REGISTERED COMPANY NUMBER: 06802918 (England and Wales) REGISTERED CHARITY NUMBER: 1130427
Report of the Trustees and
Financial Statements For The Year Ended 31st May 2023
for
Guardians of Strutts
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Guardians of Strutts
Contents of the Financial Statements For The Year Ended 31st May 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | to | 9 |
| Notes to the Financial Statements | 10 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
Guardians of Strutts
Report of the Trustees For The Year Ended 31st May 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st May 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To further or benefit the residents of Belper and the neighbourhood, without distinction of sex, sexual orientation, race or political, religious or other opinions by associating together, the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupations with the objectives of improving the conditions of life for the residents.
To secure and preserve the Herbert Strutt School Building on Derby Road, for the benefit and use of the inhabitants of the Township of Belper, in perpetuity, and in accordance with the original 1909 Strutt Conveyance.
To encourage the sustainability of the township of Belper.
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Guardians of Strutts
Report of the Trustees For The Year Ended 31st May 2023
OBJECTIVES AND ACTIVITIES
Significant activities
The legacy of Covid pandemic was a period of uncertainty about the future of the Project financially. After lockdowns everyone was nervous, and bookings were minimal. The licence holders provided most of the income during this restart phase. After the summer of 2023 bookings began to increase and now are approaching the pre pandemic levels. Some user groups did not return but new groups have formed with regular bookings.
The primary source of income for the Project is from Strutts Centre Limited hiring rooms to local community groups and businesses. Overall SCL income from Room Hire was £106,358 which showed an increase of 42% from previous year. SCL donated £103,887 to the Guardians of Strutts, which was a 36% increase from last year.
Secondary sources of income are the catering and bar services that we provide to our users. Catering gave an income of £2337 with a profit of £703; a 30% return.
Bar takings of £3,872 resulted in a net profit of £2,799; a healthy return of 72%.
These returns are only possible because the staff who run the catering and bar are unpaid volunteers.
The Belper Strutts Society raised funds to support the Project by running events, providing refreshments and the sale of books.
A major activity of the Project is the repair and restoration of the buildings and site. After the pandemic our long-term sub-contractor, who did repairs, retired. Over the last 12 months more of this minor type of work has been carried out by volunteers. The accounts reflect this with a decreased spending on labour and more on materials. The volunteers who undertake this work have saved the Project significant sums of money, and hence we need to recruit more volunteers for this type of activity. The cost of major works has increased significantly as we have found with recent quotations for roof repairs.
Preparations were made for new licence holders to increase the proportion of our income from this category of user. An existing licence holder, Deafinately Women, was relocated from Rooms 57 & 58 to Rooms 25 & 30, partly due to a leaking roof, but mainly to accommodate extra staff and clients as their organisation has grown.
We changed our broadband provider and had to upgrade the computer systems. This required significant volunteer effort and expenditure on new hardware and software.
We have started using the Hallmaster room booking system to generate invoices directly from the room hire records. This should reduce the manual effort for the invoicing process, but it will take time to train our volunteers to use the new systems.
We have introduced a SumUp debit/credit card reader system for payments to Strutts. This card reader has also been used for catering and the bar, but the allocation of income to the separate categories of income needs to be clarified for the accounts. Also, we have introduced a new electronic till system and will integrate these systems with a new digital accounts package.
The intruder alarm system was replaced, as it became unreliable.
During the financial year we changed our building insurers who halfway through the period required a professional insurance reinstatement assessment of the buildings. The original reinstatement valuation was £4,246,179 and the new valuation is £11,823,000. This exercise cost us £954.86 for revaluation from Barrett Corp & Harrington Ltd and the premium was raised from £5,582.47 to £13,564 which represents an increase of 143%. This was a significant increase to our operating costs.
The largest operating costs to the Project are our gas and electricity energy costs, which were in the order of £20,000. Fortunately, we had negotiated a 3 year fixed price deal before the energy crisis hit the Country. At the conclusion of the contracts the price increase was predicted to be somewhere between double to four times that. The higher end of that range would increase our fixed costs to a level which would consume all our income, which threatened the viability of the Project. However, we have negotiated a new fixed price deal which is expected to cost "only" around £42,000 a year, which is still a significant increase.
