Registered number: 077S2930 Charity numbèr: 1146359 CLIFF HOUSE TRUST LIMITED UNAUDITED UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020
CUFF HOUSE TRUST UMITED UNAUDITED CONTENTS Page Reference and administrative details of the Company, lis Trustees and advisers Trustees. report Indendent examinerfs report Statement of financial activtties Balance sheet Notes to the financial statements 9-21
CUFF HOUSE TRUST LlhlTED UNAUDrrED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020 Truste¢s R B Fletcher Iresigned 20 November 2019) D steVs G Tabiner B F Edwards D Moxham M Long.. Chairman M Denning. VI Chaiman R Collings S Tabiner M Smout lappoinled 20 November 2019) Company registered number 07752930 Charity registered number 1146359 Reglstered office Cltff House Cliff Road Salcon*e Devon TQ8 8JQ Accountants Griffin Stone M05crop & Co Chartered Accounlanls 21-2T Lamb's Conduit Stieet Londop. WC1N 3GS Page 1
CLIFF HOUSE TRUST UklTED UNAUDITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Trustees present their annual report ttyJether wtth the finanal stalernenls of Ihe Company for the year 1 Septèmber 2019 10 31 August 2020. The Annual report seNes the purposes of both a Trustee5' report and a directors, report under company law. The Trustees Confim that the Annual port and financial statements of th• charitable cornpany comply with the cutrent statutory raquirements. the requirements of thè charttable company's governing dcuMent and the provisions of the Statefflent of Recornmended Prath"ce ISORPI applicable lo charilies preparing their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective 1 January 2019). Since the Company qualtfies as small under section 382 of the Companies Ad 2006. the Strategic report required of medium and large companies under the CompanEs Act 2006 {strategic Report and Directors, Report} Regulation$ 2013 has beèn omitted. Objectives and activities a. Policies and objectives in setting objecbves and planning for activities. the Truslees have gNen due consideration lo general guidance published by the Charity Commission ielating to public benefrt. The chartys c&jectsves a¥e lo provide and maintain Cliff House foi the use of the inhabitant5 of. and Visito lo, Salcombe. Devon without distinction of polrtical: religious or other opinions. More specificdly. Ihe aim 15 to provide community facilities such as an assembly room, reading room, library and recreation garden for those in the localty. b. A¢tlvities undertaken to achieve objectives For many yeays the Trustèes of Cliff House Trust have faced the probkni of the progressive deterioration of their principal asset (the house Itselfl wrthoLrt the financial musclè to deal with it. The ift¢orpoialion of the Trust coincided with a iadical Ghange in thè business model cornbining more organised fundraising activity with a strategy aimed al realising the income potential of the buikling. This latter 15 based on the employment of a Dir¢¢tor of Operations to market Cltm House as a venue for weddings. o)rporate events and piivale parties combined with a refurbishment of the inte¥ior and exleTior of Ihe building to underpin the marketing effort. Achievèments and perfornance a. Review of activities The aim of thè Chanlable cornpany continues lo be the provision and maintenance of Cliff House as a multifunctional facil-ty for use by the inhabitants of Sak>)mbe arKI 115 visilors. To achieve this the ¢panY continues to raiso money by asking for charitable donations which are aayS gratefully received. In addition to this. income is eamed from fundraising events. rent and variou5 lettings. Mainly to weddings and private parties. The year started as normal wrth the weddings. events and community activities as planned. However the Government measures in response lo Covi&19 of Lockdown and other re5tricb.ons from March 2020 meant that Cliff House closed for actniilies in line wrth Government guKlelines. All planned events and weddings for the corning 2020 season were not to go ahead. All bul one weddings booked for the period in 2020 were able lo be moved to atternative dales in 2021. Steps were laken to reduce overheads and costs, rents from tenants were still r1Ved and a Government Business Rate Support Grant was received_ Even during this petiod new Wedding and Event requests for 2021 and beyond were being booked. reinforGing the vellue as a wedding and community event building_ During the enforced ¢k)sure. builtling Mai[rtenan continued, the opportunity w8$ taken for extensive redecorating to prepare for [pening. whilst ensuring that the chanty has sufticienl cash to meet ils working capitsl requirements. Page 2
