CHARITY REGISTRATION NUMBER: 1131445
Open Road West Norfolk Trust Trustees Report and Financial Statements 31st December 2020
STEPHENSON SMART (EAST ANGLIA) LIMITED
Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 1HJ
Open Road West Norfolk Trust
Financial Statements
Year ended 31st December 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 19 |
| Notes to the detailed statement of financial activities | 20 |
Open Road West Norfolk Trust
Trustees' Annual Report
Year ended 31st December 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31st December 2020.
Reference and administrative details
Registered charity name Open Road West Norfolk Trust Charity registration number 1131445 Principal office 17 Rollesby Road Hardwick Industrial Estate King's Lynn Norfolk
The trustees
Mr D Lennard Jones Mr A C Dodds Mr T A Smith Mr N J Daubney Mr D J Flux Lady Roberts Mr J Pearson
Independent examiner
Mr D Jastrzebski ACA CTA
Structure, governance and management
Open Road West Norfolk Trust was constituted as a charitable trust by Deed of Declaration dated 11th August 2009. Registered charitable status was granted on 1st September 2009.
The trust is governed by a board of Trustees who meet regularly. All decisions are made by unanimous vote. New Trustees are recruited by way of vote from existing Trustees. Relevant skills and experiences of new Trustees are reviewed on recruitment and training is provided where deemed necessary.
Objectives and activities
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The stated objectives of the Trust are to advance the education for young people in West Norfolk, particularly but not exclusively those in danger of exclusion from school, with a view to improving their career prospects and helping them to grow to maturity as individuals and members of society.
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Open Road West Norfolk Trust
Trustees' Annual Report (continued)
Year ended 31st December 2020
Objectives and activities (continued)
Our core activity is working with young people aged 14-16 who have been excluded from school or who are attending school but could benefit from the different style of learning that our workshop offers. We work with secondary schools in the area who see Open Road as an important part of their provision for their students. We have a good working relationship with the Short Stay School for the area that takes the lead on provision for young people excluded from other schools. We provide support to students from some of the special schools in the area. With the assistance of a bursary fund created by charitable grants we are able to offer support to a wider range of young people who do not have access to a sponsor to fund their participation some of whom are unemployed and seeking a route to gain experience that may help them into employment.
Achievements and performance
Open Road West Norfolk has maintained its support for young people in working towards and achieving accredited qualifications in motor vehicle studies and engineering and in doing so building their self-esteem and self-confidence. 2020 has been a challenging year as we, along with every other organisation, have had to deal with the effects of Covid 19. We had to close the workshop during the lockdown periods and our staff were furloughed on the government scheme. We implemented new health and safety measures as we reopened and were able to return to activity but with reduced numbers in the motor vehicle and the construction workshops to ensure safety for students and staff. We worked through the year with two full-time training staff who are supported by volunteers. The charity also employs a part time business manager who takes responsibility for managing the office and all the charity's administrative matters. In addition to these activities she works with our existing grant funders and applies to others to ensure that we have sufficient grant funding to keep the organisation running effectively for the benefit of the young people we serve. We are grateful to local accountants Stephenson Smart for providing us with book-keeping and payroll support. We must also thank other supporters who have provided a range of valuable assistance to us over the year. These include Co-part, Snap-On tools, Adrian Flux Insurance, Ambassador Interiors, and the community payback team. We are grateful to the grant making bodes that have supported us during the year and these are listed elsewhere in these accounts.
We have worked with 53 different students this year and over the year these students attended an average of 78 learning days per week which totalled 2,730 individual days of training for people over the year. Of the total of 53 young people we worked with, 34 were working towards motor vehicle qualifications and 19 were working towards building and construction qualifications. All the young people who have attended our motor vehicle workshop were working towards Institute of the Motor Industry (IMI) accredited qualifications at level 1 and level 2. The Level 1 Award qualification was achieved by 5 students and 1 achieved their Level 1 certificate. The young people who attended the construction workshop were all working towards a BTEC accredited qualification in construction. 8 students achieved the level 1 qualification in construction. Some of our students are still working towards achieving a level in and the merit of the IMI and BTEC qualifications that we offer is that they are modular, and students can progress at their own pace and achieve incremental success when completing each module. For students who have not yet experienced the satisfaction of completing a qualification, they will, nonetheless, have completed modules successfully and in doing so they are also building their self-esteem and self-confidence.