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Guardians of Strutts
Report of the Trustees For The Year Ended 31st May 2023
OBJECTIVES AND ACTIVITIES
At the same time, we have experienced problems with our two main gas boilers for the building heating. Quotations to replace a single boiler were up to £80,000, which was beyond our financial means without grant support. The climate crisis requires us to change from gas to renewable sources and hence new gas boilers are not the answer. Our resourceful volunteers have managed to repair the boilers in a cost-effective manner which hopefully will give us time to find a long-term solution.
The energy crisis seems to have replaced the pandemic as a cause for financial uncertainty. The outlook for the income over the next 12 months is of great concern but the policy of building up the reserves and not borrowing has been vindicated as we have no debt to service. The decision to increase prices and the number of licence holders shows that a mixture of community and commercial users makes financial sense under these circumstances. Our prudent approach will give the best chance of ensuring that the Centre will be available to the Community of Belper in the long term.
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Guardians of Strutts
Report of the Trustees For The Year Ended 31st May 2023
FINANCIAL REVIEW
Reserves policy
The Trustees have reviewed the reserves of the charity. The review considered the nature of the income and expenditure streams and the need to match variable income with fixed commitments and the nature of the reserves.
The unrestricted reserves increased to £188,196 in the year to 31st May 2023.
Restricted reserves show a slight increase to give a grand total of £14,401 which includes the Ryklow Trust account of £1,077.
Unrestricted funds increased by £30,663 compared with an increase of £12,816 in the previous year. This has resulted in an overall surplus to date of £202,597.
Strutts Centre Limited, gifted £103,877 to the GOS Charity, which represented a 36% increase over the previous year. This shows a significant recovery from the closures during the pandemic.
The Guardians have used £15,589 of the available funds to general repairs and improve facilities throughout the site during this period including:
Maintenance & improvements £9,668 Decoration Room 14 South Boiler Repairs Roof Repairs Intruder Alarm Refurbishment Fire Alarm repairs Computer System Upgrade Floor Resealing Room 108 Relocation of licence holders Statutory Maintenance £1,023 Fire Extinguishers - Check Legionella Sample - Check Lift Service Service Gas Boilers Capital Items £4,898 Rooms 25 & 30 Electrics Room 30 toilets Room 25 desk partitioning Computing disc drives Defibrillator
The Belper Strutts Society has continued to support the Project with volunteer effort and plans are being made for future fundraising activities. The Trustees thank the Society for all its efforts which will enable the Centre to look forward with optimism for the future of the Strutts Community Centre.
The trustees thank those who have supported the Project financially, especially all those individuals and groups who have used the building.
Most importantly of all, the Trustees want to thank all our loyal band of volunteers for their efforts during a very challenging period. The levels of business achieved in the year to 31st May 2023 would not have been possible without their dedication and hard work.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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Guardians of Strutts
Report of the Trustees For The Year Ended 31st May 2023
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Guardians of Strutts Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Guardians of Strutts Charity owns the Herbert Strutt School site on behalf of the people of Belper and aims to restore the building to its former glory. It has a wholly owned trading company, called Strutt Centre Limited, which operates the site as a community centre and donates its entire operating surplus to the Guardians of Strutts. The Guardians are supported by a "friends' group", called the Belper Strutts Society, which raises funds and provides volunteers to help run the Strutts Community Centre.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06802918 (England and Wales)
Registered Charity number 1130427
Registered office
Strutts Centre Derby Road Belper Derbyshire DE56 1UU
Trustees
Miss J M Honey (resigned 17.2.23) Mrs C H Maddock E Manning Dr N P McLeod Mrs K Manning G Henshaw R P Downie (appointed 17.2.23)
Independent Examiner
Edward Wint Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Dr N P McLeod - Trustee
Page 5
Independent Examiner's Report to the Trustees of Guardians of Strutts
Independent examiner's report to the trustees of Guardians of Strutts ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2023.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Edward Wint
Dale Accounting Services Limited 64 High Street Belper Derbyshire DE56 1GF
Date: .............................................