CLIFF HOUSE TRUST UMITED UNAUDITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2020 Financlal review . Going ¢oncem After making appropriate enquiries. the Trustees have a reasonable expectation that the Company has adequate resource5 to continue in operational existence for the ft)feseeablè future. For this reason, thcy ¢onlinue lo adopt the going concern basis In prepanng the financial slatennts. Further details regarding the adoption of the goino concern basis can be found in thè accounb.ng policies. b. Reserves policy There is Current no formal resetves policy in place for the Chantab company. but the Trustees are mindful of the need to ensurè that sufficient resources are held at any one b.me to enable its obligab'ons lo third parties to be met. and lo this end regulatty update their cash flow forecasts. Structure. govemancè and management a. Constitution The chaiilable company is registered as a charitsble company limited by guarantee and was set up by a Memorandum of AssOcialan on 25 August 2011. The company is constituted under a Memorandum of AsxKiation dated 25 August 2011 and is a registered charity nuThber 1146359. The principal object of the charitable company is to prowde Community facilities in Salcombe lo advanc8 education. social welfare arhd lèisure aclNTivas in Ihe Iwality. With effect from 1 September 2011 the charitable company ingerited the assets, liabilities and actNities previously c8rrd on wrthin an unincorporated charity, Cliff House Trust, which wa5 registered wrth the Charty Commission undor nurnber 202003. b. Methods of appointment or election of Trustees The managemenl of the charrtable company is the fesponsibiltty of the Trustees who are elected and cwptèd under the terms of thè Articles of ASsla"0n. Trustees are drawn from the ktal cornmunily. prospective new trustees are recommended by existing ttustees and theiT merits are discussed by the board. . Orgat)isalional structure and decisionamaklng polkles The trustees meet lomially on a monlhty basis to discuss the affairs of the ¢harty, review financi81 information and to plan the forthcoming period. Page 3
CUFF HOUSE TRUST UIffiTED UNAUDITED TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2020 Statement of Trnstees. responsibillties The Trustees (who are also the directr of the Compary for the purposes of company lawl are re5wnsible for preparing the TfUStees' Teport ano the financ stemer7ts accordance with applicable law and United "ngdom Accounting Standards (United Kfft9dom Generatty Accepted Accounltng Practice). Company law requires the TTUStees to prepare financlal slaiements for eaGh finantial year. Under compsny law, the Tnjslees mu81 not approve the financi statemertts unless they are sattsfied that they gNe a true and fair view of the stste of affaiTS of the Company and of its incoming resources and appliGion of resouTtes, induding ts incc*me and expellditure, fur thal perKKI. In PTepanng these financial stalwnerts. the TNstees are required to.. selecl suitable aeeounling poliues and then appty them consistenlty., obseNe the methods and principles ofthe Charibag SORP IFRS 1021 rrT8ke judgments and accounting esttymales that are re#sona)le and pruden( state whether applicable UK Acrnunting Standards (FRS 1021 have been followed: subject to any materi81 departures disGk)5ed and axplair5vd in the fNncial staternents." PTepare the finanaal slatements on Ihe going conrn basks unless it is inappropriate to presume that th2 Company will continLE m busines5. The Trustees are responsible for keeping adequate aceounbng records that are suffiuellt to show and explai the Company's transactions and ose wth reasonab 8ccurncy at any 14ne the financial position of the Company and enable them lo ensure that Ihe financial ststernents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonab steps for the prevention and dthtion of fraud and olher irregularilies. Approved by order of the members ofthe b08rd of Trustees and SWjn their behalf by.. Long (Chair of Twsteesl Date.. Page 4
