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2022-03-31-accounts

The Fifth Trust

(A company limited by guarantee)

Trustees’ report and financial statements For the year ending 31 March 2022

Registered number: 07262103 | Charity number: 1136718

Contents

The Fifth Trust (a company limited by guarantee)

The trustees present their annual report together with the audited financial statements of The Fifth Trust for the period 1 April 2021 to 31 March 2022. The annual report serves the purposes of both a trustees’ report and a directors’ report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102) (effective 1 January 2019).

Since the group and the charity qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

Registered number: 07262103

Charity number: 1136718

2

About us

The Fifth Trust has been providing educational and creative activities, skills training and rewarding work experience for adults with learning disabilities since 1990.

Currently around 140 students from across East Kent attend our two skills centres near Canterbury, which operate five days a week year-round. Here they take part in sessions including horticulture, catering, art and design, woodwork, pottery and music. Their creative

work, including paintings, bird nesting boxes, ceramics and greetings cards, is available to buy.

We also operate social enterprises – the Vineyard Garden Centre and Vineyard Café – to raise additional revenue in addition to the student fees we receive from Kent County Council, other local authorities and privately. Our students play an active role in these enterprises, growing plant stock for the garden centre and vegetables for the café kitchen; making delicious chutneys and jams, scones and cakes; and helping to prepare meals and serve customers. They also work in the local community as members of our log delivery and garden maintenance teams.

Our vision

A world where every person with a learning disability can access life-enhancing opportunities tailored to their individual needs.

Our mission

Every day we encourage and challenge our students with learning disabilities to do and be the best that they can.

Our values

Caring – we treat everyone with kindness and respect.

Individual – we tailor our services to the individual needs of each student and offer freedom of choice.

Strive – we encourage our students and our staff to develop skills and self-belief.

Excellence – we provide high quality, life enhancing services in a safe, supportive environment.

One team – students, staff, volunteers, trustees, families, carers: we work together.

3

Trustees and administration

Board of trustees

Suzanne O’Brien, Chair

Dr David Oliver, Vice Chair, Chair of Stakeholders’ Engagement Panel

Neil Hope, Chair of Finance, Audit & Risk Committee Paul Gannaway, Chair of Communications Committee Anita Robson Daniel Cowley (appointed 19 April 2021) Srinivas Annamaraju (resigned 26 April 2022) Rebecca Lisney (resigned 26 April 2022)

Senior management team Nikki Marley, Chief Executive Officer Gareth Owen-Conway, Finance Director Mike Theoff, Operations & Care Manager Jane Ward, Fundraising & Communications Manager Peter Stratton, Social Enterprise Manager Company registered 07262103 number Charity registered number 1136718 Registered office Elham Valley Vineyard Breach Barham Canterbury CT4 6LN Company secretary Gareth Owen-Conway (appointed 31 May 2022) Independent auditor Kreston Reeves LLP Chartered Accountants Montague Place Quayside Chatham Maritime Chatham ME4 4QU Banks Barclays Bank plc Solicitors Robson & Co 147 High St Hythe CT21 5JN

4

Welcome

We present our 2021/22 annual report after a period that has again been overshadowed by the coronavirus pandemic. As the world adjusted to living with Covid, we were immensely proud of the way our staff and students responded to the continuing challenges, and thoroughly relieved to be able to finally return to a full rota of activities in September 2021.

This was the year when we saw a long-held dream turn into a glorious reality. On 30 June 2022 we held the official naming ceremony for the three stunning architect-designed buildings that make up our Barham Skills Centre. It was an opportunity for us to thank the many grant-making organisations and generous individuals who supported our £2 million, six-year fundraising campaign and also to recognise the contribution of our students (whose views on the design were invaluable), the guiding hand of our trustees, the input of our staff, the hard work of the contractors, and the support of the local community.

We are now happily settled in the fantastic new facilities and working towards delivery of new services and increasing student intake.

Nikki Marley, CEO

Suzanne O’Brien, Chair

We are also gearing up to launching a major new development – Fifth Trust Connect. Our on-demand video service will enable us to expand our reach to an audience of learning disabled people outside our catchment area and those living locally who are unable for whatever reason to access our sites, as well as giving our current students access to additional courses and life skills games whenever they want.

Empowering our students to realise their potential is at the heart of what we do, so we were delighted to take on the first apprentice recruited from our student body. Charly is now a year into her customer care course and working hard in the Vineyard Café and on her studies, supported by one of our instructors.

Income generation continues to be a focus with a growing reliance on fundraising and our social enterprises. Now that we have emerged from lockdown, we look forward to fully renewing a wide range of activities.