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Open Road West Norfolk Trust
Trustees' Annual Report (continued)
Year ended 31st December 2020
Achievements and performance (continued)
As a result of the Covid restrictions we have had both periods of closure and when open we have had to operate at reduced capacity to maintain the social distancing requirements needed to protect students and staff. The uncertainties that schools have faced through the same period has led to them sending reduced numbers of students which has had an inevitable impact on our income from schools. Conversely the number of students who were unable to find post 16 education or employment have remained much the same as in 2019 and many of these students are entirely reliant on our ability to give them a bursary place since they have no other means of gaining funding for a place. These students are very grateful for the financial support that they have received through the bursary scheme that we operate which is funded by the generous grants and donations received from a variety of sources. In this way, the young person can maintain their engagement and continue their learning rather than become a person who is not in education, employment, or training (NEET). More details of these grants and donations are given elsewhere in this report.
One of the consequences of our reduced capacity through the year was a reduction in the income we have been able to generate to pay for our running costs. Trustees have routinely taken a cautious line in maintaining our programme and in controlling expenditure and following a strong year in 2019 we had been able to put aside a small contingency reserve. This together with income from the government furlough scheme has allowed us to retain our three staff and to remain solvent through 2020. We shall progress into 2021 with a very small contingency fund and will be hoping for a stronger year in terms of student numbers and grant income in order to take us through 2021 successfully.
Financial review
The results for the year, and the Charity's financial position at the end of the year are shown in the attached financial statements.
Reserves
The charity defines its reserves as the value of those assets over and above those which are required for it to meet its current commitments and planned expenditure. Trustees aim to have sufficient reserves to enable the charity to meet its financial objectives for 3-6 months.
Risk review
The trustees met regularly throughout the year. Major risks are always discussed at these meetings and the systems that are in place to mitigate those risks are examined. The trustees consider the lack of a secure income base to be the most significant risk and continue to take all possible steps to ensure that this is mitigated.
Investment policy
The Trustees Investment policy is to maximise returns on the cash balances held, having due regard to risk.
Plans for future periods
The Trustees seek to ensure a balance of fund raising and income generation from schools and elsewhere so that Open Road West Norfolk Trust can continue to deliver its training programme and opportunities for young people.
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Open Road West Norfolk Trust
Trustees' Annual Report (continued)
Year ended 31st December 2020
Plans for future periods (continued)
The trustees confirm that the financial statements comply with the charity's governing document and have been prepared in accordance with:
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the accounting policies set out in the notes to the financial statements; and
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The Charities Act 2011; and
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Accounting and Reporting by Charities: Statement of Recommended Practice applicable to
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charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Northern Ireland published on 18 July 2014.
The trustees' annual report was approved on 5th July 2021 and signed on behalf of the board of trustees by:
Mr D Lennard Jones Trustee
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Open Road West Norfolk Trust
Independent Examiner's Report to the Trustees of Open Road West Norfolk Trust
Year ended 31st December 2020
I report to the trustees on my examination of the financial statements of Open Road West Norfolk Trust ('the charity') for the year ended 31st December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Mr D Jastrzebski ACA CTA Independent Examiner
Stephenson Smart (East Anglia) Limited 22-26 King Street King's Lynn Norfolk PE30 1HJ
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Open Road West Norfolk Trust
Statement of Financial Activities
Year ended 31st December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 99,241 | 45,750 | 144,991 | 175,100 |
| Charitable activities | 5 | 1,815 | – | 1,815 | 5,880 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 101,056 | 45,750 | 146,806 | 180,980 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 6,7 | 97,916 | 37,103 | 135,020 | 155,275 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 97,916 | 37,103 | 135,020 | 155,275 | |
| ================================ | ============================ | ================================ | ================================ | ||
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net income and net movement in | funds | 3,140 | 8,647 | 11,786 | 25,705 |
| ================================ | ============================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 31,336 | 35,011 | 66,347 | 40,642 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 34,476 | 43,658 | 78,134 | 66,347 | |
| ================================ | ============================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 17 form part of these financial statements.