CUFF HOUSE TRUST LiIArrED UNAUDITED INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020 Independent ¢xamiDees report to the Ttee$ of Cliff Housè Trnst Limited I'the Company'l I report to the charty Trust&s on my examinion of the accounts of the Company frjr the year endeé 31 August 2020. R8sponsibilities and basis of report As the Trustees of the Company land its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Cornpanies Act 2008 I'lhe 2006 Aet'l. Having satisfied myseir that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligikAe for independent éxamination. I report in SPect of my examination of the Companls accounts carried Dut under section 145 of the Chatilies Act 2011 {Ihe 2011 Ad'l_ In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independènt examiner's statement I have completed rny examination. I confirm that no matters havè come to my attention in connection th the examination giving me rAuse lo believe- accounting records were not kt in spect of Ihe Company ag required by section 386 of the 2006 Acl.. or Ihe accounls do not accord wth those recXMs', or the accounts do not Comp with the accounting requirements of section 396 01 the 2006 Act other than any requiremenl that the acu)unis give a 'ttue and fai' view which Is rot a mattèr considered as part of an independent examination- or the accounts have not been prèpared in accordance wth the method5 and principles of the Stslement of Recommended practi for accounting and reptyfing by Charit lapplic#ble to charities preparing their accounts ir accordan with the Financial RePtsng Stsndard applicabte in thé UK and Republic of Ireland IFRS 10211. I have no concems and have corr,e across no other maiters in Connection with the examination to which attèntion should be drawn in Ihis report in order to enab a proper undeTslanding of the accounts to bo reached. This report is made solely to the Coryanls Tnjstees. as a b(xly, in accordance with Patt 4 of the Charities (Accounts and Fteports) Regulations 2008. My has been undertaken so that I might state to thè Cornpanls Trustees those matter5 1 am required to state to them in an Independent examinerfs report and for no other purpose To the fvllesl extent permitted by law. I do not a¢wl or assume responsibilty to anyone olheT than the Company and the Companls Ttustee5 as a body. for my work gr for this report. Signed". Dat8d'. 23 D¢wnber 2020 Richard Hill {FCAI Griffin Stone Moscrop & C Chartered Accountants 21-27 Lamb's Conduit Streel London WC1N 3GS Page 5
CUFF HOUSE TRUST LIMITED UNAUDITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2020 Endowment Unrestricted fvnds funds 2020 2020 Total funds 2020 Total fvnds 2019 Notè Income and endowinents from: Donations and legaues Charttable activitie5 Other trading actwrf(ies Investrrienls Other income 15.193 67.667 20.037 15,193 67.667 20.037 8,082 80,395 61.1f6 4.737 4.737 5. 144 Total incomg and endovmients Expenditure on- Raising ILbnds Charitsble activrties 107,640 107.640 154. 742 12,849 91.835 12.849 92.589 27.831 132,532 754 Total expenditure 754 104,684 105,438 160.363 Ngt movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds 1754) 2,202 f5,621) 584.022 17541 15.7151 2,956 578.307 2.202 583,928 (5, 621) Total funds carried forward {2.7591 580,509 578,307 The Slalemenl of finanGial actmkn.es includes all gains and losses recognised in the year. The notes on pages 9 10 21 fomi part of these financial ststefftnts. Page 6