The economic and political environments remain challenging, and the links we build with like-minded organisations and with our local community are increasingly important. We continue to evolve and grow so that we deliver for our students life-enhancing opportunities tailored to their individual needs.

Nikki Marley, CEO

Suzanne O’Brien, Chair

5

Our aims and objectives

Strategy for achieving aims and objectives

In 2021, The Fifth Trust published an ambitious five-year strategic plan, providing a framework for the continued successful growth and delivery of a sustainable, high-quality service for adults with learning disabilities.

The plan can be viewed on our website: www.fifthtrust.co.uk.

Public benefit

The charity’s objective is to support adults with learning disabilities, and this is a benefit to them, to their families and to the wider community. In setting objectives and planning activities, the trustees have given due consideration to general guidance relating to public benefit published by the Charity Commission.

6

Fundraising

Barham Skills Centre

Throughout the year work continued on our new Barham Skills Centre, following a six-year fundraising campaign.

The gross cost of the project, including the associated fixtures and fittings, was £1.9m, approximately £1.65m net of VAT recovered. We are pleased to report that the net costs were fully covered by donations and pledges received.

Global supply issues in the construction sector saw the build’s projected end-date slip by three months, but by the end of March 2022 students were able to move into two of the three new buildings – Lucy’s Media Suite, named after a student who sadly died in 2020, and the Art Studio. Work on the Bradbury Hub, offering flexible space for dining, meeting and putting on exhibitions, a kitchen, office, sensory room, shower and changing facilities, continued for several more weeks. Practical completion of the whole build occurred in June. We held an official launch event on 30 June and were delighted to see many donors and sponsors who helped to bring this ambitious dream to fruition.

As well as giving current students a fantastic new environment, the new centre will also increase capacity by at least 10% and allow us to offer new services for learning disabled adults with profound physical conditions and a life skills programme for students getting ready to live more independently.

Fundraising continues to fit out the sensory room, landscape the outside space with a series of sensory gardens and to provide outdoor seating.

7

Helping ourselves

The efforts of staff, students and local supporters help boost our income from fundraising.

In May 2021 we took part in the Captain Tom 100 Challenge, a nationwide event held in memory of Captain Sir Tom Moore, raising £960 through activities such as making 100 keyrings for sale, baking 100 biscuits for the café and being sponsored to walk 100 laps of the vineyard.

The Fifth Trust administrator Alison Turner and a friend collected £1,815 in sponsorship by climbing Mount Snowdon in July, and six other members of staff cycled 50km in the KM Big Bike Ride in September to raise £1,470.

Shoppers at Asda in Canterbury voted us winner of the Asda Foundation Green Token Giving scheme in August, which gave us £500 for art equipment. Ten-year-old café regular Alex raised an incredible £1,285 by having his hair cut!

Thankfully, we were able to hold our Christmas craft fair again, having been forced to cancel in 2020 due to the pandemic. This is a real highlight in both our and the local community’s calendar, and we raised £10,300.

8

Student services

In April 2021 we welcomed students back to our skills centres for the first time in three months as the Government began to implement its roadmap out of lockdown. Continuing pandemic restrictions such as social distancing and our commitment to student safety, through protective measures like small class bubbles, meant Covid continued to impact on our service through to the autumn, when we were finally able to reintroduce our full rota of activities and students joined our garden maintenance and log delivery teams again.

18 activities to choose from

928 half day sessions per week

11% of adults with learning disabilities in Kent who use care services come to us

16-70+ age range of students

During this period we continued to offer online video sessions following positive feedback from students and their families.

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New activities

We secured funding to develop our pandemic online provision into a new video service, Fifth Trust Connect, which is set to launch in October 2022. It will be available to current students who want to access additional content at home, people living outside our catchment area and anyone facing barriers to attending our skills centres in person. It will offer courses in subjects including art, cooking, gardening and photography taught by our expert instructors and delivered in bitesized videos, and fun life skills games, with new content added every month.

A new session we have been trialling aims to build students’ confidence and communication skills while enjoying adventure out in the fresh air. Outdoor Active offers students a totally new experience, learning bushcraft skills such as campfire- and shelter-building in nearby woodland. Led by a Forest School-trained instructor and rigorously risk-assessed, the session demonstrates what the great outdoors has to offer and encourages participants to try out ancient arts including whittling.

Our commitment to engaging with other organisations has seen us become a John Muir award provider. This national environmental scheme encourages people from all backgrounds to connect with, enjoy and care for wild places. The four-week Discoverer Award has been completed by 12 of our students, and we are now offering it as a summer holiday activity to local SEN schools.