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Open Road West Norfolk Trust
Statement of Financial Position
31st December 2020
| 2020 | 2019 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 13 | 16,767 | 20,263 | |
| Current assets | ||||
| Debtors | 14 | 5,965 | 981 | |
| Cash at bank and in hand | 58,347 | 47,174 | ||
| ---------------------------- | ---------------------------- | |||
| 64,312 | 48,155 | |||
| Creditors: amounts falling due within one year | 15 | 2,946 | 2,071 | |
| ---------------------------- | ---------------------------- | |||
| Net current assets | 61,366 | 46,084 | ||
| ---------------------------- | ---------------------------- | |||
| Total assets less current liabilities | 78,133 | 66,347 | ||
| ---------------------------- | ---------------------------- | |||
| Net assets | 78,133 | 66,347 | ||
| ============================ | ============================ | |||
| Funds of the charity | ||||
| Restricted funds | 43,658 | 35,011 | ||
| Unrestricted funds | 34,476 | 31,336 | ||
| ---------------------------- | ---------------------------- | |||
| Total charity funds | 18 | 78,134 | 66,347 | |
| ============================ | ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 5th July 2021, and are signed on behalf of the board by:
Mr D Lennard Jones Trustee
The notes on pages 8 to 17 form part of these financial statements.
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Open Road West Norfolk Trust
Notes to the Financial Statements
Year ended 31st December 2020
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 17 Rollesby Road, King's Lynn, Norfolk, PE30 4LS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of general objectives of the charity and which have not been designated for any other purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor.
Incoming resources
Income
All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of income can be measured with sufficient reliability.
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
3. Accounting policies (continued)
Resources expended
Expenditure
All expenditure is included on an accruals basis and is recognised when there is legal or constructive obligations to pay for expenditure. The Trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Expenses are apportioned where necessary. Charitable activities costs are those costs incurred directly in respect of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity.
Tangible assets
All fixed assets are initially recorded at cost. It is the charity's policy not to capitalise any expenditure under £1,000.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings - 20% reducing balance Equipment - 20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
3. Accounting policies (continued)
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Donations | ||||
| Schools and Student Training | 73,063 | – | 73,063 | |
| Donations | 512 | – | 512 | |
| Gifts | ||||
| Donated services | 1,100 | – | 1,100 | |
| Grants | ||||
| Grants receivable | 2,000 | 20,750 | 22,750 | |
| Government grant income | 22,566 | 25,000 | 47,566 | |
| ---------------------------- | ---------------------------- | -------------------------------- | ||
| 99,241 | 45,750 | 144,991 | ||
| ============================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2019 | ||
| £ | £ | £ | ||
| Donations | ||||
| Schools and Student Training | 100,217 | – | 100,217 | |
| Donations | 933 | – | 933 | |
| Gifts | ||||
| Donated services | 1,100 | – | 1,100 | |
| Grants | ||||
| Grants receivable | 9,200 | 63,650 | 72,850 | |
| Government grant income | – | – | – | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 111,450 | 63,650 | 175,100 | ||
| ================================ | ============================ | ================================ |
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
4. Donations and legacies (continued)
Donated services represent accountancy fees of £1,100 (2019: £1,100).