Page 6
Guardians of Strutts
Statement of Financial Activities For The Year Ended 31st May 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 103,926 Investment income 2 177 Other income - Total 104,103 EXPENDITURE ON Charitable activities GENERAL 73,440 NET INCOME/(EXPENDITURE) 30,663 RECONCILIATION OF FUNDS Total funds brought forward 157,533 TOTAL FUNDS CARRIED FORWARD 188,196 |
Restricted funds £ (2) 360 - 358 937 (579) 14,980 14,401 |
2023 Total funds £ 103,924 537 - 104,461 74,377 30,084 172,513 202,597 |
2022 Total funds £ 77,578 22 4,000 81,600 67,752 13,848 158,665 172,513 |
|---|---|---|---|
The notes form part of these financial statements
Page 7
Guardians of Strutts
Balance Sheet
31st May 2023
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 89,863 Investments 7 1 89,864 CURRENT ASSETS Stocks 8 1,886 Debtors 9 38,572 Cash at bank 64,222 104,680 CREDITORS Amounts falling due within one year 10 (6,348) NET CURRENT ASSETS 98,332 TOTAL ASSETS LESS CURRENT LIABILITIES 188,196 CREDITORS Amounts falling due after more than one year 11 - NET ASSETS 188,196 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 59,508 - 59,508 - - 52,709 52,709 (1) 52,708 112,216 (97,815) 14,401 |
2023 Total funds £ 149,371 1 149,372 1,886 38,572 116,931 157,389 (6,349) 151,040 300,412 (97,815) 202,597 188,196 14,401 202,597 |
2022 Total funds £ 155,095 1 155,096 1,520 37,090 79,437 118,047 (2,815) 115,232 270,328 (97,815) 172,513 157,533 14,980 172,513 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Guardians of Strutts
Balance Sheet - continued
31st May 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. N P McLeod - Trustee
The notes form part of these financial statements
Page 9
Guardians of Strutts
Notes to the Financial Statements For The Year Ended 31st May 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
The value shown in Accounts for the Land and Buildings represents the legal fees, professional fees and renovation works to the building incurred since the transfer of the property from the Derbyshire County Council to the Charity in September 2009. The Land and Buildings is thought by the Trustees to have a market value between £1.5m and £3.6m.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Deposit account interest | 537 | 22 |
continued...
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Guardians of Strutts
Notes to the Financial Statements - continued For The Year Ended 31st May 2023
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 10,623 | 10,975 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st May 2023 nor for the year ended 31st May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2023 nor for the year ended 31st May 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 76,458 Investment income 13 Other income 4,000 Total 80,471 EXPENDITURE ON Charitable activities GENERAL 67,655 NET INCOME 12,816 RECONCILIATION OF FUNDS Total funds brought forward 144,717 TOTAL FUNDS CARRIED FORWARD 157,533 |
Restricted funds £ 1,120 9 - 1,129 97 1,032 13,948 14,980 |
Total funds £ 77,578 22 4,000 81,600 67,752 13,848 158,665 172,513 |
|---|---|---|
continued...
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Guardians of Strutts
Notes to the Financial Statements - continued For The Year Ended 31st May 2023
6. TANGIBLE FIXED ASSETS
| Fixtures Freehold Plant and and property machinery fittings £ £ £ COST At 1st June 2022 134,226 53,186 30,941 Additions 1,390 1,795 - At 31st May 2023 135,616 54,981 30,941 DEPRECIATION At 1st June 2022 10,080 31,014 22,707 Charge for year 1,902 4,686 3,377 At 31st May 2023 11,982 35,700 26,084 NET BOOK VALUE At 31st May 2023 123,634 19,281 4,857 At 31st May 2022 124,146 22,172 8,234 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1st June 2022 and 31st May 2023 NET BOOK VALUE At 31st May 2023 At 31st May 2022 There were no investment assets outside the UK. 8. STOCKS Stocks 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Strutts centre Prepayments |
Computer equipment Totals £ £ 5,494 223,847 1,714 4,899 7,208 228,746 4,951 68,752 658 10,623 5,609 79,375 1,599 149,371 543 155,095 Unlisted investments £ 1 1 1 2023 2022 £ £ 1,886 1,520 2023 2022 £ £ 27,079 33,926 11,493 3,164 38,572 37,090 |
|---|---|
continued...
