OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-06-30-accounts

Company registration number: 07035903 Charity registration number: 1133293

THE CHRONICLE SUNSHINE FUND

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 30 June 2021

The Chronicle Sunshine Fund

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 to 24

The Chronicle Sunshine Fund

Reference and Administrative Details

Trustees Mrs H Dalby, Chair Mrs B E Dean Mr J D Douglas, Deputy Chair Mrs A V Whyte Mr J S Waters Mrs R Bell Mr C Whittington Mrs M Pavlou (appointed 27 January 2021) Secretary Mr J S Waters Charity Director S Sargeant Principal Office NCJ Media Limited Eldon Court, 2nd Floor Percy Street Newcastle upon Tyne NE1 7JB The charity is incorporated in England and Wales.

Company Registration Number 07035903 Charity Registration Number 1133293 Solicitors Hay & Kilner Merchant House 30 Cloth Market Newcastle upon Tyne NE1 1EE Bankers HSBC Grey Street 110 Grey Street Newcastle upon Tyne NE1 6JG Independent Examiner Simon Brown BA ACA DChA Independent Examiner MHA Tait Walker Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

1

The Chronicle Sunshine Fund

Trustees' Report

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of The Chronicle Sunshine Fund (the charitable company) for the year ended 30 June 2021.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

OBJECTIVES AND ACTIVITIES

Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.

The charity’s objectives are to benefit sick or disabled young people up to and including the age of 18 years living in the English Counties of Northumberland, Tyne and Wear, Durham and Cleveland but not limited to:

Making amendments and expansions of our Memorandum and Articles, which we agreed upon by The Charity Commision, allowed us extend our services beyond equipment provision. As a result of this new addition to our existing charitable purposes, we have amended our Memorandum of Articles in conjunction with Hay and Kilner Law, allowing us to provide whole family, parent and carer and individual support such as pre counselling and befriending services, a families helpline and a series of educational video tutorials. This is an area of growth for us in the future as we continue to add more services which our beneficiaries need.

2

The Chronicle Sunshine Fund

Trustees' Report

Activities for achieving objectives

We have a wide variety of activities to ensure we raise the profile of the charity throughout the region. This enables us to generate income for our charitable purposes.

These activities include:

Specialist equipment policies

We invite individuals and organisations from the North East of England to request support for us to provide children up to and including 18 years old with specialist equipment.

The charity’s request procedure must be completed and accompanied by two supporting letters from professionals who know the child and who can explain how they will be helped by receiving the equipment. We also require two quotes for the equipment where possible. This will then be assessed by the committee on a quarterly basis. The committee is made up of some of the trustees together with experienced health professionals with expertise in children’s and young people’s health.

If successful, the payment is made directly to the supplier for the equipment and delivered to the home address of the child or to the address of the organisation.

Fundraising disclosures

The charity is required to report how it deals with fundraising from the public. The charity does not use a contracted third party professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.

3

The Chronicle Sunshine Fund

Trustees' Report

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Our annual appeals consist of Go Bananas and Christmas.

Successful fundraising events this year include:

Trek (postponed)

Question of Sport (postponed)

Glass Slipper Awards (cancelled)

Great North Run (postponed)

Mini/Junior Great North Run (postponed)

Sunflower Ball (postponed)

Sunshine Run (postponed)

Several of our planned annual fundraising events scheduled for 2020/21 were cancelled or postponed into 2021/21.

The Chronicle provides a wide range of significant support to The Chronicle Sunshine Fund, including practical resources in terms of office space and the use of facilities and utilities. In-kind support such as social media training and IT guidance as well as PR opportunities on the ChronicleLive website and in The Chronicle, Journal and Sunday Sun newspapers. These opportunities and exposure to new audiences raise awareness of our charitable aims, help us promote events, generate additional income and share stories of the families we support.

4

The Chronicle Sunshine Fund

Trustees' Report

During this period, we have maintained pre pandemic levels of equipment provisions despite the challenges and barriers we have faced. We have made awards that may have been granted by other charities who stopped services when we carried on, and all in a time when we have launched new services with great success. We are extremely proud of this.

