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2023-03-31-accounts

The Fifth Trust

(A company limited by guarantee)

Trustees’ report and financial statements For the year ending 31 March 2023

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 2022 to 31 March 2023. 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

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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.

Around 160 students from across East Kent attend our two skills centres near Canterbury, which operate throughout the year. Our students take part in a range of sessions including art and design, catering, horticulture, music, photography, pottery, and woodwork. Their creative work, such as photographic prints, ceramics and greeting cards, is available to buy on-site and in our online shop.

We also operate social enterprises – the Vineyard Garden Centre and Vineyard Café – to raise additional revenue on top of the student fees we receive from Kent County Council, other local authorities, and private payments. 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

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

Our values

To care and treat every individual with respect. We tailor our services to the individual needs of each student and offer freedom of choice. We encourage our students and staff to strive and develop skills. To provide excellence; high quality, life enhancing services in a safe, supportive environment. We’re one team. Our staff, volunteers, trustees, families, and carers work together to further enhance the lives of our students.

3

Trustees and administration

Board of trustees Suzanne O’Brien, Chair Dr David Oliver, Vice Chair Neil Hope, Chair of Finance, Audit & Risk Committee Paul Gannaway Daniel Cowley Rebecca Linsey (resigned 31 May 2022) Srinivas Annamaraju (resigned 31 May 2022) Anita Robson (resigned 14 February 2023) Jo Willacy (appointed 6 October 2022) Ceridwen Evans (appointed 6 October 2022) Dr Malcolm Stewart (appointed 6 October 2022)

Senior management team Nikki Marley, Chief Executive Officer Gareth Owen-Conway, Finance Director Mike Theoff, Operations & Care Manager Peter Stratton, Social Enterprise Manager Jane Ward, Fundraising & Communications Manager (resigned 19 May 2023)

Company registered 07262103 number Charity registered number 1136718 Registered office Elham Valley Vineyard Breach Barham Canterbury CT4 6LN Company secretary Gareth Owen-Conway 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

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Welcome

We are pleased to present our 2022/23 annual report after a year of substantial growth, one that has allowed us to take significant strides to further enhance the lives of our students.

The Fifth Trust secured a new four-year contract with Kent County Council, and as we recover from the impact of Covid-19, we have been able to increase staff numbers and invest in new sessions.

With two new activities – Multi-skills and Life Skills – plus additional Photography and Outdoor Active sessions, we are now accommodating record-high student numbers with more choice than ever.

Since the opening of our award-winning Barham Skills Centre in June 2022, we have been able to further benefit our students and our staff; we held an exhibition in collaboration with the Canterbury Festival to showcase the outstanding art produced by our students, hosted our largest annual student party and the first since the pandemic, and started running new sessions which utilise our spacious amenity hub. We have scope for future events which will offer value to our local community and beyond.

Nikki Marley, CEO

Suzanne O’Brien, Chair

The installation of our sensory room in March 2023 was the final piece of our Barham Skills Centre redevelopment, giving students access to a calming, tranquil space packed with carefully selected specialist equipment.

Our virtual learning hub, Fifth Trust Connect, launched in October 2022. The platform offers people with learning disabilities access to a wide range of educational resources whenever and wherever they are. All our current students can access the platform free of charge.

In December 2022 we held our annual Christmas craft fair, our most successful to date. The amount raised reflects the commitment and talent of every staff member and student, who all work hard to help raise these vital funds.

After winning the Construction Project of the Year at the Kent Invicta Chamber Awards for our Barham Skills Centre, we were proud to have been named the 2023 Disability Charity of the Year at the Kent Charity Awards, recognising our dedication in supporting adults with learning disabilities.

Finally, we would like to thank everyone who supports The Fifth Trust – our staff and students, our trustees and volunteers, our friends and families, our fundraisers and customers – everyone. Your support continues to take us from strength to strength.

Nikki Marley, CEO

Suzanne O’Brien, Chair

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Our aims and objectives

To continue providing the best possible service for our students, which is both safe and fulfilling.

To build on our relationship with the local community and to share our knowledge with like-minded organisations.

To increase opportunities, encourage and motivate our students and staff. To give them every opportunity to improve their skills and qualifications in line with the changing needs of students and the regulatory environment.