CUFF HOUSE TRUST LIMITED UNAUDITED REGISTERED NUMBER: OT152930 BALANCE SHEET AS AT 31 AUGUST 2020 2020 2019 Note Fixed assets Tangible assets 12 592.087 595,274 592,087 595,274 Current assets stocks 13 14 1.814 17.711 18.512 7,570 21,979 77,598 Debtors Cash al bank and in hand 38.037 41,147 Creditors.. amounts falling due within one year 15 129,615) (33, 114) Net current assèts 8.422 8,033 Total assets less current liabilities 600.509 603.307 CdItOrS.. amounts falling due after more than one year 16 120.IJOOI (25.0003 Not assets excluding pension asset 580.509 578,307 Total net assets 580,509 578,307 Charity funds Endowment funds Restricted funds Unrestricted funds 17 583.268 584,022 17 17 (2.759) {5, T15} Total funds 580,509 578,307 Page 7
GUFF House TRIJST UMITED uNAUDE0 REGISTERED NUMBER: 07752930 BAIANCE SHEET {CONTINUEDI AS AT 31 AUGUST 2020 The CDmpany was entilled lo exemw from audil under section 477 of the Companies Ad 2006. The membets have ncl required Ihe c(Nnpany to rthin an audit for the year in question in accordance with section 476 of cOFnpanS Act 20(. The Tnjstees acknowledge their res[M)nsli.es for cnp wrth the requirements of the Act with respect to accounting records and preparalM)n of finarKial statnents. The financial Statnents have been prep1 in cO¢danCe with the provisions applicable to entitw subject lo the small companies fegime. The financial statements were 8pproved and author for issue by the Tw$tees and signed un their behall by.. Long (Chair of TDJstees) Dale". The rKJtes on pages 9 to 21 form part ofthese )SnancBi statements. Page 8
CLIFF HOUSE TRUST UhqTED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Accounting policie5 1.1 Basis of preparation of financial statements The financial statements have been prepa in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities". Statent of Recommended PracliGe applicable to chaTItTrès preparing their aGwunts in accordance wilh the Financial R•wrtin9 Standard applicable in the LIK and Republic of Ireland IFRS 1021 leffectwÈ 1 January 20191, the Financial Reporting Standard applirable in the UK and Republic ol Ireland (FRS 1021 and the Cclmpanies Act 2006. Cliff House Trust Limited meets the definit of a public benefit entity under FRS 102. Assets and liabilitÈes are inrtialty recognised at historical cosk or tran5adion value unless otherwise stated in the relevant accounb.ng policy. 1.2 Income All income is recognised once the Company has entrtlemenl lo the income, rt is probable that the incomè will be recewed and the amount of income receivablè can be measured reliably. Grants are included in the Statement of firhancial actrtIes on a receivabk basis. The balan¢e of inGom¢ received for specffic purposes but not expended dUrir the period is shown in the relevant funds on the Balance sheet. Where income Is r1ved in advance of entitlement of receipt. Its recognition is deferred and induded in c¥edilors as defetred inc¢xrte. Where entitlement occur5 before incorne is received, the income is a¢¢we(l. Income tsx recoverable in relatn to investment infie is reGognised at the time the inveslrnenl income is receivable. other incom8 15 recognised in Ihe period in which it is roGeivabie and to the exlenl the goods have been provKled or on comellOn of tho servKe. 1.3 Expenditure Expenditure is recognised once there is a legal OT ¢onslructive obligation lo transfer economic beriefit lo a third paty. rt is probable that a transfer of economiG benefrts will be required tii settlement and the amount of the obligation can be r[aSure(l reliabty. Expendrtuie is classTfied by activty. The costs of each activty are mle up of the total of direct Costs and shared costs, irKluding support costs involvéd in Ljndertaking each 8Ctivity. Direct costs attributable to a single activity are allocated direclty to that acbwty. Shared costs which contribLJte to more than one activity and support costs which are not attrtbutable to a single aclivity are apportK)ned betwèen those adivities on a basis consistent with the use of resources. Central staff costs are alloGated on the basis of time spent, and dep¥eciatio ¢harges altocated on the port ol the asset's use. Expenditure on raiwng funds includes all expenditure ineurred by the Company lo raise funds for ils charilable purposes and Includes costs of all fundtaisirKJ activrts events and non-Gharitable tradins. Expenditure on charitable activrties is incurred on direcuy undertaking the activities which further thè CompanYs objectives, as well as any a550ciated SUPPDrt Gosts. AU èxpendiiure is inclusive of irrecoverable VAT. Page 9
