REGISTERED COMPANY NUMBER: 07440015 (England and Wales) REGISTERED CHARITY NUMBER: 1141546
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Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021
for
The Principle Trust Children's Charity Ltd (A Company Limited by Guarantee)
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Walkers Accountants Limited Aireside House Aireside Business Centre Royd Ings Avenue Keighley West Yorkshire BD21 4BZ
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SSF llllss—— 7a ae
The Principle Trust Children's Charity Ltd
## Contents of the Financial Statements for the year ended31 March 2021
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|Report|of the Trustees|1|to|2|
|Independent|Examiner's Report|3|
|Statement|of Financial|Activities|4|
|Balance|Sheet|5|to|6|
|Notes|to|the Financial|Statements|}|T|to;|12|
|Detailed Statement|of Financial|Activities|13|
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## The Principle Trust Children's Charity Ltd
## Report of the Trustees for the year ended31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## OBJECTIVES AND ACTIVITIES
## Objectives and aims
The aim of The Principle Trust is to improve the quality of life for young children and their families who are disadvantaged socially, physically and emotionally as a result of extreme poverty or disability. The Trust offers the provision of use of one of their four holiday homes to those disadvantaged families who would otherwise not have the opportunity of a holiday.
We work with local authorities to identify those children who would benefit and in excess of 3,200 children have so far benefited from a holiday in a Trust holiday homes.
We are committed to ensuring we can continue to offer disadvantaged children and their families this opportunity and we are working hard with the authorities to ensure the holiday homes are occupied throughout the year.
In order to be able to maintain the holiday homes, cover the costs and continue to increase the number of those that benefit from the work of the Trust. The Trustees and Committee of Volunteers are continually looking to identify effective fund raising opportunities , methods of raising the profile of the Charity in the local community and identifying new sources of income..
## STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## REFERENCE AND ADMINISTRATIVE DETAILS Registered07440015 (EnglandCompany and number Wales)
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Registered Charity number 1141546
## Registered office
Airedale Business Centre Millenium Road Skipton North Yorkshire BD23 2TZ
## Trustees
C Campbell M J Davies AM Davies A Harding J H Shoesmith (resigned 9.2.21) S Thomas
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The Principle Trust Children's Charity Ltd
for the yearReportended of the 31TrusteesMarch 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Michael William Procter Walkers Accountants Limited Aireside House Aireside Business Centre Royd Ings Avenue Keighley West Yorkshire BD21 4BZ
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Approved by order of the board of trustees on 21 May 2021 and signed on its behalf by:
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jf
M J Davies - Trustee
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] Independent Examiner's Report to the Trustees of The Principle Trust Children's Charity Ltd ii Independent examiner's report to the trustees of The Principle Trust Children's Charity Ltd (‘the Company’)
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I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the
## Independent examiner's statement
## i
- I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 2 the accounts do not accord with those records; or 1. accounting records were not kept in respect ofthe Company as required by section 386 ofthe 2006 Act; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fait view which is not a matter considered as part of an
- 4. theindependentaccounts examination;have not been or prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their (FRS 102)). accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
- I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Michael William Procter Aireside House Walkers Accountants Limited Aireside Business Centre Keighley RoydWest IngsYorkshire Avenue BD21 4BZ
21 May 2021
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## The Principle Trust Children's Charity Ltd
||Statement ofFinancialActivities|Statement ofFinancialActivities||||
|---|---|---|---|---|---|
||for the yearended31 March 2021|||||
|||||313.21|31,3.20|
||Notes|Unrestricted
funds
£|Restricted
funds
£|Total
funds
“if|Total
funds
i|
|INCOME ANDENDOWMENTS FROM||||||
|Donationsand legacies||100,120|-|100,120|116,663|
|Othertrading activities|2|49,656|-|49,656|60,488|
|Total||149,776|,|149,776|177,151|
|EXPENDITURE ON||||||
|Raising funds|3|137,837|-|137,837|135,885|
|Charitable activities||||||
|Governance costs||1,544|:|1,544|13|
|||——|__|_—_|__|
|Total||139,381|-|139,381|135,898|
|NETINCOME||10,395|-|10,395|41,253|
|Transfers betweenfunds|10|(20,000)|20,000|“|-|
|Netmovementinfunds||(9,605)|20,000|10,395|41,253|
|RECONCILIATIONOFFUNDS||||||
|Totalfundsbroughtforward||222,836|-|222,836|181,583|
|TOTALFUNDSCARRIEDFORWARD||213,231|20,000|233,231|222,836|
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The notes form part of these financial statements
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## The Principle Trust Children's Charity Ltd
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|Balance|Sheet|
|31|March|2021|
|313,21|31.3.20|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|7|185,675|-|185,675|218,415|
|CURRENT ASSETS|
|Debtors|8|92|-|92|791|
|Cash|at|bank|29,117|20,000|49,117|4,350|
|29,209|20,000|49,209|5,141|
|CREDITORS|
|Amounts|falling|due|within one|year|9|(1,653)|-|(1,653)|(720)|
|NET CURRENT|ASSETS|,|27,556|20,000|47,556|4,421|
|TOTAL ASSETS|LESS|CURRENT|LIABILITIES|213,231|20,000|233,231|222,836|
|NET ASSETS|213,231|20,000|233,231|222,836|
|FUNDS|10|
|Unrestricted|funds|213,231|222,836|
|Restricted|funds|20,000|-|
|TOTAL FUNDS|233231|222,836|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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The notes form part of these financial statements
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The[Principle][Trust][Children's][Charity] Ltd
## Balance Sheet - continued
31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2021 and were signed on its behalf by:
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M J Davies - Trustee
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The notes form part of these financial statements
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The Principle Trust Children's Charity Ltd
Notes to the Financial Statements for the year ended 31 March 2021
1. ACCOUNTING POLICIES
## Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## Freehold property - 10% on cost
All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Assets held under finance lease are depreciated in the same manner as owned assets.
Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the oe amount and are credited or charged to the income statement. |
Impairment of fixed assets | At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.
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The Principle Trust Children's Charity Ltd
Notes to the Financial Statements - continued for the year ended 31 March 2021
I. ACCOUNTING
## POLICIES - continued
## Taxation
The charity is exempt from corporation tax on its charitable activities.
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## Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## OTHER TRADING ACTIVITIES
|2.|OTHER TRADING ACTIVITIES||||
|---|---|---|---|---|
||||31.3.2]|313.20|
||||£|£|
||Fundraising events||49,656|60,488|
|||||||
|3.|RAISINGFUNDS||||
||Raising donations and legacies|||||
||||31.3221|31.3.20|
||||£|£|
||Fund raising costs||15,097|25,165|
||Support costs||122,740|110,720|
||||137,837|135,885|
|4.|NETINCOME/(EXPENDITURE)||||
||Netincome/(expenditure) is stated aftercharging/(crediting):|||||
|||||||
|||||31.3.21|31.3.20|
|||||£|£|
||Independentexaminerfees
Depreciation -owned assets||
||720
32,740|762
24,085|
||Otheroperating leases||30,749|36,892|
|5,|TRUSTEES' REMUNERATION ANDBENEFITS||||
||There were no trustees' remuneration or other benefits for the year|ended 31 March|2021 nor for the|year ended|
||31 March 2020.|||||
||Trustees' expenses|||||
||Therewereno trustees’ expenses paid fortheyearended31 March2021 nor fortheyearended 31 March 2020.||||
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## The Principle Trust Children's Charity Ltd
## Notes to the Financial Statements - continued for the year ended 31 March 2021
|6.|COMPARATIVES FOR THE STATEMENT|OF FINANCIAL|ACTIVITIES|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||Unrestricted|||||||||||Restricted|Total||
||||fund|||||||||||funds|funds||
||||£||||||||||£|£||
||INCOME AND ENDOWMENTS FROM|||||||||||||||
||Donations and legacies||66,283||||||||||50,380|116,663||
||Other trading activities||60,488||||||||||-|60,488||
||Total||126,771||||||||||50,380|I77,151||
||EXPENDITURE ON|||||||||||||||
||Raising funds||135,885||||||||||-|135,885||
||Charitable activities|||||||||||||||
||Governance costs||13||||||||||-|13||
||Total||135,898||||||||||-|135,898||
||NETINCOME/(EXPENDITURE)||(9,127)||||||||||50,380|41,253||
||Transfers between funds||105,076||||||||||(105,076)|-||
||Netmovement in funds||95,949||||||||||(54,696)|41,253||
||RECONCILIATION OFFUNDS|||||||||||||||
||||||||||||||||||
||Totalfundsbrought forward||126,887||||||||||54,696|181,583||
||TOTALFUNDS CARRIEDFORWARD||222,836||||||||||-|222,836||
||||||||||||||||||
|7.|TANGIBLE FIXED ASSETS|||||||||||||||
|||||||||||||||Freehold||
|||||||||||||||property||
|||||||||||||||£|||
||COST|||||||||||||||
||At | April2020and31 March2021||||||||||||||327,400||
||DEPRECIATION|||||||||||||||
||At 1 April2020
Charge foryear||||||||
|||||||108,985
32,740||
||At 31 March 2021|||||||||||||141,725||
||||||||||||||||—_—__||
||NETBOOKVALUE||||||||||||||||
||At 31 March2021|||||||||||||185,675||
||At 31 March 2020||||||||||||||218,415||
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## The Principle Trust Children's Charity Ltd
Notes to the Financial Statements - continued for the year ended 31 March 2021 |
|8.|DEBTORS: AMOUNTS FALLINGDUE WITHIN ONEYEAR|DEBTORS: AMOUNTS FALLINGDUE WITHIN ONEYEAR|YEAR|YEAR|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||31.321|31/3:20|
||||||||||||£|E|
||Other debtors||||||||||92|791|