We fully integrated In House Trust Fundraising into our fundraising strategy and we have seen considerable success in this area. We now have more robust application, reporting and monitoring Trust Fundraising processes resulting in a more collaborative approach across the team and developing long term relationships with existing and new Trust Funders. We have been successful in securing core funding from Trusts, allowing us to apply for support covering our staff salary and small overhead costs. We have seen success in applying to Covid Response Funding however we know that this funding is now coming to a close. Due to the continued success in this area, The Chronicle Sunshine Fund has been able to develop new projects and support services for the families of the children we care for, meaning our support does not stop once the equipment we provide has been delivered.

Digital Fundraising continues to be an area of focus for us. As income generation within the charity sector continues to change, The Chronicle Sunshine Fund will adapt our events calendar for the year ahead to ensure money can be raised safety.

In January 2020 we launched a new outreach initiative to help us connect with some of the most disadvantaged local families who may need the support of the charity either immediately or in the future. This outreach focusses on collaboration with community groups such as Food Banks and family support groups. We have seen a 31% increase in applications to the charity during the pandemic. In addition to equipment provision, we have worked with law firm Hay Kilner to update and expand our Memorandum and Articles and had these changes approved by the Charity Commission, to allow the charity to provide additional services for beneficiaries. These include but are not limited to a designated Families Helpline, a suite of online support materials, a designated Families Area within our website and the development of our private online Families Groups. Our outreach services have now resumed although we continue to deliver family support online and face to face depending on each family's preference. Our Family events will resume in Summer 2021 and each event will be held in Covid secure venues/settings while following all government guidance. Collaboration with other service providers and charities can make us eligible for joint and project funding in the future which is an avenue we continue to explore.

5

The Chronicle Sunshine Fund

Trustees' Report

IMPACT OF COVID 19

From 17th March 2020, the charity team have been operating remotely as our shared office space has been closed. We worked with the trustees to make impactful and significant changes to our operations allowing us to make savings but continue to generate income. One of the measures taken was to utilise the Governments Job Retention Scheme from April 2020 onwards allowing several members of the team to be placed on furlough leave. The charity then used the scheme to claim 80% of the salary furlough staff members. We utilised this scheme again when the UK experienced the second wave in winter, to cover December 2020 and January 2021. Acting quickly in this period of uncertainty allowed us to benefit as much as possible at a time when income streams were declining and our traditional fundraising events and campaigns were being cancelled due to high levels of the virus in our region, social distancing and travel restrictions.

Due to the pandemic we have been forced to completely cancel a variety of fundraising initiatives and postpone many others. Many of our loyal corporate supporters, for example; those from the hospitality industry, are struggling financially, with several in real financial difficulties which will impact us in terms of sponsorship, donations and event attendance in the future. Our team are now working to strengthen existing relationships and develop new ones across sectors which have not been as effected by COVID 19. The current health crisis has meant applications to the Fund for specialist equipment for North East children with disabilities have increased and we can predict that this will continue throughout 2021. Our aim is to raise sufficient funds to ensure we can meet these requests even in these challenging times and continue our charitable mission. We are completely committed to this.

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the trustees believe that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

The Chronicle Sunshine Fund has a reserve policy to maintain free reserves of three months unrestricted running costs. The definition of free reserves accords with the Charity Commission, which are unrestricted reserves excluding those designated and tied up in fixed assets.

Based on a typical year, the core costs of The Chronicle Sunshine Fund run between £300,000 and £360,000 per annum. This would equate to holding free reserves of between £75,000 and £90,000.

At the year end the charity held free reserves of £76,283 which is at the lower end of the desired range. As a result the charity continues to host events and to work with funders to attract funding which supports core costs (as well as funding for specific equipment purchases).

6

The Chronicle Sunshine Fund

Trustees' Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charitable company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 October 2009 which has been updated in February 2021.

The charitable company is constituted under a Memorandum of Association dated 1 October 2009 and is a registered charity number 1133293.

The principal object of the charitable company is to benefit children and young people with disabilities up to and including the age of 18 years living in the English counties of Northumberland, Tyne & Wear, Durham and Cleveland.

Method of appointment or election of trustees

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

In accordance with the company’s Articles of Association, Maggie Pavlou was elected as Trustee at the AGM in January 2021.

