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2021-08-31-accounts

Registered number: 07752930 Charity number: 1146359

CLIFF HOUSE TRUST LIMITED

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

CLIFF HOUSE TRUST LIMITED

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7 - 8
Notes to the financial statements 9 - 20

CLIFF HOUSE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

Trustees

D Stevens G Tabiner

B F Edwards

D Moxham M Long, Chairman

M Denning, Vice Chairman R Collings (resigned 16 December 2020)

S Tabiner M Smout M Heald (appointed 24 May 2021)

Company registered number

07752930

Charity registered number

1146359

Registered office

Cliff House Cliff Road Salcombe Devon TQ8 8JQ

Accountants

Griffin Stone Moscrop & Co Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 1

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees present their annual report together with the financial statements of the Cliff House Trust Limited for the 1 September 2020 to 31 August 2021. 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 Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. The charity's objectives are to provide and maintain Cliff House for the use of the inhabitants of, and visitors to, Salcombe, Devon without distinction of political, religious or other opinions. More specifically, the aim is to provide community facilities such as an assembly room, reading room, library and recreation garden for those in the locality.

b. Activities undertaken to achieve objectives

For many years the Trustees of Cliff House Trust have faced the problem of the progressive deterioration of their principal asset (the house itself) without the financial muscle to deal with it. The incorporation of the Trust coincided with a radical change in the business model combining more organised fundraising activity with a strategy aimed at realising the income potential of the building. This latter is based on the employment of staff to support and market Cliff House as a venue for weddings, corporate events and private parties combined with an ongoing refurbishment of the interior and exterior of the building to underpin the marketing effort.

Page 2

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Achievements and performance

a. Review of activities

The aim of the Charitable company continues to be the provision and maintenance of Cliff House as a multifunctional facility for use by the inhabitants of Salcombe and its visitors.

To achieve this the company continues to raise money by asking for charitable donations which are always gratefully received. In addition to this, income is earned from fundraising events, rent and various lettings, mainly to weddings and private parties.

The year started during a period of Government measures being in place in response to Covid-19, including restrictions on weddings and community activities which meant that Cliff House closed in line with Government guidelines. Steps were taken to reduce overheads and costs, rents from tenants were still received and Government Business Support Grants were received.

All planned events and weddings for 2020 and through to May 2021 were not to go ahead. Most weddings booked for the period were able to be moved to alternative dates in 2021. The gradual lifting of restrictions from May 2021 allowed weddings to take place as planned, although some restricted in numbers to meet Government regulations, with only a few cancellations.

Even during this year new Wedding and Event requests for 2021, 2022 and beyond were being booked, reinforcing the venue as a wedding and community event building.

During the period of enforced closure, building maintenance continued, the opportunity was taken for extensive redecorating to prepare for reopening, whilst ensuring that the charity had sufficient cash to meet its working capital requirements. Thanks go to the staff for their superb efforts and work during this very challenging period in supporting Cliff House and the Trustees.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

There is currently no formal reserves policy in place for the charitable company, but the Trustees are mindful of the need to ensure that sufficient resources are held at any one time to enable its obligations to third parties to be met, and to this end regularly update their cash flow forecasts.

At the balance sheet date unrestricted net assets of the charity amounted to £11,333 an improvement on the deficit of £2,759 brought forward at 1 September 2020.

Page 3

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Structure, governance and management

a. Constitution

The charitable company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 25 August 2011.

The company is constituted under a Memorandum of Association dated 25 August 2011 and is a registered charity number 1146359.

The principal object of the charitable company is to provide community facilities in Salcombe to advance education, social welfare and leisure activities in the locality. With effect from 1 September 2011 the charitable company inherited the assets, liabilities and activities previously carried on within an unincorporated charity, Cliff House Trust, which was registered with the Charity Commission under number 202003.

b. Methods of appointment or election of Trustees

The management of the charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Trustees are drawn from the local community. Prospective new trustees are recommended by existing trustees and their merits are discussed by the board.

c. Organisational structure and decision-making policies

The trustees meet formally on a monthly basis to discuss the affairs of the charity, review financial information and to plan the forthcoming period.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company 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 . 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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

Approved by order of the members of the board of Trustees on 9 December 2021 and signed on their behalf by:

M Long (Chair of Trustees)

Page 4

CLIFF HOUSE TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021

Independent examiner's report to the Trustees of Cliff House Trust Limited ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 August 2021.