Strategy for achieving aims and objectives

In 2021, The Fifth Trust created an ambitious five-year strategic plan, providing a framework for the sustainable and successful growth of our service for adults with learning disabilities. Now in our third year, we are making great progress towards our targets.

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.

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Student services

Fifth Trust Connect

In October 2022 we launched Fifth Trust Connect, our virtual learning hub designed for people with learning disabilities. The website features video courses in cookery, horticulture, wellbeing, art and more, plus fun life skills games with videos added every month. All the content is accessible and packed with useful life skills to encourage independence and help reduce isolation.

FTConnect is available to all our students for free.

----- Start of picture text -----
The Fifth Trust Connect team at the
Autism Show London
----- End of picture text -----

of our students like out of 9 10 Fifth Trust Connect

All Stars Academy

Since February 2023, our students have been completing courses from the newly launched Fifth Trust All Stars Academy. The courses offer a more in-depth study of a chosen subject which students are guided through by their instructor.

Once a student completes a course, they are awarded a special All Stars certificate to recognise and encourage their hard work.

We currently offer All Stars courses in:

Media and Computing

All courses have been created by our experienced instructors.

----- Start of picture text -----
“I feel very proud of
myself for being an
All Star.”
Rob
----- End of picture text -----

7

New sessions

Early 2023 saw the introduction of multiple new activities – additional Photography and Outdoors Active sessions, plus two new sessions in Multi-skills and Life Skills – which have greatly enhanced the variety and choice we can offer.

Our students now have access to a fully equipped photographic studio with a new expert photography instructor. Students regularly take trips to beautiful local destinations to improve their photography skills while getting exercise.

We now offer Outdoor Active as a permanent session in which students visit a nearby woodland to spend time learning bushcraft skills, such as campfire- and shelter-building. The sessions help build our students’ confidence and communication skills whilst they reap the benefits of being outside in nature.

Our two new sessions, Life Skills and Multi-skills, have been designed to encourage independence and enhance the wellbeing of adults with learning disabilities. In Life Skills, students are provided with practical solutions to foster independence, such as cooking and cleaning. In Multi-skills, students can explore a variety of activities in a stimulating environment, aimed at promoting calmness and focus.

Towards the end of 2023, we plan to introduce new sports sessions for our students with learning disabilities, a group far too often ostracised from sports participation.

Our students feel our services are having a positive impact on their lives.

In March 2023 we launched a survey to find out what our students’ think about The Fifth Trust. We received a total of 41 responses. The responses were overwhelmingly positive. We remain committed to providing our students with the best possible care and support.

From our students surveyed:

----- Start of picture text -----
90% 88% 85%
think The Fifth Trust is feel happy like making new
good or fantastic friends
----- End of picture text -----

We are looking at other ways to gather data from our students who did not respond to the survey, such as reviewing comments from their annual reviews.

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Getting involved

…with others

We value community. Throughout 2022 and 2023 we hosted multiple like-minded organisations across our two skills centres.

In July 2023, seven students from SupaJam, a specialist music college in Canterbury, were each given a two-day work placement to try a variety of our sessions, including experience working within one of our social enterprises, the Vineyard Garden Centre.

Other collaborations included a two-day visit from the Kent-based autism specialist Ripplevale School, who helped prepare our allotments for pumpkin planting; the Caldecott Foundation, a Kent-based charity which provides specialist care for disadvantaged young people, who were taught about horticulture and harvesting at our vineyard; and Learning Opportunities, an independent SEN school in Deal, who were given a talk about the life cycle of plants by our horticulture instructors.

It is a joy to share our knowledge and learn from the organisations we work with. We look forward to continuing these relationships in the future.

…with our students

Student participation has been fundamental to the operations of The Fifth Trust and our social enterprises.

Since February 2023, we regularly feature a student guest editor in our newsletters. This offers students experience in writing, storytelling and editing.

“I really enjoyed being the guest editor for my newsletter issue.” Hannah

We have a student representative on our Stakeholder Engagement Panel and we have plans to form a student counsel to actively engage our students and gain valuable feedback on our services and operations.