Policies adopted for the induction and training of trustees

All Trustees are recruited based on the skills required and the needs of the charity at that point in time and future plans. We also try where possible to ensure a fair gender balance. All Trustees are asked to complete the appropriate checks in line with the Charity Commission guidelines. New Trustees will enjoy a full induction programme including time in the office with staff experiencing the organisation first hand and thereafter be assigned an area of responsibility depending on their expertise. All procedures are in line with the Charity Commission guidelines.

Organisational structure and decision making

The Trustees manage the business of the charity as per Article 23 of the Articles of Association together with the Charity Director.

7

The Chronicle Sunshine Fund

Trustees' Report

Risk management

The Trustees have assessed the major risks to which the charitable company is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

We implemented several measures to support the charity's continued stable operation during periods of lockdown restrictions and impact caused by the pandemic. These measures were focused on ensuring a framework was in place for regular, dynamic assessment of the risks to the operation of our organisation and/or to our planned activities. Recognising the fluidity of the situation, and elements beyond our control such as the lifting/imposing of restrictions, we quickly implemented a weekly cash flow management process whereby cash flow was projected, assessed, reviewed and shared with trustees for comment on a week-by-week basis so that rapidly changing circumstances could be adapted to swiftly. We have retained and continued this regular cash flow forecasting approach even after restrictions have been lifted as we continue to monitor our financial challenges closely.

We also increased the frequency of Trustee meetings, held virtually, to monthly during the period of greatest impact of the pandemic. This enabled us to retain fluidity in our decision-making while providing staff with additional regular support and guidance from Trustees. While Trustee meetings have resumed as quarterly since restrictions eased, we have implemented a monthly senior team face-to-face with the chair, deputy chair and charity director at which key risks and their impact can be assessed, decisions can be made and appropriate support given

8

The Chronicle Sunshine Fund

Trustees' Report

Future developments

The Covid 19 Pandemic meant that we were forced to make significant changes to the operations of The Chronicle Sunshine Fund. As a charity who has historically relied on corporate and mass participation events for income generation, we had to make drastic changes to our fundraising model almost overnight.

We continue to develop digital fundraising initiatives and introduced our new lottery product in September 2020. We also invested in Google Analytics training for the team to ensure we can maximise the reach of our website and social media channels.

The Chronicle Sunshine Fund has experienced a significant rise in applications for equipment, enquires to the charity for future equipment applications and advice. Although the pandemic is ongoing, we have been able to resume our Outreach Programme and new support services from February 2021 in a Covid Safe way. This has meant utilising virtual events and support sessions, hosting and attending Covid Safe income generation events and meetings. As restrictions continue to ease we will resume our Family Events and plan to host our annual ball in November 2021. Collaboration with other service providers and charities can make us eligible for joint and project funding in the future which is an avenue we continue to explore.

In 2021, we will invest in IT equipment and software to make working from home more efficient for our team so that productivity remains high and we have the means to carry on delivering services remotely.

We are proud that the equipment we have provided to babies, children and young adults in a variety of settings continues to have life changing effects. Many items donated to schools and organisations also have a legacy effect as they are used for many years by different children who can benefit from them. We continue to work with beneficiaries to ensure our charity meets their needs and that they are the driving force behind any changes we seek to make in the future. In 2021 we plan to launch a Youth steering group to give our young adults beneficiaries a voice and the chance to shape the charities future.

9

The Chronicle Sunshine Fund

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The Chronicle Sunshine Fund for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Reappointment of independent examiner

During the year MHA Tait Walker were appointed as independent examiners to the charity. A resolution to re-appoint Simon Brown BA ACA DChA of MHA Tait Walker as independent examiner for the ensuring year will be proposed at the Annual General Meeting.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Mrs H Dalby Trustee

10

The Chronicle Sunshine Fund

Independent Examiner's Report to the trustees of The Chronicle Sunshine Fund

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2021 which are set out on pages 12 to 24.

Respective responsibilities of trustees and examiner

As the charity’s trustees of The Chronicle Sunshine Fund (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 Chronicle Sunshine Fund 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

Since The Chronicle Sunshine Fund's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of The Chronicle Sunshine Fund as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Simon Brown BA ACA DchA MHA Tait Walker Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

Date:.............................