10

Meet our students

Georgia started at The Fifth Trust during the pandemic, so initially her experience was entirely online. She was so comfortable using our digital service she even presented a session of her own – a round-up of the week’s TV soaps. Now attending our skills centres four days a week, Georgia says she enjoys all her sessions but is clear on what the best thing about the Trust is: “I’ve got loads of friends here!”

Ben is one of the students who was filmed for BBC South East Today’s On The Map in June 2021. He told presenter Sara Thornton about his work in the garden centre and the vineyard where he helps tend the vines – but admitted he hasn’t tasted the end result!

Malcolm has been coming to The Fifth Trust for over 20 years. He says: “I love art. I like drawing and painting pictures.” A massive sports fan, Malcolm often chooses football as a subject and is a dab hand at landscapes too.

Debbie is very creative so particularly enjoys sessions such as art, craft and pottery. She has also been with us for many years but still enjoys trying new things – as a keen nature lover she was one of the first students to sign up for the John Muir Discoverer Award.

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Social enterprises

Covid-19 continued to impact on our social enterprise operations. Although the Vineyard Garden Centre returned to seven day a week opening from the beginning of March 2021 and the Vineyard Café was able to fully reopen in May 2021, footfall did not recover to pre-pandemic levels. As a result the café made a loss during the year of £9k. Since then we have seen an increase in customer numbers and the café is trading profitably again.

The Vineyard Garden Centre made a profit during the year of £28k. Our log delivery service was impacted by the loss of a key supplier. As a result we had to find new sources but given the extended lead times for deliveries we were not able to meet customer needs for several months. We have now established a pool of suppliers to ensure a steady flow of logs throughout the year.

It was great to see students return to garden maintenance and log delivery services in the autumn and regular customers were equally delighted to see them out and about in the community again. Towards the end of the year we changed our garden maintenance business model to half or full day contracts, rather than hourly periods, and this has significantly boosted profitability.

Students from the University of Kent IT consultancy redeveloped our social enterprise website www.vineyardgardencentre.co.uk as part of their Masters in Computer Science. The site now hosts an online shop that showcases student work including ceramics, cards and woodwork.

----- Start of picture text -----
ceramics, cards and woodwork.
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12

Financial review

Reserves

Results

The Fifth Trust had a net surplus of income over expenditure (including net investment loss) in the year of £933,155 (2021 £395,454) broken down as follows:

broken down as follows:
£
Charity’s core care services (144,782)
Net loss on investments (5,500)
Garden centre 27,898
Café (9,269)
Donations – unrestricted 18,284
Donations – restricted 1,046,524
___
TOTAL 933,155

Donations of £1,090,187 were received during the year. £1,065,243 was restricted of which £1,026,970 related to the Barham Skills Centre redevelopment, £20,000 for an employee dedicated to supporting students with dementia, £12,000 for development of our online digital platform Fifth Trust Connect and £6,273 other. During the year expenditure incurred on restricted related donations was £1,224,753, of which £1,177,801 related to the Barham Skills Centre redevelopment. £1,205,751 was capitalised.

The trustees have adopted a policy in line with Charity Commission recommendations. The policy takes into account unexpected variances in income and expenditure to ensure that the charity is able to meet its financial obligations and to maintain its undertakings in the short term. In particular the reserves are required for the following purposes:

to provide cover for risks such as unforeseen expenditure or unanticipated loss of income.

The trustees have set the figure for liquid unrestricted reserves at a minimum of £250,000 (2021 - £250,000) which in a worst case scenario would cover three months’ staff costs, a building reserve and other potential costs in the event of a winding up.

The total of unrestricted funds held in net current assets is £484,826 of which £15,520 is designated funds. Unrestricted cash at bank and in hand is £301,791.

Restricted reserves as at 31 March 2022 were £333,900, all of which is held as cash at bank. Of this sum £271,079 relates to donations for the Barham Skills Centre (net of expenditure paid out to date), with the balance relating to various other projects.

Principal funding sources

The Fifth Trust’s revenue is generated from three main sources: day care fees (primarily from a contract with Kent Count Council); income from our social enterprises, the café and the garden centre providing training and work experience activities for students; and charitable grants and donations. Total revenues for the year were £2.4m against £1.6m last year. However, this increase was primarily as a result of additional restricted donations relating to the Barham Skills Centre. Excluding restricted donations, revenues fell to £1.33m from £1.44m last year. Day care fees were up on last year and although garden centre and café revenues increased as the impact of Covid lessened, these additional revenues were less than the Covid government grants and furlough payments we received during 2021.

