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← Cliff House Trust Limited

2023-08-31-accounts

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

Registered number: 07752930 Charity number: 1146359

CLIFF HOUSE TRUST LIMITED

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

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 - 21

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees

D Stevens (resigned 16 November 2022) G Tabiner B F Edwards D Moxham (resigned 30 May 2023)

M Long, Chairman M Heald (resigned 17 August 2023) S Tabiner M Smout (resigned 21 September 2022) S Frame A Savell (appointed 21 September 2022) A Fitzhugh

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

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements of the Cliff House Trust Limited for the year 1 September 2022 to 31 August 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 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.

Achievements and performance

a. Review of activities

The aim of the Charitable company continues to be the provision and maintenance of Cliff House, recognised as an iconic building in Salcombe of historic and architectural merit, as a multifunctional facility for use by the inhabitants of Salcombe and its visitors. To achieve this the company continues to raise income from a wide range of fundraising events, rent and various lettings, including weddings, private parties, also seeking charitable donations which are always gratefully received. The important position that Cliff House has as a community building is that it houses the Salcombe Town Council Office, and Town Council meetings, Salcombe Yacht Club, Salcombe Library and is the base for the local theatrical group The Salcombe Players.

The Trust keeps the operating model under review to be able to respond to changes in demands in the wedding and entertainment event market, as well as the current economic challenges being experienced. In the past year weddings and events held up well, with weddings and event bookings coming in for 2024 and requests for 2025, reinforcing the venue as a wedding and community event building. Ongoing remedial work and redecorating of the building has taken place whilst ensuring that the charity had sufficient cash to meet its working capital requirements.

Thanks go to past and present staff and Trustees for their superb efforts and work, during what was still a challenging period, in supporting Cliff House.

Page 2

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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 £10,629 (2022 - £22,239)

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.

Page 3

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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 period. 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 and signed on their behalf by:

==> picture [76 x 37] intentionally omitted <==

M Long (Chair of Trustees) Date: 11 December 2023

Page 4

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

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 2023.

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: Dated: 12 December 2023 Richard Hill (FCA)

Griffin Stone Moscrop & Co

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

Page 5

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Bar and fundraising
4
Bank interest
Other income
5
Total income and endowments
Expenditure on:
Fundraising and bar costs
6
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2023
£
-
-
-
-
-
-
-
754
754
(754)
581,760
(754)
581,006		 Unrestricted
funds
2023
£
1,758
64,943
96,185
46
10,096
173,028
31,970
152,668
184,638
(11,610)
22,239
(11,610)
10,629		 Total
funds
2023
£
1,758
64,943
96,185
46
10,096
173,028
31,970
153,422
185,392
(12,364)
603,999
(12,364)
591,635		 Total
funds
2022
£
4,554
78,728
89,942
1
4,448
177,673
33,876
133,645
167,521
10,152
593,847
10,152
603,999

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

The notes on pages 9 to 21 form part of these financial statements.

Page 6

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED REGISTERED NUMBER: 07752930

BALANCE SHEET AS AT 31 AUGUST 2023

Note
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 6,610
28,338
42,495
77,443
(58,888)		 2023
£
588,666
588,666
18,555
607,221
(15,586)
591,635
591,635
581,006
-
10,629
591,635		 1,791
17,566
66,428
85,785
(49,729)		 2022
£
589,675
589,675
36,056
625,731
(21,732)
603,999
603,999
581,760
-
22,239
603,999

Page 7

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED REGISTERED NUMBER: 07752930

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023

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:

==> picture [75 x 37] intentionally omitted <==

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

M Long (Chair of Trustees) Date: 11 December 2023

The notes on pages 9 to 21 form part of these financial statements.

Page 8

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

The financial statements are prepared in sterling and are rounded to the nearest £1.

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.

Page 9

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.3 Expenditure (continued)

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.4 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

1.5 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.

1.6 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.

1.7 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.

1.8 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

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. Accounting policies (continued)

1.9 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.

1.10 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
2023
£
Donations
1,758
Unrestricted
funds
2022
£
Donations
1,887
Grants
2,667
Total 2022
4,554		 Total
funds
2023
£
1,758
Total
funds
2022
£
1,887
2,667
4,554

Page 11

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from charitable activities

Unrestricted
funds
2023
£
Provision of Community Facilities - rental income
35,392
Provision of Community Facilities - room hire
6,896
Provision of Community Facilities - weddings
22,655
Total 2023
64,943
Unrestricted
funds
2022
£
Provision of Community Facilities - rental income
26,532
Provision of Community Facilities - room hire
6,324
Provision of Community Facilities - weddings
45,872
Total 2022
78,728		 Total
funds
2023
£
35,392
6,896
22,655
64,943
Total
funds
2022
£
26,532
6,324
45,872
78,728
4. Income from other trading activities
Income from fundraising events
Unrestricted
funds
2023
£
Income from fundraising events
26,216
Unrestricted
funds
2022
£
Income from fundraising events
10,946		 Total
funds
2023
£
26,216
Total
funds
2022
£
10,946

Page 12

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Income from other trading activities (continued)

Income from non charitable trading activities

Unrestricted
funds
2023
£
Bar income
69,969
Unrestricted
funds
2022
£
Bar income
78,996		 Total
funds
2023
£
69,969
Total
funds
2022
£
78,996

5. Other incoming resources

Utility recharges
Insurance claim towards repair costs
Total 2023
Utility recharges		 Unrestricted
funds
2023
£
4,346
5,750
10,096
Unrestricted
funds
2022
£
4,448		 Total
funds
2023
£
4,346
5,750
10,096
Total
funds
2022
£
4,448