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Social enterprises

Our social enterprises continue to be instrumental in both supporting our students and raising vital funds for The Fifth Trust.

Whilst the Vineyard Café’s revenue was slightly down from the previous year and has yet to recover to pre-pandemic levels, it is no longer running at a loss and made a profit during the year of £3k. It remains a great training hub for our students where they interact with customers and learn valuable cookery skills.

The Vineyard Garden Centre experienced an increase in revenue and made a profit during the year of £48k. The increase can be attributed to the diminishing

----- Start of picture text -----
“Working in the café makes me
feel confident.”
Debbie
----- End of picture text -----

impact of Covid-19 restrictions. The garden centre also held a successful Easter egg hunt through March and April which attracted a significant number of new customers and put us firmly on the map. We will be introducing more family-friendly events at the garden centre in the future.

Our garden maintenance and log delivery services operated continuously throughout the year. We imposed temporary log delivery restrictions in late 2022 due to supplier issues, but we have since resolved this matter and now provide a steady flow of reliable log deliveries to our valued customers.

Our garden maintenance team have also made significant improvements to our vineyard. Through meticulous vine trimming, weed clearing, and general tidying, our vineyard now boasts its best appearance ever.

In November 2022, we hired a new E-commerce Manager who revamped our online shop and established commercial hotspots around our Elham Valley Vineyard site. This has enhanced the customer browsing experience both online and in person. Subsequently, revenue generated by student-made work, such as craft and woodwork, has increased.

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----- Start of picture text -----
“It makes me feel happy
and relaxed.”
Claire
----- End of picture text -----

Fundraising

Sensory room

March saw the installation of a sensory room at the Barham Skills Centre. The tranquil space full of coloured lights, gentle sound, different textures and the mesmerising movement of bubbles helps students on the autism spectrum to calm and focus themselves. Sensory rooms have also been shown to benefit people with ADHD, cerebral palsy, Down’s syndrome, and developmental challenges, and the range of specialist equipment we have selected is designed to improve visual, auditory and tactile processing, as well as motor skills.

The £16,000 in grants we received (including a £4,000 donation from Folkestone Rotary

Club) was enough to cover the additional cost of a digital projector that transforms the floor of the Bradbury Hub into a vast number of different interactive scenes, from the ocean floor to outer space.

We were also gifted a sturdy sail canopy, which provides shelter from the sun and rain, and customer seating for the Vineyard Café terrace, made by our Wood Shack carpenters.

----- Start of picture text -----
The planned site for the sensory gardens at Barham
Skills Centre
----- End of picture text -----

Annual appeals

In early 2023 we started fundraising for:

Sensory gardens that horticulture students will help design, plant and care for.

Photographic equipment to enable us to offer more student places in this popular session.

Smartboards for use by students and instructors in Cook Club, music and photography.

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Community support

We are grateful for the support we receive from individuals and organisations. The sale of Richard Borthwick’s sweetpeas at Barham Village Store raised £900; Louise Robertson’s busking brought in £1,005; Issy Adamson raised £550 in sponsorship for her first triathlon; Bob and Averil Akehurst donated £440 from their country music night; and Lees Court Music’s Christmas concerts raised £885.

The £2,000 we received from the Aylesham Co-op Local Community Fund paid for a sturdy all-weather shelter for Outdoor Active, our woodland adventure session, while Life Skills got £1,000 from Tesco’s Community Grant Scheme to spend on cookery equipment and supplies, thanks to shoppers in Folkestone.

As well as providing us with a steady stream of volunteers, office equipment and £1,700 from the workplace lottery, Saga gave us a £5,000 corporate donation to help improve the vineyard.

Helping ourselves

Vineyard Garden Centre supervisor Jake Theoff took on the gruelling 100km South Coast Challenge in September, running the distance in 13hr 28min and raising £1,493 in sponsorship.

An exhibition of student art, held as part of the Canterbury Festival visual arts programme in October, funded a new printer. Our annual craft fair in December saw takings of £11,500, our highest ever.