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Financial Key Performance Indicators (KPIs)

The trustees receive quarterly management accounts detailing the quarterly performance and year to date performance of each operation with comparisons to budgets which are set at the beginning of the year. These results are accompanied by a commentary on the performances highlighting any main variances and any issues that have arisen. In addition, a range of key performance indicators are included in the reports such as gross operating margins, student and staff numbers.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

The charity has been significantly affected by the Covid-19 crisis. However, we have weathered the storm and activities are slowly returning to pre-pandemic levels. The Vineyard Garden Centre and Vineyard Café footfall has still not recovered fully, but we hope customer numbers will continue to improve as we move into the second half of 2022. As at 31 March 2022 the charity has in excess of £300k of unrestricted cash reserves to support the charity’s ongoing activities. The charity is currently forecasting a small excess of income over expenditure for the financial year ended 31 March 2023.

Principal risks and uncertainties

The major risk for the charity is the loss of income needed to fund its ongoing day care activities. The trustees and senior management keep abreast of changes in Government policy on day care fees and day care regulations to ensure that the charity complies with all requirements and implements any necessary changes as they arise to continue to secure that revenue stream. The charity was able to maintain most of its student fee income during the lockdown periods and is grateful for the support of its funders, particularly Kent County Council. In June 2022 we submitted a tender to KCC for a new four year contract beginning 1 October 2022. In August KCC confirmed we have been successful. This new contract will secure the majority of our existing care service fees for the next four years and significantly reduce our risk of a loss of income over this period.

Trustees and the senior management team revisit the charity’s business strategy regularly. Income from social enterprise activities is monitored on a departmental basis, highlighting potential areas of weakness to allow early remedial action where required. Major capital projects, such as the new skills centre, are not undertaken until adequate funding is in place. Trustees and senior management hold regular finance, audit and risk committee meetings which report back to the quarterly trustee board meetings.

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Structure, governance and management

The Fifth Trust is registered as a charitable company limited by guarantee and was set up by a trust deed.

The oversight of the group and the charity is the responsibility of the trustees, who are all elected under the terms of the Articles of Association. Our trustees play a pivotal role in setting the strategic direction of the Trust and supporting and guiding the senior management team.

In setting the Trust’s aims and objectives, the trustees give due consideration to general guidance published by the Charity Commission relating to public benefit.

Board meetings are held quarterly with an annual away day to review strategy and significant topics. Smaller working groups of trustees and managers focused on particular areas and projects also meet regularly. A stakeholders’ engagement panel has been established to provide advice and feedback to the board and a communications committee also meets regularly.

The Trust has a conflict of interest policy and any potential conflicts are identified at all meetings.

Safeguarding is a priority and is on the agenda at every board meeting. Our safeguarding policy is reviewed annually. In line with the Charity Commission’s guidelines, all staff, trustees and volunteers undergo safeguarding training and all are DBS checked.

The board of trustees is responsible for selecting and recruiting suitable trustees to office. The trustees strive to ensure a good representation of independent members with the necessary skills and experience to strengthen the board. Trustees serve on an unpaid voluntary basis.

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Statement of trustees’ responsibilities

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

Company law requires the 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 group and the charity and of their incoming resources and application of resources, including their income and expenditure. 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 group and the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the charity 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 group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Disclosure of information to auditor

Each of the persons who are trustees at the time when this trustees’ report is approved has confirmed that:

Auditor

The auditor, Kreston Reeves LLP, has indicated their willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees.

Approved by order of the members of the board of trustees and signed on their behalf by:

Suzanne O’Brien Chairperson

Date: 25 October 2022

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Independent auditor’s report to the members of The Fifth Trust

Opinion

We have audited the financial statements of The Fifth Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2022 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

(UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

We conducted our audit in accordance with International Standards on Auditing

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Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being

18

satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is

detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and the sector as a whole, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non- compliance with laws and regulations related to safeguarding, health and safety, general data protection regulations and employment law. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

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design effectiveness of controls that management has in place to prevent and detect fraud; and

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members and trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members and trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor Chatham Maritime

Date: 25 October 2022

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THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