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Guardians of Strutts
Notes to the Financial Statements - continued For The Year Ended 31st May 2023
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accrued expenses | 6,349 | 2,815 |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 12) |
2023 £ 97,815 |
2022 £ 97,815 |
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
This amount is repayable to the Ryklow Charitable Trust in the event of the property or any part of the property being sold for reasons outside our charitable objectives.
12. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due in more than five years: Repayable otherwise than by instalments: Other loans more 5yrs non-inst 13. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Ryklow Trust Fund Lift Fund Restricted Fund TOTAL FUNDS |
At 1.6.22 £ 157,533 727 12,335 1,918 14,980 172,513 |
2023 £ 97,815 Net movement in funds £ 30,663 350 (66) (863) (579) 30,084 |
2022 £ 97,815 At 31.5.23 £ 188,196 1,077 12,269 1,055 14,401 202,597 |
|---|---|---|---|
continued...
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Guardians of Strutts
Notes to the Financial Statements - continued For The Year Ended 31st May 2023
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 104,103 Restricted funds Ryklow Trust Fund 350 Lift Fund 1 Restricted Fund 7 358 TOTAL FUNDS 104,461 Comparatives for movement in funds At 1.6.21 £ Unrestricted funds General fund 144,717 Restricted funds Ryklow Trust Fund 718 Lift Fund 12,432 Restricted Fund 798 13,948 TOTAL FUNDS 158,665 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 80,471 Restricted funds Ryklow Trust Fund 9 Lift Fund - Restricted Fund 1,120 1,129 TOTAL FUNDS 81,600 |
Resources Movement expended in funds £ £ (73,440) 30,663 - 350 (67) (66) (870) (863) (937) (579) (74,377) 30,084 Net movement At in funds 31.5.22 £ £ 12,816 157,533 9 727 (97) 12,335 1,120 1,918 1,032 14,980 13,848 172,513 Resources Movement expended in funds £ £ (67,655) 12,816 - 9 (97) (97) - 1,120 (97) 1,032 (67,752) 13,848 |
|---|---|
continued...
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Guardians of Strutts
Notes to the Financial Statements - continued For The Year Ended 31st May 2023
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Ryklow Trust Fund Lift Fund Restricted Fund TOTAL FUNDS |
At 1.6.21 £ 144,717 718 12,432 798 13,948 158,665 |
Net movement in funds £ 43,479 359 (163) 257 453 43,932 |
At 31.5.23 £ 188,196 1,077 12,269 1,055 14,401 202,597 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Ryklow Trust Fund Lift Fund Restricted Fund TOTAL FUNDS |
Incoming resources £ 184,574 359 1 1,127 1,487 186,061 |
Resources Movemen expended in funds £ £ (141,095) 43,479 - 359 (164) (163) (870) 257 (1,034) 453 (142,129) 43,932 |
|---|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2023.
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Guardians of Strutts
Detailed Statement of Financial Activities For The Year Ended 31st May 2023
| INCOME AND ENDOWMENTS Donations and legacies Donation - Strutts Centre Misc income Investment income Deposit account interest Other income Local authority grant Total incoming resources EXPENDITURE Support costs Management Rates and water Insurance Light and heat Telephone Sundries Property maintenance Other Freehold property Plant and machinery Fixtures and fittings Computer equipment Total resources expended Net income |
2023 £ 103,877 47 103,924 537 - 104,461 2,666 8,933 20,205 353 20,906 10,691 63,754 1,902 4,686 3,377 658 10,623 74,377 30,084 |
2022 £ 76,459 1,119 77,578 22 4,000 81,600 1,814 5,676 20,870 685 12,782 14,952 56,779 1,867 4,897 3,869 340 10,973 67,752 13,848 |
|---|---|---|
This page does not form part of the statutory financial statements
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