MHA Tait Walker is a trading name of Tait Walker LLP.

11

The Chronicle Sunshine Fund

Statement of Financial Activities for the Year Ended 30 June 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Income from fundraising
events
4
Other income
5
Total Income
Expenditure on:
Raising funds
6
Charitable activities
7
Total Expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
75,980
51,484
38,249
165,713
(101,402)
(68,561)
(169,963)
(4,250)
(4,250)
80,533
76,283		 Restricted
£
152,434
-
-
152,434
-
(150,240)
(150,240)
2,194
2,194
-
2,194		 Total
2021
£
228,414
51,484
38,249
318,147
(101,402)
(218,801)
(320,203)
(2,056)
(2,056)
80,533
78,477		 Total
2020
£
116,398
217,801
20,976
355,175
(140,621)
(218,182)
(358,803)
(3,628)
(3,628)
84,161
80,533

All of the charity's activities derive from continuing operations during the above two periods.

12

The Chronicle Sunshine Fund

Comparative Statement of Financial Activities for the Year Ended 30 June 2020 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Income from fundraising events
4
Other income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
91,938
217,801
20,976
330,715
(140,621)
(193,722)
(334,343)
(3,628)
(3,628)
84,161
80,533		 Restricted
£
24,460
-
-
24,460
-
(24,460)
(24,460)
-
-
-
-		 Total
2020
£
116,398
217,801
20,976
355,175
(140,621)
(218,182)
(358,803)
(3,628)
(3,628)
84,161
80,533

13

The Chronicle Sunshine Fund

(Registration number: 07035903) Balance Sheet as at 30 June 2021

(Registration number: 07035903)
Balance Sheet as at 30 June 2021
Note
Current assets
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling due within one year
13
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
15
Unrestricted income funds
Unrestricted funds
Total funds
15		 2021
£
6,314
82,147
88,461
(9,984)
78,477
2,194
76,283
78,477		 2020
£
6,158
79,446
85,604
(5,071)
80,533
-
80,533
80,533

For the financial year ending 30 June 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 12 to 24 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... Mrs H Dalby Trustee

14

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: NCJ Media Limited, Eldon Court, 2nd Floor, Percy Street, Newcastle upon Tyne, NE1 7JB

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

The Chronicle Sunshine Fund 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 notes.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The trustees have considered the financial position in light of the ongoing situation in relation to the COVID-19 virus and on conclusion of this work, given the strong cash balance, consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Exemption from preparing a cash flow statement

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

15

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments 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.

There are considered to be no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which effect the amounts recognised in the financial statements.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

16

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity supports personal pension plans taken out by employees. Contributions are charges to the income and expenditure account as they become payable.

17

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

3 Income from donations and legacies

Donations and legacies;
Charitable trust and foundation donations
General donations
Community Foundation endowment dividends
grants
Donations and legacies;
Charitable trust and foundation donations
General donations
Community Foundation endowment dividends
grants		 Unrestricted
funds
General
£
63,484
2,500
9,996
75,980
Unrestricted
funds
General
£
77,260
4,213
10,465
91,938		 Restricted
funds
£
152,434
-
-
152,434
Restricted
funds
£
24,460
-
-
24,460		 Total
2021
£
215,918
2,500
9,996
228,414
Total
2020
£
101,720
4,213
10,465
116,398

4 Income from other trading activities

Events income
Appeals
Community fundraising
Lotteries and competitions income
Corporate fundraising
Events income
Appeals
Community fundraising
Corporate fundraising		 Unrestricted
funds
General
£
2,736
18,245
20,530
1,418
8,555
51,484
Unrestricted
funds
General
£
81,085
24,827
91,838
20,051
217,801		 Total
2021
£
2,736
18,245
20,530
1,418
8,555
51,484
Total
2020
£
81,085
24,827
91,838
20,051
217,801

18

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

5 Other income

CJRS
HMRC refund
CJRS
HMRC refund		 Unrestricted
funds
General
£
26,553
11,696
38,249
Unrestricted
funds
General
£
16,051
4,925
20,976		 Total
2021
£
26,553
11,696
38,249
Total
2020
£
16,051
4,925
20,976