Consolidated statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
18
Net income before gains on investments
Net gains/(losses) on investments
Net income movement in funds
Reconciliation of funds:
Total funds brought forward
18
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
24,944
1,307,159
6
1,332,109
6,660
1,433,035
1,439,695
(107,586)
1,165,751
1,058,165
(5,500)
1,052,665
1,073,135
1,052,665
2,125,800		 Restricted
funds
2022
£
1,065,243
1,065,243
6,895
12,107
19,002
1,046,241
(1,165,751)
(119,510)
-
(119,510)
453,410
(119,510)
333,900		 Total
funds
2022
£
1,090,187
1,307,159
6
2,397,352
13,555
1,445,142
1,458,697
938,655
-
938,655
(5,500)
933,155
1,526,545
933,155
2,459,700		 Total
funds
2021
£
300,226
1,299,228
41
1,599,495
11,805
1,197,689
1,209,494
390,001
-
390,001
5,453
395,454
1,131,091
395,454
1,526,545

The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 26 to 42 form part of these financial statements.

22

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

Consolidated balance sheet As at 31 March 2022

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
22
Net current assets
17
Net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds
16
Creditors:amounts falling due
within one year
Creditors:amounts falling due
after more than one year		 2022
£
1,695,022
144,536
169,405
-
651,211
965,152
(146,426)		 2022
£
1,695,022
818,726
(54,048)
2,459,700
333,900
2,125,800
2,459,700		 2021
£
98,727
115,712
5,500
890,694
1,110,633
(162,780)		 2021
£
578,692
578,692
947,853
-
1,526,545
453,410
1,073,135
1,526,545

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:

Neil Hope

Chair of Finance, Audit & Risk Committee

Date: 25 October 2022

The notes on pages 26 to 42 form part of these financial statements.

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Charity balance sheet as at 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Investments
15
Cash at bank and in hand
Net current assets
17
Net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds
Creditors:amounts falling due
within one year
16
Creditors:amounts falling due
after more than one year		 2022
£
1,625,390
57,443
34,984
189,047
-
591,802
815,833
(126,247)		 2022
£
1,682,833
689,586
(35,000)
2,337,419
333,900
2,003,519
2,337,419		 2021
£
40,446
93,008
5,500
800,992
939,946
(145,771)		 2021
£
525,316
57,443
582,759
794,175
-
1,376,934
453,410
923,524
1,376,934

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Neil Hope

Chair of Finance, Audit & Risk Committee

Date: 25 October 2022

The notes on pages 26 to 42 form part of these financial statements.

24

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

Consolidated statement of cashflows for the year ended 31 March 2022

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from sale of fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Changes in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
959,148
6
1,082
(1,199,719)
(1,198,631)
(239,483)
890,694
651,211		 2021
£
526,204
41
-
(173,518)
(173,477)
352,727
537,967
890,694

The notes on pages 26 to 42 form part of these financial statements.

25

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

1 General information

The Fifth Trust is a charity registered in England. The charity's registered address is Elham Valley Vineyard, Breach, Barham, Canterbury, CT4 6LN.

2 Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Fifth Trust 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.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities.

2.2 Going concern

The trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

26

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

2 Accounting policies (continued)

Provision of services

Revenue from the provision of services is recognised when all of the following conditions are satisfied:

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs.

2.5 Interest receivable

Interest on funds held on deposit are included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

27

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

2 Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Buildings 4% straight line Tools and equipment 25% reducing balance Motor vehicles 25% reducing balance Forklift (included in MV) 10% straight line Assets under construction Not depreciated

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises direct costs of purchase that have been incurred in bringing the stock to its present location and condition.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

28

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

2 Accounting policies (continued)

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.12 Financial instruments

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

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.

2.14 Pensions

The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

29

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

2 Accounting policies (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and adminstering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

30

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

3
Income from donations and legacies
Donations
Donations		 Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
24,944
1,065,243
1,090,187
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
142,597
157,629
300,226
4
Income from charitable activities
Income generated from students
Sales of products and work undertaken
Government grants
Income generated from students
Sales of products and work undertaken
Government grants
5
Investment income
Bank interest
Bank interest		 Unrestricted
Total
funds
funds
2022
2022
£
£
759,999
759,999
542,205
542,205
4,955
4,955
1,307,159
1,307,159
Unrestricted
Total
funds
funds
2021
2021
£
£
678,623
678,623
435,653
435,653
184,952
184,952
1,299,228
1,299,228
Unrestricted
Total
funds
funds
2022
2022
£
£
6
6
Unrestricted
Total
funds
funds
2021
2021
£
£
41
41