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Financial review

Results

The Fifth Trust had a net surplus of income over expenditure in the year of £185,120 (2022 £935,155) broken down as follows:

£
Charity’s core care services (14,634)
Garden Centre 48,036
Café 3,118
Donations – Unrestricted 19,334
Donations – Restricted 129,266
___
TOTAL 185,120

Donations of £148,600 were received during the year. £129,266 was restricted of which £67,030 related to the Barham Skills Centre development, £20,000 for a dedicated dementia expert employee, £17,606 for our sensory room appeal, £16,346 for outside canopy and garden furniture and £8,284 other. During the year expenditure incurred on restricted related donations was £368,549, of which £293,574 related to the completion of the Barham Skills Centre development. £324,850 was capitalised and therefore not deducted within the net surplus referred to above.

Reserves

The trustees have adopted a policy in line with the Charity Commission’s 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

The trustees have set the figure for liquid unrestricted reserves at a minimum of £350,000 (2022 - £250,000), which on 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 £652,709 of which £12,042 is designated funds, leaving £640,667. Unrestricted cash at bank and in hand is £387,417.

Restricted reserves as at 31 March 2023 were £94,617, all of which is held as cash at bank. Of this sum £44,535 relates to donations for the new skills centre at Barham (net of expenditure paid out to date), which will cover the retainer owed to the contractor and remedial works to the entrance to the Barham Skills Centre site. The balance of £50,082 relates 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 County Council); income from our social enterprises, the café and the garden centre providing our training and work experience activities for students; and charitable grants and donations. Total revenues for the year were £1.9m against £2.4m last year. However, this was primarily due to a reduction of restricted donations relating to the Barham Skills Centre. Excluding restricted donations revenues rose to £1.76m from £1.36m last year. Day care fees were up on last year as was garden centre revenue as the impact of Covid-19 lessened. Café revenues were down slightly on last year and are taking longer to recover from the impact of Covid-19.

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Financial Key Performance Indicators (KPIs)

The trustees receive quarterly management accounts covering each of the three main activities in the group: day care services, the café and garden centre, and details of donations and fundraising activities. These accounts show 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.

Activities at The Fifth Trust are now back to normal following the Covid-19 crisis. The Vineyard Garden Centre and Café footfall has still not recovered fully to pre-Covid levels, but we hope footfall will continue to improve as we move into the second half of 2023. As at 31 March 2023 the charity has in excess of £370k of unrestricted cash reserves to support the charity’s ongoing activities. The charity is currently forecasting positive net cash from operations for the financial year ended 31 March 2024.

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 in order to secure its revenues from that source. In June 2022 we submitted a tender to Kent County Council for a new four year contract beginning 1 October 2022. In August 2022 KCC confirmed we had 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.

Since the contract started, as of August 2023, we have moved around 80% of our students falling within the contract on to the new contract rates. This has been slower than anticipated as annual reviews have been delayed due to capacity constraints within KCC. We are also aware of KCC having budget issues which may affect their capacity to be able to pay future costs under the contract. However, should KCC issue a section 114 notice, we believe our services are considered essential services within the social services framework and therefore KCC would be obliged to maintain the provision of the services we provide.

Trustees and the management team revisit the charity’s business strategy annually. 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 Barham Skills Centre development, are not undertaken until adequate funding is in place. Trustees and 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 generally held quarterly with an annual ‘away day’ to review strategy. During the pandemic, meetings have been conducted remotely. Smaller working groups of trustees and managers focused on particular areas and projects also meet as required. A Stakeholders’ Engagement Panel has been established to provide advice and feedback to the board.

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.

Remuneration policy

At The Fifth Trust, our pay structure is critical in maintaining motivation and ensuring the retention and improving the performance of staff, as well as the senior managers who provide the leadership required to meet the Trust’s objectives. The annual increase is recommended by the CEO and approved by the trustees.