CLIFF HOUSE TRUST LIMITED UNAUDITED NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 AcGountin9 policies (Gontinued) 1.4 Tangible fixed a55ets and dePlatIOn Tangible re asset5 cosling £NIL or more are ¢apitalised and recognised when future economi¢ benefrts are probable and the cost OT value of the asset can be measured reliably. Tangible lixed assets ar8 initially recognised al cost. After recognTiion. under the c05t model, tsngible fixed assèts are measured at cost less accumulaled depreei8tion and any accumulated impairment lasses. All costs incurred to bring a tangible fixed asset into its intended working eondilion should b included in the measurement of c05L Depreciation is charged $0 as to allte the cost Df tangible fixed asselg less their residual value over their estimated useful Iwes. Depre(aation is prOVed on the followng bases: 2TrA on cost of building improvéments 20°k on a ducIng balance basis 20% on a reduung balan basis Fre¢hold property Fixiuie5 and fittings Audio VISU equipment 1.5 Stocks Stocks are valued at the kThver of cost and net realisable value after making due allowan for ob501ete and slow-moving slocs. Cost includes all direct costs and an appropriate proportton of fixed and variable oveihead5. 1.6 Debtors Tiade and other debtors are recognised al the settlemenl amount after any trade discount offèr8d. Prepayments are valued at the amount prepaNJ net of any trade discounts due_ 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short4erm highly liquid investments with a short maturity of three months or less from the dale of wuisition or opening of the deposrt or similar aceounl. 1.8 Liabllltles and provisions Liabilrties are recognised when there is an ()11gaEn al the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be ests"fflated reliabty. Liabilities are recogni3ed at Ihe amount that the Company antiripates il W11 pay to Sett the debt or the aFTr)unl rt has 1Ved as advmd payments for the goods or services il must provide. 1.9 Financial instruments The Company has financial assets and finartcsal liabilities of a kbnd that qualify as basic financial 1nstrumènts. Basic financial irbslruments aTe i"allY recognised at transaction value and subsequently rneasured al their settlement value wrÉh the exception of bank loans which are sub%quently measured at amortised cost using the effeth.ve interest method. Page 10
CUFF HOUSE TRUST UMITED UNAUDITED NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2020 A¢counting policies lcontlnued) 1.10 Pensions The Company operates a defined contribuiion pension scheme and the pension charge represents the omounls payable by the Company lo the fvnd in respect of the year. 1.11 Fund accounting General funds are unre51ticled funds whh are available for use al the di5crelK)n of the Trust&s in furtheran of the gerwal objectsves of the C(xnpany and which have not been designated for other purposes. Restrited funds a flsnds whith are to be LWI in aCCfjrdan wrth specffic restrictions imposed by donors or whirh have been raised by the Company for parbcular purposes. The ¢osts of raising afid administering 5tJGh lunds are charged against the spe-ific fund. The aim and use of each restricted fund is Sel out in the notes lo the financial statemonts. Investment income. gains and losses are allcKated to the appropriate fund. Income from donations and legaciès Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Donations 4,193 11,000 4,193 11.000 Grants 15.193 15,193 Restric18d UnstriCted funds 2079 Total ftsnds 2019 2019 Donations 6,082 6,082 2,000 Grants 6,082 8.082 Page11