Responsibilities and basis of report

As the Trustees of the Company (and 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 the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

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

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

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

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

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

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Signed: Richard Hill

Dated: 15 December 2021 (FCA)

Griffin Stone Moscrop & Co

Chartered Accountants 21-27 Lamb's Conduit Street London WC1N 3GS

Page 5

CLIFF HOUSE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Bar and fundraising
Bank interest
Other income
4
Total income and endowments
Expenditure on:
Fundraising and bar costs
5
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2021
£
-
-
-
-
-
-
-
754
754
(754)
583,268
(754)
582,514		 Unrestricted
funds
2021
£
28,495
68,446
21,138
1
1,139
119,219
20,122
85,005
105,127
14,092
(2,759)
14,092
11,333		 Total
funds
2021
£
28,495
68,446
21,138
1
1,139
119,219
20,122
85,759
105,881
13,338
580,509
13,338
593,847		 Total
funds
2020
£
15,193
67,667
20,037
6
4,737
107,640
12,849
92,589
105,438
2,202
578,307
2,202
580,509

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 20 form part of these financial statements.

Page 6

CLIFF HOUSE TRUST LIMITED REGISTERED NUMBER: 07752930

BALANCE SHEET AS AT 31 AUGUST 2021

Note
Fixed assets
Tangible assets
10
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 2,462
13,631
60,359
76,452
(44,535)		 2021
£
589,571
589,571
31,917
621,488
(27,641)
593,847
593,847
582,514
-
11,333
593,847		 1,814
17,711
18,512
38,037
(29,615)		 2020
£
592,087
592,087
8,422
600,509
(20,000)
580,509
580,509
583,268
-
(2,759)
580,509

Page 7

CLIFF HOUSE TRUST LIMITED REGISTERED NUMBER: 07752930

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2021

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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:

................................................

M Long (Chair of Trustees) Date: 9 December 2021

The notes on pages 9 to 20 form part of these financial statements.

Page 8

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. Accounting policies

1.1 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.

Cliff House Trust Limited 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.

1.2 Income

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

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

1.3 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.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

All expenditure is inclusive of irrecoverable VAT.

Page 9

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. Accounting policies (continued)

1.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more 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:

Freehold property - 2% on cost of building improvements
Fixtures and fittings - 20% on a reducing balance basis
Audio visual equipment - 20% on a reducing balance basis

1.6 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7 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.

1.8 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.

1.9 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 Company 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.

Page 10

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. Accounting policies (continued)

1.10 Financial instruments

The Company 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 method.

1.11 Pensions

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

1.12 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 Company and which have not been designated for other purposes.

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

2. Income from donations and legacies

Unrestricted
funds
2021
£
Donations
3,771
Grants
19,003
Government grants
5,721
Total 2021
28,495
Unrestricted
funds
2020
£
Donations
4,193
Grants
11,000
Total 2020
15,193		 Total
funds
2021
£
3,771
19,003
5,721
28,495
Total
funds
2020
£
4,193
11,000
15,193

Page 11

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

3. Income from charitable activities

Unrestricted
funds
2021
£
Provision of Community Facilities - rental income
31,325
Provision of Community Facilities - room hire
4,680
Provision of Community Facilities - weddings
32,441
Total 2021
68,446
Unrestricted
funds
2020
£
Provision of Community Facilities - rental
37,066
Provision of Community Facilities - room hire
2,651
Provision of Community Facilities - weddings
27,950
Total 2020
67,667		 Total
funds
2021
£
31,325
4,680
32,441
68,446
Total
funds
2020
£
37,066
2,651
27,950
67,667

4. Other incoming resources

Utility recharges
Utility recharges
Web advertising income
Total 2020		 Unrestricted
funds
2021
£
1,139
Unrestricted
funds
2020
£
4,487
250
4,737		 Total
funds
2021
£
1,139
Total
funds
2020
£
4,487
250
4,737

Page 12

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

4. Other incoming resources (continued)

5. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2021
£
Costs of raising voluntary income - wages and salaries (25% of all staff
costs excluding caretakers salary)
4,805
Unrestricted
funds
2020
£
Staff costs relating to fundraising (25% of all staff costs excluding
caretakers salary)
6,473		 Total
funds
2021
£
4,805
Total
funds
2020
£
6,473

Other trading expenses

Unrestricted
funds
2021
£
Bar purchases
15,316
Unrestricted
funds
2020
£
Bar purchases
6,376		 Total
funds
2021
£
15,316
Total
funds
2020
£
6,376

Page 13

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

6. Analysis of expenditure on charitable activities

Summary by fund type

Provision of Community Facilities
Provision of Community Facilities		 Endowment
funds
2021
Unrestricted
funds
2021
£
£
754
85,005
Endowment
funds
2020
Unrestricted
funds
2020
£
£
754
91,835		 Total
funds
2021
£
85,759
Total
funds
2020
£
92,589

