempt from Corporation Tax on income it receives.

g) Operating Leases

The lease of the photocopier is classified as an operating lease, the title of the equipment remaining with the lessor and rental charges charged on a straight line basis over the term of the lease. £1,200 was paid in the year on Operating Leases.

h) Tangible Fixed Assets

Individual fixed assets are capitalised at cost. Capital items below £50 are not treated as capital items, and instead are charged as a revenue expense. Fixed assets are reviewed annually for impairment. Furnishings, fixtures and equipment are depreciated on a reducing balance basis at an annual rate of 25%.

i) Financial instruments

Kennaway House Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

j) Stock

The stock held is for bar stock valued at cost.

k) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of the freehold property at Director’s valuation.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on the expenditure imposed by the donor or through the terms of an appeal.

10

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

3. DONATIONS AND LEGACIES

Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Donations 511 767
Friends Subscriptions 1,153 1,639
Legacies - -
1,664 2,406
4. OTHER TRADING ACTIVITIES
Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Friends Events - -
- -

5. INCOME FROM CHARITABLE ACTIVITIES

Kennaway House was used for adult education classes, lectures, art exhibitions, other arts events, weddings, civic and other social events.

6.

Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Room Hire 35,858 63,646
Bar Sales 534 10,369
Literary Events - 4,282
Craft and Music Events 60 10,119
Art Sales 286 3,964
History Events - 818
Miscellaneous 41,143 1,290
77,881 94,488
XPENDITURE ON RAISING FUNDS
Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Fundraising, Cost of Grants, Donations and
Events 1,605 8,458
Loan Interest 10,475 10,475
Bank Charges 427 642
12,507 19,575

EXPENDITURE ON RAISING FUNDS

11

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

7. EXPENDITURE FROM CHARITABLE ACTIVITIES

Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Building Running Costs 40,313 41,704
Advertising, Website and Promotional Costs 2,014 2,764
Staff Costs 34,174 44,245
Governance Costs 2,049 1,982
78,550 90,695
TAFF COSTS
Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Wages and Salaries 33,618 43,808
Pension costs 556 437

8. STAFF COSTS

The staff costs relate to the salaries paid to the full time Premises Manager and 2 part time staff who help the manager with the running of Kennaway House, with their National Insurance and Pension costs. National Insurance costs are currently covered by HRMC’s Employment Allowance of £4,000.

The Key Management Personnel of Kennaway House is the Premises Manager.

No employee received remuneration in excess of £60,000 in either the current or previous year.

The average number of employees during the year were 2.3 (2019: 3.1).

9. MOVEMENTS IN TOTAL FUNDS FOR THE YEAR

Year Ended Year Ended
31 December 31 December
This is stated after charging: 2020 2019
£ £
Depreciation 3,658 4,876
Independent Examiner’s Fee/Accountancy Fee 1,373 1,372
Operating Lease Commitment 1,200 1,200

12

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

10. TANGIBLE FIXED ASSETS

COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Freehold
Property
1,000,000
-
1,000,000
-
-
-
1,000,000
1,000,000		 Computer
Equipment
2,347
-
2,347
587
441
1,028
1,319
1,760		 Furnishings
20,197
-
20,197
19,262
234
19,496
701
934		 Fixtures &
Fittings
48,857
-
48,857
36,926
2,984
39,910
8,947
11,931		 Total
1,071,401
-
1,071,401
56,775
3,659
60,434
1,010,967
1,014,625

Freehold Property: Kennaway House is shown at Director’s revaluation of December 2012.

The Trustees are not aware of any material changes since the last valuation.

11. DEBTORS AND PREPAYMENTS

Year Ended Year Ended
31 December 31 December
Due Within One Year 2020 2019
£ £
Debtors 20 1,774
Prepayments 370 1,280
Other Debtors 55 -
445 3,054

12. CASH AT BANK AND IN HAND

Year Ended Year Ended
31 December 31 December
2020 2019
£ £
CCLA Deposit Accounts 32,358 32,221
HSBC Current Accounts 63,313 60,541
Cash in Hand 260 260
95,931 93,022

13

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Year Ended Year Ended
31 December 31 December
2020 2019
£ £
Creditors - 19
Accruals 3,307 3,464
Social Security and Other Taxes 1,089 1,455
Other Creditors 1,486 3,947
5,882 8,885

14. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

East Devon District Council Loan. Amounts due as follows:
Amounts due within 1 year Nil
Amounts due within 2-5 years Nil
Amounts due over 5 years
 £349,512

This interest only loan is secured against the Kennaway House property by way of legal charge. The interest rate for this loan is 4.19%. The loan is due for repayment in 2033/34.

15. MOVEMENT IN FUNDS

Capital Fund
Property
Revaluation
Reserve
General Fund
Total Funds		 As at
01 Jan
2020
£
506,092
500,000
(242,417)
763,675		 Income
£
-
-
79,682
79,682		 Expenditure
£
-
-
91,057
91,057		 Transfers
£
-
-
-
-		 As at
31 Dec
2020
£
506,092
500,000
(253,792)
752,300

The General Fund has been established to maintain liquid reserves at a level which equates to approximately 3 months of unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs.

The Capital Fund and the Revaluation Reserve is the value of restricted funds represented by the freehold property owned by the charity.

14

KENNAWAY HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS

Year Ended 31 December 2020

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Current Assets
Current Liabilities
Long Term Liabilities
Net assets		 Unrestricted
Funds
£
Designated
Funds
£
Total Funds
As at
31 Dec 2020
£
Total Funds
As at
31 Dec 2019
£
4,875
1,006,092
1,010,967
1,014,625
96,727
-
96,727
96,972
(5,882)
-
(5,882)
(8,885)
(349,512)
-
(349,512)
(339,037)
(253,792)
1,006,092
752,300
763,675

17. RELATED PARTIES

No trustee or connected person has received fees or emoluments, or reimbursement of expenses incurred during the year.

There were no related party transactions in the year.

15