19

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

6 Expenditure on raising funds

a) Costs of generating donations and legacies

Costs of generating donations and legacies

Wages and salaries
Events direct costs
Insurance
Trade subscriptions
Sundry expenses
Travel and subsistence
Legal and professional fees
Bank charges
Printing, postage and stationery
Support costs
Support costs
Insurance
Trade subscriptions
Sundry expenses
Travel and subsistence
Consultancy fees
Legal and professional fees
Bank charges
Printing, postage and stationery
Licenses
Wages and salaries		 Unrestricted
funds
General
£
68,145
8,730
1,572
542
-
62
591
219
610
20,931
101,402
Unrestricted
funds
General
£
281
96
-
11
1,283
105
39
780
20
18,316
20,931		 Total
2021
£
68,145
8,730
1,572
542
-
62
591
219
610
20,931
101,402
Total
2021
£
281
96
-
11
1,283
105
39
780
20
18,316
20,931		 Total
2020
£
53,885
58,143
1,518
253
688
297
569
688
151
24,429
140,621
Total
2020
£
270
45
122
53
14,109
101
122
27
-
9,580
24,429

20

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

7 Expenditure on charitable activities

Grant funding of activities
Allocated support costs
Grant funding of activities
Allocated support costs		 Unrestricted
General
funds
£
2,982
65,579
68,561
Unrestricted
funds
General
£
114,558
79,164
193,722		 Restricted
funds
£
150,240
-
150,240
Restricted
funds
£
24,460
-
24,460		 Total
2021
£
153,222
65,579
218,801
Total
2020
£
139,018
79,164
218,182

8 Analysis of support costs Allocated support costs

Insurance
Trade subscriptions
Sundry expenses
Travel and subsistence
Accountancy & Independent Examination fee
Legal and professional fees
Bank charges
Printing, postage and stationery
Wages and salaries		 Unrestricted
funds
General
£
1,641
566
-
64
3,000
619
229
639
58,821
65,579		 Total
2021
£
1,641
566
-
64
3,000
619
229
639
58,821
65,579		 Total
2020
£
-
264
2,303
310
2,484
595
719
158
72,331
79,164

21

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

9 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
125,362
14,906
5,014
145,282		 2020
£
122,693
8,401
4,702
135,796

The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:

2021 2020
No No
5 5

No employee received emoluments of more than £60,000 during the year.

The Trustees consider key management personnel to be the Trustees and Senior Management of the charity.

The total employee benefits of the key management personnel (as distinct from Trustees who are volunteers) of the charity were £47,949 (2020 - £50,014).

10 Independent examiner's remuneration

2021 2020
£ £
Examination of the financial statements 2,500 2,484

11 Taxation

The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

12 Debtors

12 Debtors
Trade debtors
Prepayments		 2021
£
1,000
5,314
6,314		 2020
£
650
5,508
6,158

22

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

13 Creditors: amounts falling due within one year

13 Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals		 2021
£
2,984
-
7,000
9,984		 2020
£
873
910
3,288
5,071

14 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £5,014 (2020: £4,702).

23

The Chronicle Sunshine Fund

Notes to the Financial Statements for the Year Ended 30 June 2021

15 Funds

Balance at 1
July 2020
£
Unrestricted
General
General funds
80,533
Restricted
Restricted fund
-
Total funds
80,533
16 Analysis of net assets between funds
Net current assets/(liabilities)
Net current assets/(liabilities)		 Incoming
resources
£
165,713
152,434
318,147
Unrestricted
General
£
76,283
Unrestricted
General
£
80,533		 Resources
expended
£
(169,963)
(150,240)
(320,203)
Restricted
£
2,194
Restricted
£
-		 Balance at 30
June 2021
£
76,283
2,194
78,477
Total funds
£
78,477
Total funds
at 30 June
2020
£
80,533

17 Related party transactions

During the year the charity made the following related party transactions:

Hay & Kilner LLP

Hay & Kilner LLP is a related party by virtue of a Trustee being an LLP member. During the period donations received of £nil (2020: £1,500) were made. At the balance sheet date the amount due from Hay & Kilner LLP was £Nil (2020 - £Nil).

24