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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 state of affairs of the group and the charity and of their incoming resources and application of resources, including their 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 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, have 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: 31/10/2023

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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 2023 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: 07/11/2023

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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 2023

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
17
Net income before gains on investments
Net gains/ (losses) on investments
Net income movement in funds
Reconciliation of funds:
Total funds brought forward
17
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
19,334
1,759,523
85
1,778,942
1,206
1,678,183
1,679,389
99,553
324,850
424,403
-
424,403
2,125,800
424,403
2,550,203		 Restricted
funds
2023
£
129,266
129,266
1,400
42,299
43,699
85,567
(324,850)
(239,283)
-
(239,283)
333,900
(239,283)
94,617		 Total
funds
2023
£
148,600
1,759,523
85
1,908,208
2,606
1,720,482
1,723,088
185,120
-
185,120
-
185,120
2,459,700
185,120
2,644,820		 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

The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 26 to 41 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 2023

Note
Fixed assets
Tangible assets
11
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
22
Net current assets
16
Net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds
15
Creditors:amounts falling due
within one year
Creditors:amounts falling due
after more than one year		 2023
£
1,937,970
130,200
224,430
482,099
836,729
(89,403)		 2023
£
1,937,970
747,326
(40,476)
2,644,820
94,617
2,550,203
2,644,820		 2022
£
144,536
169,405
651,211
965,152
(146,426)		 2022
£
1,695,022
1,695,022
818,726
(54,048)
2,459,700
333,900
2,125,800
2,459,700

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: 31/10/2023

The notes on pages 26 to 41 form part of these financial statements.

23

THE FIFTH TRUST

Company balance sheet as at 31 March 2023

(A company limited by guarantee) Registered number: 07262103

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Net current assets
16
Net assets
Charity funds
Restricted funds
Unrestricted funds
Total funds
Creditors:amounts falling due
within one year
15
Creditors:amounts falling due
after more than one year		 2023
£
1,837,710
57,443
39,011
188,096
291,285
518,392
(32,470)		 2023
£
1,895,153
485,922
(25,000)
2,356,075
94,617
2,261,458
2,356,075		 34,984
189,047
591,802
815,833
(126,247)		 2022
£
1,625,390
57,443
1,682,833
689,586
(35,000)
2,372,419
333,900
2,003,519
2,337,419

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: 31/10/2023

The notes on pages 26 to 41 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 2023

Note
Cash flows from operating activities
Net cash used in operating activities
20
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		 2023
£
180,821
85
8,000
(358,020)
(349,935)
(169,114)
651,211
482,097
3
12)
99		 2022
£
959,148
6
1,082
(1,199,719)
(1,198,631)
(239,483)
890,694
651,211

The notes on pages 26 to 41 form part of these financial statements.

25

Notes to the financial statements for the year ended 31 March 2023

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 2023

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 2023

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 2023

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.

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 administering 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.

29

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

3
Income from donations and legacies
Donations
Donations
4
Income from charitable activities
Income generated from students
Sales of products and work undertaken
Profit on sale of fixed assets
Government grants
Income generated from students
Sales of products and work undertaken
Government grants
5
Investment income
Bank interest
Bank interest		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
19,334
129,266
148,600		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
19,334
129,266
148,600
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
24,944
1,065,243
1,090,187
Unrestricted
Total
funds
funds
2023
2023
£
£
1,133,661
1,133,661
620,822
620,822
5,040
5,040
-
-
4
38
1,759,523
1,759,523
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
2023
2023
£
£
85
85
Unrestricted
Total
funds
funds
2022
2022
£
£
6
6

30

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Fundraising expenses
1,206
1,400
2,606
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Charitable activities
1,678,183
42,299
1,720,482
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2023
2023
£
£
Charitable activities
1,720,482
1,720,482
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142		 6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Fundraising expenses
1,206
1,400
2,606
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Charitable activities
1,678,183
42,299
1,720,482
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2023
2023
£
£
Charitable activities
1,720,482
1,720,482
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142		 6
Expenditure on raising funds
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Fundraising expenses
1,206
1,400
2,606
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Fundraising expenses
6,660
6,895
13,555
7
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
Charitable activities
1,678,183
42,299
1,720,482
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
Charitable activities
1,433,035
12,107
1,445,142
8
Analysis of charitable expenditure by activities
Activities
undertaken
Total
directly
funds
2023
2023
£
£
Charitable activities
1,720,482
1,720,482
Activities
undertaken
Total
directly
funds
2022
2022
£
£
Charitable activities
1,445,142
1,445,142
Unrestricted
Restricted
Total
funds
funds
funds
2022
2022
2022
£
£
£
1,433,035
12,107
1,445,142
Activities
undertaken
Total
directly
funds
2023
2023
£
£
1,720,482
1,720,482
Activities
undertaken
Total
directly
funds
2022
2022
£
£
1,445,142
1,445,142