31

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Fundraising expenses
3,795
8,010
11,805
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Charitable activities
1,197,293
396
1,197,689
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142
Activities
undertaken
Total
directly
funds
2021
2021
£
£
Charitable activities
1,197,689
1,197,689		 6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Fundraising expenses
3,795
8,010
11,805
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Charitable activities
1,197,293
396
1,197,689
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142
Activities
undertaken
Total
directly
funds
2021
2021
£
£
Charitable activities
1,197,689
1,197,689		 6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Fundraising expenses
3,795
8,010
11,805
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
Charitable activities
1,197,293
396
1,197,689
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142
Activities
undertaken
Total
directly
funds
2021
2021
£
£
Charitable activities
1,197,689
1,197,689
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
1,197,293
396
1,197,689
Activities
undertaken
Total
directly
funds
2022
2022
£
£
1,445,142
1,445,142
Activities
undertaken
Total
directly
funds
2021
2021
£
£
1,197,689
1,197,689

32

Notes to the financial statements for the year ended 31 March 2022

(A company limited by guarantee) Registered number: 07262103

THE FIFTH TRUST

8 Analysis of charitable expenditure by activities (continued)

Analysis of charitable expenditure by activities (continued)
Analysis of direct costs
Staff costs
Depreciation
Costs of sales
Training
Students' refreshments
Cleaning
Travel, transport and motor expenses
Rent and rates
Light and heat
Water rates
Insurance
Advertising and marketing
Repairs and maintenance
Stationery and postage
Telephone
Bad debts
Miscellaneous
Bank charges and interest
Irrecoverable VAT
Writeback of VAT provision
Loss on sale/write off of fixed assets
Professional, accountancy and subscriptions
Auditors' remuneration		 Total
Total
funds
funds
2022
2021
£
£
894,656
718,307
48,620
51,745
269,792
246,178
7,546
-
-
51
12,873
12,543
38,879
27,413
23,952
16,148
20,699
15,890
8,430
6,284
16,097
16,669
4,683
7,107
35,057
26,296
7,144
3,734
5,144
5,949
589
677
25
7,028
5,604
6,989
2,125
2,046
(17,175)
-
33,687
-
20,715
21,635
6,000
5,000
1,445,142
1,197,689

9 Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
823,058
670,155
246,168
455,857
57,533
38,731
57,533
38,731
14,065
9,421
14,065
9,421
894,656
718,307
317,766
504,009

33

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

9 Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

Average number by headcount Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
49
52
37
31

Full time equivalent headcount for the Group was 39 (2021 - 42) and for the Charity was 33 (2021 - 27).

The total employment benefits including employer national insurance and employer pension contributions of the key management personnel were £179,207 (2021: £173,171).

10 Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 March 2022, no trustee expenses have been incurred (2021 - £NIL).

11 Tangible fixed assets

Group
Cost or valuation
At 1 April 2021
Additions
Transfer
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Assets
Tools and
Motor
under
Buildings
equipment
vehicles
construction
Total
£
£
£
£
£
477,161
228,254
129,049
173,935
1,008,399
16,928
31,842
25,000
1,125,949
1,199,719
650,207
-
-
(650,207)
-
(60,902)
(22,318)
-
-
(83,220)
1,083,394
237,778
154,049
649,677
2,124,898
181,974
167,656
80,077
-
429,707
19,210
15,916
13,494
-
48,620
(28,560)
(19,891)
-
-
(48,451)
172,624
163,681
93,571
-
429,876
910,770
74,097
60,478
649,677
1,695,022
295,187
60,598
48,972
173,935
578,692

34

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

11 Tangible fixed assets (continued)

Charity
Cost or valuation
At 1 April 2021
Additions
Transfer
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Assets
Tools and
Motor
under
Buildings
equipment
vehicles
construction
Total
£
£
£
£
£
449,144
163,555
45,249
173,935
831,883
16,928
28,729
-
1,125,949
1,171,606
650,207
-
-
(650,207)
-
(60,902)
(22,318)
-
-
(83,220)
1,055,377
169,966
45,249
649,677
1,920,269
170,428
114,106
22,033
-
306,567
18,090
12,868
5,805
-
36,763
(28,560)
(19,891)
-
-
(48,451)
159,958
107,083
27,838
-
294,879
895,419
62,883
17,411
649,677
1,625,390
278,716
49,449
23,216
173,935
525,316

12 Fixed asset investments

Investments
in
subsidiary
companies
Charity £
Cost or valuation
At 31 March 2021 57,443
Gain on investments -
At 31 March 2022 57,443
Net book value
At 31 March 2022 57,443
At 31 March 2021 57,443