7. Analysis of expenditure by activities

Provision of Community Facilities
Provision of Community Facilities		 Activities
undertaken
directly
2021
£
67,794
Activities
undertaken
directly
2020
£
69,431		 Support
costs
2021
£
17,965
Support
costs
2020
£
23,157		 Total
funds
2021
£
85,759
Total
funds
2020
£
92,588

Analysis of direct costs

Page 14

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Cleaning and laundry
Water rates. light and heat
Equipment and property repairs
Insurance
Crockery, linen and other premises expenses
Total 2021		 Total
funds
2021
£
34,329
2,517
2,468
13,020
7,659
7,801
-
67,794		 Total
funds
2020
£
37,242
3,187
2,566
13,191
6,194
5,805
1,246
69,431

Page 15

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Advertising and P.R.
Office expenses
Printing and stationery
Costs of hosting weddings & other licences
Subscriptions
Sundry expenses
Bank interest and charges
Other loan interest payable
Legal and professional fees
Book-keeping and secretarial costs
Governance costs
Total 2021		 Total
funds
2021
£
2,284
1,836
214
2,894
3,217
265
719
834
1,140
2,397
2,165
17,965		 Total
funds
2020
£
3,526
2,646
338
7,673
-
443
565
1,973
890
2,970
2,133
23,157

8. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2021
£
38,503
630
39,133		 2020
£
43,078
638
43,716

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

2021 2020
No. No.
3 4

No employee received remuneration amounting to more than £60,000 in either year.

Page 16

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 August 2021, no Trustee expenses have been incurred (2020 - £NIL) .

10. Tangible fixed assets

Cost or valuation
At 1 September 2020
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020
11.
Stocks
Bar stocks		 Freehold
property
£
587,679
587,679
4,409
753
5,162
582,517
583,270		 Fixtures and
fittings
£
25,838
25,838
19,152
1,337
20,489
5,349
6,686		 Office
equipment
£
10,028
10,028
7,897
426
8,323
1,705
2,131
2021
£
2,462		 Total
£
623,545
623,545
31,458
2,516
33,974
589,571
592,087
2020
£
1,814

Page 17

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

12. Debtors

Due within one year
Trade debtors
Other debtors		 2021
£
13,039
592
13,631		 2020
£
16,557
1,154
17,711

13. Creditors: Amounts falling due within one year

Bank loans
Other loans
Trade creditors
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income		 2021
£
2,360
-
3,300
11,448
149
34
27,244
44,535		 2020
£
-
10,000
1,130
7,032
87
320
11,046
29,615

Deferred income as at 31 August 2021 of £22,923 (2020 - £6,938) represents balances received prior to 31 August for events that were not hosted by that date. In the financial year in which an event takes place any income that was previously deferred will be transferred to the Statement of Financial Activities.

14. Creditors: Amounts falling due after more than one year

Bank loans
Other loans		 2021
£
27,641
-
27,641		 2020
£
-
20,000
20,000

All loans owed by the charity are unsecured.

Page 18

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

15. Statement of funds

Statement of funds - current year

Balance at 1
September
2020
£
Unrestricted funds
General Funds
(2,759)
Endowment funds
Endowment Fund - Freehold of Cliff House
583,268
Total of funds
580,509
16.
Summary of funds
Summary of funds - current year
Balance at 1
September
2020
£
General funds
(2,759)
Endowment funds
583,268
580,509
17.
Analysis of net assets between funds
Analysis of net assets between funds - current year		 Income
£
119,218
-
119,218
Income
£
119,218
-
119,218		 Expenditure
£
(105,126)
(754)
(105,880)
Expenditure
£
(105,126)
(754)
(105,880)		 Balance at
31 August
2021
£
11,333
582,514
593,847
Balance at
31 August
2021
£
11,333
582,514
593,847
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2021
Unrestricted
funds
2021
£
£
582,514
7,057
-
76,452
-
(44,535)
-
(27,641)
582,514
11,333		 Total
funds
2021
£
589,571
76,452
(44,535)
(27,641)
593,847

Page 19

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

17. Analysis of net assets between funds (continued)

18. Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £630 (2020 - £638). Contributions were payable to the fund at the balance sheet date of £149 (2020 - £87).

19. Related party transactions

As at 31 August 2020 the charity owed £30,000 to one of the serving directors in respect of a loan made to the charity which attracted interest payable at 5%. During the year ended 31 August 2021, this loan and all interest arising has been settled in full.

20. Key management personnel

Key management personnel consists of the Trustees and the Operations Manager. During the year under review an amount of £6,593 was paid to the charity's key management personnel.

Page 20