|9.|CREDITORS: AMOUNTS FALLINGDUE WITHIN ONE|||YEAR|||||||||
||||||||||||313.21|31.3.20|
||||||||||||£|£|
||Social security and other taxes||||||||||677|.|
||Other creditors||||||||||256|.|
||Accrued expenses||||||||||720|720|
||||||||||||1,653|720|
|10.|MOVEMENT IN FUNDS||||||||||||
|||‘|||Net||||||Transfers||
||||||movement||||||between|At|
|||At|1.4.20
£||infunds
£|||||||funds
£|373:21
£|
||Unrestricted funds||||||||||||
||General fund|222,836|||10,395||||||(20,000)|213.231|
||Restrictedfunds
Holidayhome|||-|-|||||
|||20,000|20,000|
||TOTALFUNDS|222,836|||10,395||||||-|233,231|
||Netmovement in funds, included in the above are as follows:||||||||||||
||||||Incoming|||_|||Resources|Movement|
||||||resources|||||||expended|in funds|
||||||£||||||&|£|
||Unrestricted funds||||||||||||
||General fund||||149,776||||||(139,381)|10,395|
||TOTALFUNDS||||149.776|||||||(139,381)|10,395|
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The Principle Trust[Children's] Charity Ltd
## Notes to the Financial Statements - continued_ for the year ended 31 March 2021
## 10. MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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|Net|Transfers|
|movement|between|At|
|At|1.4.19|in|funds|funds|31.3.20|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|126,887|(9,127)|105,076|222,836|
|Restricted|funds|
|Log cabin|54,696|50,380|(105,076|)|-|
|TOTAL FUNDS|181,583|41,253|-|222,836|
|Comparative|net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|Unrestricted|funds|£|£|£|
|General|fund|126,771|(135,898)|(9,127)|
|Restricted|funds|
|Log cabin|50,380|-|50,380|
|TOTAL|FUNDS|177,151|(135,898|)|41,253|
|A current year|12 months|and prior year|12 months|combined position|is|as|follows:|
|Net|Transfers|
|At|1.4.19|movementin funds|betweenfunds|31.321At|
|Unrestricted|funds|£|£|£|£|
|General fund|126,887|1,268|85,076|213,231|
|Restricted|funds|
|Holiday home|-|-|20,000|20,000|
|Log cabin|54,696|50,380|(105,076|)|-|
|54,696|50,380|(85,076)|20,000|
|TOTAL FUNDS|181,583|51,648|-|233,231|
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## The Principle Trust Children's Charity Ltd
## Notes to the Financial Statements - continued for the year ended 31 March 2021
## 10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|276,547|(275,279)|1,268|
|Restricted|funds|
|Log|cabin|50,380|-|50,380|
|TOTAL FUNDS|326,927|(275,279)|51,648|
|11.|RELATED PARTY DISCLOSURES|
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There were no related party transactions for the year ended 31 March 2021.
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## The[Principle][Trust][Children's][Charity] Ltd
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||||||||
|---|---|---|---|---|---|---|
|Detailed|Statement|of Financial|Activities|
|for|the|year|ended|31|March|2021|
|31.3.21|31.3.20|
|£|£|
|INCOME|AND|ENDOWMENTS|
|Donations|and|legacies|
|Donations|61,954|66,283|
|Grants|38,166|50,380|
|100,120|116,663|
|Other|trading|activities|
|Fundraising events|49.656|60,488|
|Total incoming|resources|149,776|177,151|
|EXPENDITURE|/|
|Raising|donations|and|legacies|
|Fund raising costs|15,097|25,165|
|Support|costs|
|Management|
|Wages|$8,512|47,850|
|Sundries|1,337|836|
|59,849|48,686|
|Finance|
|Site|fees|30,749|36,892|
|Bank|charges|213|295|
|Depreciation|of freehold property|32,740|24,085|
|63,702|61,272|
|Governance|costs|
|Independent examiner|fees|720|762|
|Legal|fees|13|13|
|733|775|
|Total|resources expended|139,381|135,898|
|Net income|10,395|41,253|
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