35

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

13 Stocks

13 Stocks
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Raw materials 5,300 4,601 2,561 2,479
Finished goods and goods for resale 139,236 94,126 32,423 37,967
144,536 98,727 34,984 40,446
14 Debtors
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Due within one year
Trade debtors 118,315 94,663 15,287 14,129
Amounts owed by group undertakings - - 98,885 52,494
Other debtors 40,125 5,504 64,412 15,788
Prepayments and accrued income 10,965 15,545 10,463 10,597
169,405 115,712 189,047 93,008
15 Current asset investments
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Listed investments - 5,500 - 5,500
16 Creditors: amounts falling due within one year
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Trade creditors 108,215 120,655 91,805 104,308
Amounts owed to group undertakings - - - -
Other taxation and social security 15,883 9,875 15,883 9,875
Other creditors 5,190 20,789 5,190 20,628
Loan 8,571 - 5,000 -
Accruals and deferred income 8,567 11,461 8,369 10,960
146,426 162,780 126,247 145,771
17 Creditors: Amounts falling due after more than one year
Group Group Charity Charity
2022 2021 2022 2021
£ £ £ £
Due between one and five years
Loans 54,048 - 35,000 -
54,048 - 35,000 -

36

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

18 Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Buildings fund
Student activity
New print shed
Classes
Connect
General funds
General funds
Total
Unrestricted
funds
Restricted
funds
Skills Centre at
Greenbanks
Fund
Connect
Other restricted
projects
Total of funds		 Transfers
Income
in/out
£
£
£
£
£
£
295,187
-
(51,552)
16,928
650,207
910,770
830
-
(560)
-
-
270
1,980
-
-
-
-
1,980
1,270
-
-
-
-
1,270
-
-
-
-
12,000
12,000
Balance at
1 April
2021
Balance at
31 March
2022
Additions/
CAPEX
Expenditure
incl. loss on
investment
299,267
-
(52,112)
16,928
662,207
926,290
773,868
1,332,109
(1,393,083)
17,917
468,699
1,199,510
1,073,135
1,332,109
(1,445,195)
34,845
1,130,906
2,125,800
421,910
1,026,970
(6,895)
-
(1,170,906)
271,079
-
12,000
-
(31,322)
44,115
24,793
31,500
26,273
(12,107)
(3,523)
(4,115)
38,028
453,410
1,065,243
(19,002)
(34,845)
(1,130,906)
333,900
1,526,545
2,397,352
(1,464,197)
-
-
2,459,700

37

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

18 Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Buildings fund
Student activity
New print shed
Classes
General funds
General funds
Total
Unrestricted
funds
Restricted
funds
Skills Centre at
Greenbanks
Fund
Other restricted
projects
Total of funds		 Balance at
Balance at 1
Additions
Transfers
Gains/
31 March
April 2020
/Income
Expenditure
in/out
(Losses)
2021
£
£
£
£
£
£
289,333
24,443
(18,589)
-
-
295,187
-
830
-
-
-
830
23,222
-
(21,242)
-
-
1,980
1,270
-
-
-
-
1,270
313,825
25,273
(39,831)
-
-
299,267
506,389
1,416,593
(1,165,472)
10,905
5,453
773,868
820,214
1,441,866
(1,205,303)
10,905
5,453
1,073,135
270,503
146,208
(3,795)
8,994
-
421,910
40,374
11,421
(396)
(19,899)
-
31,500
310,877
157,629
(4,191)
(10,905)
-
453,410
1,131,091
1,599,495
(1,209,494)
-
5,453
1,526,545

38

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

18 Statement of funds (continued)

Fund descriptions

Designated funds

Buildings fund - This fund represents the value of the buildings owned by the charity. Student - Students' tips that will be used for a student Christmas party.

New Print Shed - Being used to construct a new shed that can be used as a classroom. Classes - Designated for specific classroom related expenses. Connect - Our new digital online platform

Restricted funds

Skills Centre at Barham Fund - This fund represents the donations and other income received in support of the redevelopment of the Skills Centre site at Barham

Other restricted projects - This fund consists of a number of small immaterial restricted projects, including funding for life skills, online sessions, propagation unit and other equipment to be used by the charity.