5. Charitable activities
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Sale of goods/services as part of direct | ||||
| charitable activities | 1,815 | 1,815 | 5,880 | 5,880 |
| ======================= | ======================= | ======================= | ======================= | |
| Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Motor vehicle maintenance studies | 67,644 | 11,020 | 78,665 | |
| Support costs | 30,272 | 26,083 | 56,355 | |
| ---------------------------- | ---------------------------- | -------------------------------- | ||
| 97,916 | 37,103 | 135,020 | ||
| ============================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2019 | ||
| £ | £ | £ | ||
| Motor vehicle maintenance studies | 56,218 | 35,689 | 91,907 | |
| Support costs | 58,823 | 4,545 | 63,368 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 115,041 | 40,234 | 155,275 | ||
| ================================ | ============================ | ================================ | ||
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Motor vehicle maintenance studies | 78,665 | 41,701 | 120,366 | 140,366 |
| Governance costs | – | 14,654 | 14,654 | 14,909 |
| ---------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | |
| 78,665 | 56,355 | 135,020 | 155,275 | |
| ============================ | ============================ | ================================ | ================================ | |
| Analysis of support costs | ||||
| Analysis of | ||||
| support costs | Total 2020 | Total 2019 | ||
| £ | £ | £ | ||
| Staff costs | 387 | 387 | 288 | |
| Premises | 31,181 | 31,181 | 32,267 | |
| Communications and IT | 1,402 | 1,402 | 1,221 | |
| General office | 8,730 | 8,730 | 14,683 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 41,700 | 41,700 | 48,459 | ||
| ============================ | ============================ | ============================ |
6. Expenditure on charitable activities by fund type
7. Expenditure on charitable activities by activity type
8. Analysis of support costs
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
9. Net income
Net income is stated after charging/(crediting):
| Net income is stated after charging/(crediting): | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 4,110 | 5,066 |
| Operating lease expense | 26,400 | 26,400 |
| ============================ | ============================ |
10. Independent examination fees
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 1,100 | – |
| ======================= | ============== |
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 59,075 | 52,622 |
| Employer contributions to pension plans | 1,172 | 904 |
| ---------------------------- | ---------------------------- | |
| 60,247 | 53,526 | |
| ============================ | ============================ |
The average head count of employees during the year was 4 (2019: 4). The average number of full-time equivalent employees during the year is analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Number of staff | 3 | 3 |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred during the year (2019: £Nil).
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
13. Tangible fixed assets
| Fixtures and | ||||
|---|---|---|---|---|
| fittings | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1st January 2020 | 6,455 | 28,342 | 34,797 | |
| Additions | 614 | – | 614 | |
| ----------------------- | ---------------------------- | ---------------------------- | ||
| At 31st December 2020 | 7,069 | 28,342 | 35,411 | |
| ======================= | ============================ | ============================ | ||
| Depreciation | ||||
| At 1st January 2020 | 2,226 | 12,308 | 14,534 | |
| Charge for the year | 904 | 3,206 | 4,110 | |
| ----------------------- | ---------------------------- | ---------------------------- | ||
| At 31st December 2020 | 3,130 | 15,514 | 18,644 | |
| ======================= | ============================ | ============================ | ||
| Carrying amount | ||||
| At 31st December 2020 | 3,939 | 12,828 | 16,767 | |
| ======================= | ============================ | ============================ | ||
| At 31st December 2019 | 4,229 | 16,034 | 20,263 | |
| ======================= | ============================ | ============================ | ||
| 14. | Debtors | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Trade debtors | 5,151 | 165 | ||
| Prepayments and accrued income | 814 | 816 | ||
| ----------------------- | -------------- | |||
| 5,965 | 981 | |||
| ======================= | ============== | |||
| 15. | Creditors: amounts falling due within one year | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Trade creditors | 1,769 | 1,397 | ||