CUFF HOUSE TRUST UMITED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Income from charltable activiti¢s Unrestricted funds 2020 Total funds 2020 Provision of Communty FaGilitEs- renlal income Provision of Community Facilities- rLX)m hire Provision of Communrty Faalrtie5- weddings 37,066 2,651 27,950 37,066 2,651 27,950 67,657 67,667 Unstcled fund5 2019 Total funds 2019 Provision of Community Facilities- rental Provision of Community FlIrtIeS- roc*n hire Provision of Communty Facilttie5- weddings 37,515 5,946 36.934 37.515 5,946 36, 934 80,395 80,395 Income from other trading activities Income from fundralslng events Unrestrf¢ted funds 2020 Total funds 2020 Income from fundraising events 9,797 9,797 Unrestncted tunds 2019 Total funds 2019 Inctsmo from fundraising evÈnts 7 1.851 11.851 Page 12
CUFF HOUSE TRUST LIMED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Income from other trading adÈvities (continued) Income from fundraising events (continued Income from non charitable trading activities UnreBtrict8d funds 2020 Total lunds 2020 Bar ifi¢ome 10.240 10.240 Un$[rted fvnds 2019 Total funds 2019 Bar income 49.265 49.265 Investrnenl Income Unrestricted funds 2020 Total funds 2020 Bank interèsl recewable Un$t¢t funds 2019 Total funds 2019 Bank interest reniab Page13
CUFF HOUSE TRUST UMITED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Other incoming resources Unrestricted funds 2020 Total funds 2020 utilriy re¢harges Web advértising inc(Yne 4,487 250 4,487 250 4,737 4.737 unsInGled funds 2079 Total runds 2019 Utility récharges Web advertising income 4,644 50Q 4,644 5, 144 5, 144 Expenditure on raising fvnds Costs of rdising voluntary incomè Unrestricted funds 2020 Total funds 2020 Costs of raTrsing voluntary income- wage5 and saLaries 6.473 6.473 UnftEslii¢t8tl fiinds 2019 Total funds 2019 Staff CDsls relating to fundraising125°h of all staff costs exduding caretakers salary) 8.073 8,073 Pa9¢ 14
CUFF HOUSE TRUST UMITED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ExpenditUTe on Taising funds {continued) Other trading expenses Unrestricted funds 2020 Total funds 2020 Bar purchases 6,376 6.376 UnresÈiicted nds 2019 Total runds 2019 Bar purchases 19,758 19.758 Anatysis of expenditure on charitsbk actr¥ities Summary by fund type Endowment Unrnstricted funds funds 2020 2020 Total funds 2020 Provision of Commun-ty FaGilitses 754 91,835 92.589 ReslrF¢led unStricted fvnds funds 2019 2019 Total fvffs 2019 Provision of Community Faulities 130.531 132.531 Page15
CLIFF HOUSE TRUST LIMITED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of expenditure by activities Activities undertaken directly 2020 Support ¢osts 2020 Total funds 2020 Provision of Community FarAIth"es 69,431 23,157 92,588 Activtss undertak&n direcily 2019 Support costs 2019 Total funds 2019 Provision of Community Facilit*s 98,530 34.001 132,531 Analysls of direct costs Total funds 2020 Tot81 fvnds 2019 staff costs Deprecialion Cleaning and laundry Water rates. lighl and heat Equipment and property rèpairs Insurance Crockery. linen and other premws expenses 37,242 3,187 2,566 13,191 6,194 5.805 1.246 41,522 3,2f9 3,044 19,516 q7,377 6,84T 6,945 69.431 98.530 P8ge 16
CLIFF HOUSE TRUST UMrrED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Analysis of exp8nditure by activities Icontinuedl Analysis of support costs Totsl funds 2020 Tot funds 2019 Advertisi and P.R. Office expenses Printing 8nd slalionery Costs of hosting weddings & other licen Subscrip110ns Sundry expenses Bank interest and charge5 Other loan interest payable Le9al and professional fees Book-keeping and secretafial cost5 Govemance costs 3.526 2.646 338 7.673 4,593 1,485 654 17,687 106 644 564 1.973 662 2,083 1,120 2,884 2.093 2.970 2,133 23,157 34.001 10. Staff Gosts 2020 2019 Wagès and salaries Contribution to defined conlribLrtion pension schemes 43,078 638 48.908 687 43,716 49,595 The average numb8r of persons employed by the Cunparry during the yeaT was as folk)ws' 2020 2019 No. No Èmployee receNed remuneration amounting to VTK)re than £60.000 in either year. Page 17
CUFF HOUSE TRUST UMtfED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Trustees. remuneration and exp*nses During the year. Trustees ed any remuTEration or other beneffts (2019- £NILI. During the year ended 31 August 2020. no Trustee expenses have been inCued (2019- £NILJ. 12. Tanglble fixed assets Freehold Fixtures and property fittings Office equipment Total Cost or valuation At 1 September 2019 587.678 25,838 10.028 623.544 At 31 August 2020 587.678 2S,838 10,028 623,544 Depreciation At 1 September 2019 Charge for the year 3.656 754 17.416 7.198 699 28.270 3,187 At 31 August 2020 4.410 19,150 7.897 31.457 Net book value Al 31 August 2020 583,268 6.688 2.131 592,087 Al 31 August2019 584.022 8,422 2,830 595,274 13. Stocks 2020 2019 Bar sto¢ks 1.814 1,570 Page 18