Page 13

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
Staff costs relating to fundraising (25% of all staff costs excluding
caretakers salary)
8,645
Unrestricted
funds
2022
£
Staff costs relating to fundraising (25% of all staff costs excluding
caretakers salary)
6,994
Other trading expenses
Unrestricted
funds
2023
£
Bar purchases
23,325
Unrestricted
funds
2022
£
Bar purchases
26,882		 Total
funds
2023
£
8,645
Total
funds
2022
£
6,994
Total
funds
2023
£
23,325
Total
funds
2022
£
26,882

Page 14

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Analysis of expenditure on charitable activities

Summary by fund type

Provision of Community Facilities
Provision of Community Facilities
Summary by expenditure type
Provision of Community Facilities
Provision of Community Facilities		 Endowment
funds
2023
Unrestricted
funds
2023
£
£
754
152,668
Endowment
funds
2022
Unrestricted
funds
2022
£
£
754
132,891
Staff costs
2023
Depreciation
2023
Other costs
2023
£
£
£
51,509
2,500
99,413
Staff costs
2022
Depreciation
2022
Other costs
2022
£
£
£
49,615
2,330
81,700		 Total
2023
£
153,422
Total
2022
£
133,645
Total
2023
£
153,422
Total
2022
£
133,645

Page 15

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure by activities

Provision of Community Facilities
Provision of Community Facilities		 Activities
undertaken
directly
2023
£
116,634
Activities
undertaken
directly
2022
£
98,899		 Grant
funding of
activities
2023
£
15
Grant
funding of
activities
2022
£
1,015		 Support
costs
2023
£
36,773
Support
costs
2022
£
33,731		 Total
funds
2023
£
153,422
Total
funds
2022
£
133,645

Page 16

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Cleaning and laundry
Water rates. light and heat
Equipment and property repairs
Insurance
Survey costs
Total 2023		 Total
funds
2023
£
51,509
2,500
4,938
18,004
26,164
8,079
5,440
116,634		 Total
funds
2022
£
49,615
2,330
5,040
18,474
16,075
7,365
-
98,899

Analysis of support costs

Advertising and P.R.
Office expenses
Printing and stationery
Event costs
Subscriptions
Sundry expenses
Bank interest and charges
Other loan interest payable
Legal and professional fees
Book-keeping and secretarial costs
Governance costs
Total 2023		 Total
funds
2023
£
2,161
4,358
799
19,143
185
171
2,103
619
1,527
3,169
2,538
36,773		 Total
funds
2022
£
3,107
3,989
366
16,740
756
684
955
302
1,432
3,078
2,322
33,731

Page 17

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Analysis of grants

Grants
Grants		 Grants to
Institutions
2023
£
15
Grants to
Institutions
2022
£
15		 Grants to
Individuals
2023
£
-
Grants to
Individuals
2022
£
1,000		 Total
funds
2023
£
15
Total
funds
2022
£
1,015

10. Staff costs

2023
£
Wages and salaries
59,176
Contribution to defined contribution pension schemes
978
60,154
The average number of persons employed by the Company during the year was as follows:		 2022
£
55,656
953
56,609
2023 2022
No. No.
5 5

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

11. Trustees' remuneration and expenses

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

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

Page 18

DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022
13.
Stocks
Bar stocks
14.
Debtors
Due within one year
Trade debtors
Other debtors		 Freehold
property
£
587,679
-
587,679
5,919
754
6,673
581,006
581,760		 Fixtures and
fittings
£
27,625
1,491
29,116
21,625
1,364
22,989
6,127
6,000		 Office
equipment
£
10,675
-
10,675
8,760
382
9,142
1,533
1,915
2023
£
6,610
2023
£
21,912
6,426
28,338		 Total
£
625,979
1,491
627,470
36,304
2,500
38,804
588,666
589,675
2022
£
1,791
2022
£
17,086
480
17,566

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DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Pension fund loan payable
Other creditors
Accruals and deferred income		 2023
£
5,914
9,627
10,934
123
1,354
30,936
58,888		 2022
£
5,768
623
10,135
191
251
32,761
49,729

Deferred income as at 31 August 2023 of £26,337 (2022 - £28,209) 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.

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

Bank loans
All loans owed by the charity are unsecured.		 2023
£
15,586		 2022
£
21,732

17. Statement of funds Statement of funds - current year

Unrestricted funds
General Funds
Endowment funds
Endowment Fund - Freehold of Cliff House
Total of funds		 Balance at 1
September
2022
£
22,239
581,760
603,999		 Income
£
173,028
-
173,028		 Expenditure
£
(184,638)
(754)
(185,392)		 Balance at
31 August
2023
£
10,629
581,006
591,635

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DocuSign Envelope ID: 72DFE51E-7DD2-4741-B711-6A9F64E16046

CLIFF HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. 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 in more than one year
Total		 Endowment
funds
2023
Unrestricted
funds
2023
£
£
581,006
7,660
-
77,443
-
(58,888)
-
(15,586)
581,006
10,629		 Total
funds
2023
£
588,666
77,443
(58,888)
(15,586)
591,635

19. 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 £978 (2022 - £953). Creditors: amounts falling due within one year include contributions owed to pension funds at the balance sheet date of £123 (2022 - £191).

20. Key management personnel

Key management personnel consists of the Trustees and the Operations Manager. During the year under review an amount of £25,500 (2022 - £20,637) was paid to the charity's key management personnel.

Page 21