| Accruals and deferred income | 34 | 188 | ||
| Social security and other taxes | 210 | – | ||
| Other creditors | 933 | 486 | ||
| ----------------------- | ----------------------- | |||
| 2,946 | 2,071 | |||
| ======================= | ======================= |
16. Pensions and other post-retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,172 (2019: £904).
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
17. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2020 2019 £ £ Recognised in income from donations and legacies: – Government grants income 47,566 ============================ ==============
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
18. Analysis of charitable funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At 1st Jan | Gains and | At 31st Dec |
||||
| 2020 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| 912 | – | 186 | – | – | 726 | |
| 12 | – | – | – | – | 12 | |
| BCKLWN Small | ||||||
| Grants Scheme | ||||||
| Fund | 668 | – | 134 | – | – | 534 |
| Shelroy | ||||||
| Charitable | ||||||
| Foundation Fund | 334 | – | 525 | – | – | (191) |
| Little Acorns | ||||||
| Community Fund | 303 | – | – | – | – | 303 |
| Garfield Weston | ||||||
| Fund | 6,730 | – | – | – | – | 6,730 |
| PACT Trust Fund | 1,581 | – | – | – | – | 1,581 |
| Earle & Stuart | ||||||
| Charitable Trust | ||||||
| Fund | 37 | – | – | – | – | 37 |
| Masonic | ||||||
| Charitable | ||||||
| Foundation Fund | 5,000 | 5,000 | – | – | – | 10,000 |
| Clothworkers | ||||||
| Foundation Fund | 7,900 | – | 1,680 | – | – | 6,220 |
| Kerrison Trust | ||||||
| Fund | 3,187 | – | 541 | – | – | 2,644 |
| NCF Ranworth | ||||||
| Trust Fund | 1,271 | 3,000 | 4,022 | – | – | 250 |
| St James Place | ||||||
| Foundation Fund | 4,718 | – | – | – | – | 4,718 |
| Shelroy | ||||||
| Charitable Trust | ||||||
| Fund | 2,358 | – | 514 | – | – | 1,844 |
| Charities Aid | – | 2,500 | 2,500 | – | – | – |
| The Herefordshire | ||||||
| Communities | ||||||
| Fund | – | 2,250 | – | – | – | 2,250 |
| Charles | ||||||
| Littlewood Hill | ||||||
| Trust | – | 1,000 | – | – | – | 1,000 |
| NCF Flux Family | ||||||
| Fund | – | 5,000 | – | – | – | 5,000 |
| NCF Red House | – | 2,000 | 2,000 | – | – | – |
| NDR Grant | – | 25,000 | 25,000 | – | – | – |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------- | -------------- | ---------------------------- | |
| 35,011 | 45,750 | 37,102 | – | – | 43,658 | |
| ============================ | ============================ | ============================ | ============== | ============== | ============================ |
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
The purposes of each restricted fund received were as follows:
Dulverton Trust Fund A - to purchase a storage container to house the charity's go-karts;
Silk Purse Fund - to buy a new go-kart to support school holiday programmes;
Borough Council of King's Lynn and West Norfolk Small Grants Scheme Fund - towards installing new CCTV and guttering;
Shelroy Charitable Foundation Fund - to purchase a new fridge and trailer;
Little Acorns Community Fund - to purchase tools and equipment;
Garfield Weston Fund - to provide Bursaries;
PACT Trust Fund - towards workshop redecoration;
Earle & Stuart Charitable Trust Fund - to purchase equipment;
Masonic Charitable Foundation Fund - to fund equipment and staff salaries;
Clothworkers Foundation Fund - to fund wheel alignment equipment;
Kerrison Trust Fund - to purchase tools;
People's Postcode Lottery Fund - for start-up costs of construction training;
NCF Ranworth Trust Fund - for general running costs;
St James Place Foundation Fund - to provide Bursaries;
Borough Council of King's Lynn and West Norfolk Fund - towards construction training tools;
Shelroy Charitable Trust Fund - to fund wet trade decoration tools and CCTV/lighting.
Charities Aid Foundation - emergency funding regarding COVID-19
The Herefordshire Community Foundation - bursary funding
The Charles Littlewood Hill Trust - bursary funding
NCF Flux Family Fund - to fund extra costs related to COVID-19
NDG Grant - for rent and bursary costs
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Open Road West Norfolk Trust
Notes to the Financial Statements (continued)
Year ended 31st December 2020
19. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 4,616 | 12,152 | 16,768 |
| Current assets | 32,806 | 31,506 | 64,312 |
| Creditors less than 1 year | (2,946) | – | (2,946) |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| Net assets | 34,476 | 43,658 | 78,134 |
| ============================ | ============================ | ============================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible fixed assets | 5,073 | 15,190 | 20,263 |
| Current assets | 28,334 | 19,821 | 48,155 |
| Creditors less than 1 year | (2,071) | – | (2,071) |
| ---------------------------- | ---------------------------- | ---------------------------- | |
| Net assets | 31,336 | 35,011 | 66,347 |
| ============================ | ============================ | ============================ | |
| Financial instruments | |||
| The carrying amount for each category of financial instrument is as follows: | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Financial assets that are debt instruments measured at amortised | cost | ||
| Financial assets that are debt instruments measured at amortised | |||
| cost | 63,498 | 47,339 | |
| ============================ | ============================ | ||
| Financial liabilities measured at amortised cost | |||
| Financial liabilities measured at amortised cost | 1,802 | 1,585 | |
| ======================= | ======================= |
20. Financial instruments
21. Related parties
No related party transactions which require disclosure have occurred during the period.