31

Notes to the financial statements for the year ended 31 March 2023

(A company limited by guarantee) Registered number: 07262103

THE FIFTH TRUST

8 Analysis of charitable expenditure by activities (continued)

Analysis of direct costs
Staff costs
Depreciation
Costs of sales
Training
Cleaning
Session related costs
Connect Online
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
2023
2022
£
£
978,475
894,656
112,110
48,620
320,842
269,792
7,334
7,546
15,874
12,873
7,695
-
7,166
-
41,387
38,879
36,236
23,952
35,654
20,699
11,191
8,430
16,493
16,097
4,921
4,683
44,579
35,057
7,506
7,144
3,758
5,144
25,133
589
710
25
5,763
5,604
3,024
2,125
-
(17,175)
-
33,687
27,031
20,715
7,600
6,000
1,720,482
1,445,142

9 Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
884,572
823,058
263,391
246,168
71,328
57,533
71,328
57,533
22,575
14,065
22,575
14,065
978,475
894,656
357,294
317,766

32

Notes to the financial statements for the year ended 31 March 2023

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
2023
2022
2023
2022
£
£
£
£
51
49
40
37

Full time equivalent headcount for the Group was 41 (2022 - 39) and for the Charity was 34 (2022 - 33).

The total employment benefits including employer national insurance and employer pension contributions of the key management personnel were £200,113 (2022: £179,207).

10 Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

11 Tangible fixed assets

Group
Cost or valuation
At 1 April 2022
Additions
Transfer
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Assets
Tools and
Motor
under
Buildings
equipment
vehicles
construction
Total
£
£
£
£
£
1,083,394
237,778
154,049
649,677
2,124,898
40,867
81,604
15,120
220,429
358,020
821,686
48,420
-
(870,106)
-
-
-
(23,265)
-
(23,265)
1,945,947
367,802
145,904
-
2,459,653
172,624
163,681
93,571
-
429,876
69,180
31,475
11,455
-
112,110
-
-
(20,303)
-
(20,303)
241,804
195,156
84,723
-
521,683
1,704,143
172,646
61,181
-
1,937,970
910,770
74,097
60,478
649,677
1,695,022

33

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

11 Tangible fixed assets (continued)

Charity
Cost or valuation
At 1 April 2022
Additions
Transfer
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Fixed asset investments
Charity
Cost or valuation
At 31 March 2022
Gain on investments
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Assets
Tools and
Motor
under
Buildings
equipment
vehicles
construction
Total
£
£
£
£
£
1,055,377
169,966
45,249
649,677
1,920,269
12,787
78,899
-
220,429
312,115
821,686
48,420
-
(870,106)
-
-
-
-
-
-		 Assets
Tools and
Motor
under
Buildings
equipment
vehicles
construction
Total
£
£
£
£
£
1,055,377
169,966
45,249
649,677
1,920,269
12,787
78,899
-
220,429
312,115
821,686
48,420
-
(870,106)
-
-
-
-
-
-
1,889,850
297,285
45,249
-
2,232,384
159,958
107,083
27,838
-
294,879
67,219
28,222
4,354
-
99,795
-
-
-
-
-
227,177
135,305
32,192
-
394,674
1,662,673
161,980
13,057
-
1,837,710
895,419
62,883
17,411
649,677
1,625,390
Investments
in
subsidiary
companies
£
57,443
-
57,443
57,443
57,443
57,443
57,443
57,443

12 Fixed asset investments

34

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

13 Stocks

13
Stocks
Raw materials
Finished goods and goods for resale
14
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
5,786
5,300
2,008
2,561
124,414
139,236
37,003
32,423
130,200
144,536
39,011
34,984
Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
194,525
118,315
28,998
15,287
-
-
133,338
98,885
4,057
40,125
11,024
64,412
25,848
10,965
14,736
10,463
224,430
169,405
188,096
189,047
15
Creditors: amounts falling due within one year
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Loan
Accruals and deferred income		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
17,043
108,215
1,789
91,805
-
-
1,843
-
38,903
15,883
-
15,883
4,299
5,190
4,299
5,190
13,571
8,571
10,000
5,000
15,587
8,567
14,539
8,369
89,403
146,426
32,470
126,247