CUFF HOUSE TRUST UNfflTED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 14. Debtors 2020 2019 Due within on• year Trade debtors other debtors 16,557 1,154 20,814 1, 165 17,711 21,979 15. Creditors.. Amounts falling due wtthin one year 2020 2019 other loans Trade credrtors Other laxalion and social Sul PenSN fund loan p3yabte other credit$ Accruals and deferred inccxne 10.000 1,130 7.032 87 320 11.046 10.QCL) 4, 180 5. 139 15Q 48 13,597 29.61S 33,114 Deferred ineome as al 31 August 2020 of £6.938 {2019- £7,755) repTesenls balances received prior to 31 Au9USt for events that were not hosted by that dale. In the financial y@2r in which an event takes place any income that was previousty deferred will be transferred to the Statement of Financial Activities. 16. Creditots: Amounts falling due after more than one year 2020 2019 other k)ans 20.000 25.000 All loans rA¥ed by the chanty are unsecured. Page 19
CUFF HOUSE TRUST UAITED UNAUDITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 17. StatemeTrt of funds ststement of funds- current year Balancè at I SÈptÈmbef 2019 Balance at 31 August 2020 Incomè Expgnditure UnrestTiCted funds General Funds 15.7151 107.640 1104.6841 12.7591 EndoWTrnt funds Endowment Fund - Freehold of Clrff House 584.022 17541 583,268 Total of funds 578,307 107,640 (105,438) 580,509 18. Summary offunds Summary of funds - current year Balance at 1 September 2019 Balance at 31 August 2020 Income Expendlture General funds Endowment funds {5,7151 584,022 107.640 {104,684) 17541 12,7591 S83.268 578.307 107,640 1105.4381 580,509 Page 20
CUFF HOUSE TRUST UTED UNAUtMTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 19. Analysi5 01 net assets between funds Analysis of net assets between fufKIs- currenl period Endowmenl Unre5trl¢ted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 583,268 8,819 38,037 129,6151 120,0001 592,087 38,037 129,6151 120.000} Total 583.268 12.7591 S80.S09 20. Pension commitments The company operates a defined contributions pension seheme. The assets of the scheme are held sop&rately from those of Ihe company In an Independènt administered fund. The pension cost charge represents contributlgns payable by the company to the fund and amounted to £638 {2019 £6871. Contributions were payable to the fund al the baL4nce sheet date of £8712019 - £1501. 21. Relatsd party transactions The loans falling due for repayment iotalling £30.000 (2019 - £35.000} represent monies lent to the company by one of the serving diredoTS {2019 - the same). Interest is payable at 5¢h on these unsecured loans wrth the charge for 2020 being £1.973 (2019 - £2.0831- 22. Post balanco sheet events Since 31 March 2020. the spread of COVID-19 has severely impacted many local e¢onomies around the globe. In many counlnes. businesses are being forced lo cease or limit operalions foi long or indefinite periods of time_ Measures tsken to contain the spread of the virus. including quarantines, SOGial distancing, and closures of non-essential services have t"ered signthcant disruption5 to businesse5 woddwide, iesulting in an eGonomic sbwdown. Governments and traI banks have responded with monetary and fiscal interventions to slabilise economic condthons. The chariiable company has determined that these events are non-adjusling subsequent events. AGGordingly, the financial posrtion and results of operations as of and for thè year ended 31 August 2020 have not been adjusted to re1ect their impaGt. The duration and impact of the COVID-19 pandemic, a well as the effectiveness of government and ntral bank responses. remains unclear at thi5 lime. It is not possibl• to reliabty estimate the duraticm and severity of these consequences. as well as their impact on the financial posrtion and results of the charitable company for fvILAre pericKIs. Page 21