Connect - Our new digital online platform

19 Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds
Summary of funds -
Designated funds
General funds
Restricted funds		 Balance at
Balance at 1
Additions
Transfers
31 March
April 2021
/Income
Expenditure
in/out
2022
£
£
£
£
£
£
299,267
-
(52,112)
16,928
662,207
926,290
773,868
1,332,109
(1,393,083)
17,917
468,699
1,199,510
453,410
1,065,243
(19,002)
(34,845)
(1,130,906)
333,900
Additions/
CAPEX
1,526,545
2,397,352
(1,464,197)
-
-
2,459,700
prior year
Balance at 1
Additions
Transfers
Gains/
31 March
April 2020
/Income
Expenditure
in/out
(Losses)
2021
£
£
£
£
£
£
313,825
25,273
(39,831)
-
-
299,267
506,389
1,416,593
(1,098,182)
(56,385)
5,453
773,868
310,877
157,629
(71,481)
56,385
-
453,410
1,131,091
1,599,495
(1,209,494)
-
5,453
1,526,545

39

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

20 Analysis of net assets between funds

Analysis of net assets between funds - current year:

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due after more than one year
Analysis of net assets between funds - prior year:
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
1,695,022
-
1,695,022
631,252
333,900
965,152
(146,426)
-
(146,426)
(54,048)
(54,048)
2,125,800
333,900
2,459,700
Unrestricted
Restricted
Total
funds
funds
funds
2021
2021
2021
£
£
£
578,692
-
578,692
657,223
453,410
1,110,633
(162,780)
-
(162,780)
1,073,135
453,410
1,526,545

21 Reconciliation of net movement in funds to net cash flow from operating activities

Net income (as per Statement of financial activities)
Adjustments for:
Depreciation charges
Loss/(Gains) on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
(Increase)/Decrease in stocks
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities		 Group
Group
2022
2021
£
£
933,155
395,454
48,620
51,745
5,500
(5,453)
(6)
(41)
33,687
-
(45,809)
2,705
(53,693)
(6,204)
37,694
87,998
959,148
526,204

40

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

22 Analysis of cash and cash equivalents

Cash at bank and in hand
23
Analysis of changes in net debt
Cash at bank and in hand
Liquid investments		 Group
Group
2022
2021
£
£
651,211
890,694
At 1 April
Changes in
At 31 March
2021
market value
2022
£
£
£
£
890,694
(239,483)
651,211
5,500
(5,500)
-
Cash
flows		 Group
Group
2022
2021
£
£
651,211
890,694
896,194
(239,483)
(5,500)
651,211

24 Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £14,065 (2021 - £9,421). Contributions totalling £3,669 (2021 - £2,462) were payable to the fund at the balance sheet date and are included in creditors.

25 Operating lease commitments

As at 31 March 2022 the group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Within 1 year
More than 1 year but less than 5 years		 Group
Group
Charity
Charity
2022
2021
2022
2021
£
£
£
£
26,563
22,585
7,668
13,090
40,325
39,333
11,385
18,936
66,888
61,918
19,053
32,026

26 Related party transactions

There were no related party transactions during the year.

41

Notes to the financial statements for the year ended 31 March 2022

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

27 Capital commitments

Contracted for but not provided in these financial statements.

Net outstanding balance of Skills Centre development contract 2022
2021
£
£
231,390
1,296,670

On 3rd February 2021 The Fifth Trust signed a contract with Breem Construction Limited, the main contractor, for the development of the Skills Centre at Barham for £1,416,309.

28 Principal subsidiaries

Names Company Registered Principal Class of Holding Consolidation
number office or activity share
principal
place
The Vineyard 06772993 Elham Valley To provide a Ordinary 100% Yes
Garden Road, garden centre
Centre Ltd Barham, service that
Canterbury, serves to improve
Kent, CT4 the impact that
6LN the charity can
have on its
students.
The Vineyard 07324002 Elham Valley To provide a Ordinary 100% Yes
Teashop Ltd Road, teashop service
Barham, that serves to
Canterbury, improve the
Kent, CT4 impact that the
6LN charity can have
on its students.
The Fifth 12927260 Elham Valley To provide day Ordinary 100% Yes
Care Services Road, care services
Barham, that serves to
Canterbury, improve the
Kent, CT4 impact that the
6LN charity can have
on its students.

The financial results of the subsidiaries for the period were:

Profit/(Loss)
for
Income Expenditure the period Net assets
Names £ £ £ £
The Vineyard Garden Centre Ltd 401,076 373,178 27,898 126,100
The Vineyard Teashop Ltd 126,252 135,521 (9,269) (9,880)
The Fifth Care Services Ltd 586,507 523,023 63,484 63,505

42

notes 43

The Fifth Trust 01227 832022 Elham Valley Vineyard www.fifthtrust.co.uk Elham Valley Road info@fifthtrust.co.uk Breach thevineyardgardencentreandcafe Barham thefifthtrust Canterbury CT4 6LN Supporting adults with learning disabilities