16 Creditors: Amounts falling due after more than one year

Due between one and five years
Loans		 Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
40,476
54,048
25,000
35,000
40,476
54,048
25,000
35,000

35

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

17 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
£
£
£
£
£
£
910,770
-
(69,180)
40,867
821,686
1,704,143
270
-
-
-
-
270
1,980
-
(1,980)
-
-
1,270
-
-
-
-
1,270
12,000
-
(1,496)
-
-
10,504
Balance at
1 April
2022
Balance at
31 March
2023
Additions/
CAPEX
Expenditure
926,290
-
(70,676)
38,887
821,686
1,716,187
1,199,510
1,778,942
(1,608,713)
285,963
(821,686)
834,016
2,125,800
1,778,942
(1,679,389)
324,850
-
2,550,203
271,079
67,030
(2,998)
(290,576)
44,535
24,793
-
(5,670)
(19,123)
-
38,028
62,236
(35,031)
(15,151)
50,082
333,900
129,266
(43,699)
(324,850)
-
94,617
2,459,700
1,908,208
(1,723,088)
-
-
2,644,820

36

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

17 Statement of funds (continued)

Statement of funds - prior 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		 Balance at
Balance at 1
Additions
Transfers
31 March
April 2021
/Income
Expenditure
in/out
2022
£
£
£
£
£
£
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
Additions/
CAPEX
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 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

17 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. 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 restricted projects, including funding for Lifeskills, dementia support, sensory room and gardens, and other equipment to be used by the Charity.

Connect - Our new Digital online platform

18 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 2022
/Income
Expenditure
in/out
2023
£
£
£
£
£
£
926,290
-
(70,676)
38,887
821,686
1,716,187
1,199,510
1,778,942
(1,608,713)
285,963
(821,686)
834,016
333,900
129,266
(43,699)
(324,850)
-
94,617
Additions/
CAPEX
2,459,700
1,908,208
(1,723,088)
-
-
2,644,820
prior year
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

38

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

19 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
Creditors due after more than one year		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
1,937,970
-
1,937,970
742,112
94,617
836,729
(89,403)
-
(89,403)
(40,476)
(40,476)
2,550,203
94,617
2,644,820
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

20 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
(Profit/)Loss on the sale of fixed assets
Decrease/(Increase) in stocks
(Increase) in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities		 Group
Group
2022
2021
£
£
185,120
933,155
112,110
48,620
-
5,500
(85)
(6)
(5,040)
33,687
14,336
(45,809)
(55,025)
(53,693)
(70,595)
37,694
38
180,821
959,148
3

39

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

21 Analysis of cash and cash equivalents

21
Analysis of cash and cash equivalents
Cash at bank and in hand
22
Analysis of changes in net debt
Cash at bank and in hand		 Group
Group
2023
2022
£
£
482,099
651,211
At 1 April
Changes in
At 31 March
2022
market value
2023
£
£
£
£
651,211
(169,114)
482,097
Cash
flows
2
9
651,211
(169,114)
-
482,097
2
9

23 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 £16,947 (2022 - £14,065). Contributions totalling £4,299 (2022 - £3,669) were payable to the fund at the balance sheet date and are included in creditors.

24 Operating lease commitments

As at 31 March 2023 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
2023
2022
2023
2022
£
£
£
£
42,688
26,563
23,668
7,668
50,773
40,325
41,100
11,385
93,461
66,888
64,768
19,053

25 Related party transactions

There were no related party transactions during the year.

40

Notes to the financial statements for the year ended 31 March 2023

THE FIFTH TRUST

(A company limited by guarantee) Registered number: 07262103

26 Capital commitments

Contracted for but not provided in these financial statements.

Net outstanding balance of Skills Centre development contract 2023
2022
£
£
35,066
231,390

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.

27 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
Ltd 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 473,912 425,876 48,036 172,694
The Vineyard Teashop Ltd 126,936 123,818 3,118 (6,762)
The Fifth Care Services Ltd 864,931 684,695 180,236 180,256

41

notes 42

notes 43

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