- 17 -
Open Road West Norfolk Trust
Management Information
Year ended 31st December 2020
The following pages do not form part of the financial statements.
- 18 -
Open Road West Norfolk Trust
Detailed Statement of Financial Activities
Year ended 31st December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Schools and Student Training | 73,063 | 100,217 |
| Donations | 512 | 933 |
| Donated services | 1,100 | 1,100 |
| Grants receivable | 22,750 | 72,850 |
| Government grant income | 47,566 | – |
| -------------------------------- | -------------------------------- | |
| 144,991 | 175,100 | |
| -------------------------------- | -------------------------------- | |
| Charitable activities | ||
| Sale of goods/services as part of direct charitable activities | 1,815 | 5,880 |
| ----------------------- | ----------------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 146,806 | 180,980 |
| ================================ | ================================ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 59,075 | 52,622 |
| Pension costs | 1,172 | 904 |
| Rent | 26,400 | 26,400 |
| Rates and water | 3,143 | 4,062 |
| Light and heat | 901 | 152 |
| Insurance | 3,959 | 4,371 |
| Other establishment | 10,181 | 10,397 |
| Motor vehicle expenses | 75 | 335 |
| Tools and equipment | 6,069 | 29,381 |
| Other motor/travel costs | – | 203 |
| Legal and professional fees | 1,412 | 2,247 |
| Telephone | 1,402 | 1,221 |
| Other office costs | 4,459 | 9,165 |
| Depreciation | 4,111 | 5,065 |
| External and staff training costs | 3,077 | 5,490 |
| Fundraising | 6,940 | – |
| Awards and certificates | 1,540 | 2,653 |
| Protective clothing | 1,104 | 607 |
| -------------------------------- | -------------------------------- | |
| 135,020 | 155,275 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 135,020 | 155,275 |
| ================================ | ================================ | |
| -------------------------------- | -------------------------------- | |
| Net income | 11,786 | 25,705 |
| ================================ | ================================ |
- 19 -
Open Road West Norfolk Trust
Notes to the Detailed Statement of Financial Activities
Year ended 31st December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Motor vehicle maintenance studies | ||
| Activities undertaken directly | ||
| Direct charitable activity - wages/salaries | 59,075 | 52,622 |
| Direct charitable activity - pension costs | 1,172 | 904 |
| Direct charitable activity - travel and subsistence | 75 | 335 |
| Direct charitable activity - tools and equipment | 6,069 | 29,381 |
| Direct charitable activity - karts | – | 203 |
| Direct charitable activity - external trainers fees | 2,690 | 5,202 |
| Direct charitable activity - fundraising | 6,940 | – |
| Direct charitable activity - awards and certificates | 1,540 | 2,653 |
| Direct charitable activity - protective Clothing | 1,104 | 607 |
| ---------------------------- | ---------------------------- | |
| 78,665 | 91,907 | |
| ---------------------------- | ---------------------------- | |
| Support costs | ||
| Support charitable activity - rent | 26,400 | 26,400 |
| Support charitable activity - utilities | 3,143 | 4,062 |
| Support charitable activity - cleaning | 901 | 152 |
| Support charitable activity - insurance | 3,959 | 4,371 |
| Support charitable activity - refuse collection | 738 | 1,653 |
| Support charitable activity - advertising | 312 | 1,147 |
| Support charitable activity - telephone and internet | 1,402 | 1,221 |
| Support charitable activity - other office costs | 4,459 | 9,165 |
| Support charitable activity - staff training | 387 | 288 |
| ---------------------------- | ---------------------------- | |
| 41,701 | 48,459 | |
| ---------------------------- | ---------------------------- | |
| Governance costs | ||
| Repairs and renewals | 9,443 | 8,744 |
| Governance costs - accountancy fees | 1,100 | 1,100 |
| Governance costs - depreciation | 4,111 | 5,065 |
| ---------------------------- | ---------------------------- | |
| 14,654 | 14,909 | |
| ---------------------------- | ---------------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 135,020 | 155,275 |
| ================================ | ================================ |
- 20 -
Virtual Cabinet Portal Digital Signatures
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