REGISTERED COMPANY NUMBER: 04333000 REGISTERED CHARITY NUMBER: 1147469
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
North Huyton Communities Future
Haines Watts Statutory Auditor 3rd Floor Pacific Chambers 11-13 Victoria Street
Liverpool Merseyside L2 5QQ
North Huyton Communities Future
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 19 |
| Detailed Statement of Financial Activities | 20 |
North Huyton Communities Future
Report of the Trustees
for the Year Ended 31 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
The objectives of the organisation are based around continuing and sustaining the regeneration programme begun under the area's New Deal for Communities programme.
This work includes project management of the major housing regeneration programme, distribution of a small grants programme, management of two community centres, support of two community-based delivery organisations, ownership and management of a small residential property portfolio that houses households mostly nominated by Knowsley's Housing Options Service.
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives.
ACHIEVEMENT AND PERFORMANCE
NHCF has continued to support community development in the North Huyton area through its funding of its very successful Small Change Grants Programme.
In 2020/21 over 30 local community groups were supported through this long-established programme which is administered through a resident led panel.
In addition, the company continued to support two key community groups, HIYA and L14, whose community and youth-based programmes are targeted in specific areas of North Huyton.
HIYA operates out of one of NHCF's two community buildings, the Hillside Neighbourhood Centre, while L14 is based in the other, the GATE Community Centre.
Both of these buildings have been managed through NHCF, who continue to offer usage of the centre free to local community groups and subsequently host a multitude of groups and events.
The company owns and lets out 13 properties in the area, which is helping to sustain the company long term.
NHCF continues to project manage the Revive housing development programme and has overseen another significant rise in properties built and sold this year.
Page 1
North Huyton Communities Future
for the Year Ended 31 March 2021
Report of the Trustees
FINANCIAL REVIEW
The organisation continues to be retained as the project managers of the Revive scheme for which it receives an annual fee.
However, its main income stream over the last 9 years has been from its returns on land sold through the Revive programme.
The company is working with Partners to realise the last two remaining land phases which will help sustain the company into the future, following the end of the current 10-year plan in April 2021. However, despite these injections of cash in the future, the organisation has enacted significantly costs reductions at the end of this financial year, (principally around management costs), to ensure the company's longevity and to enable it to support key community assets going forward.
RESERVES POLICY
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. The trustees consider that a level of 3 months is sufficient given the flexibility afforded by the total return approach towards the investment of the Revive Housing programme receipts which allows trustees to transfer amounts from the unapplied total element of the receipts in the case of urgent need.
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.
NHCF is a company limited by guarantee and a registered charity. The organisation is run through a Board of 10 members, 6 of which are local nominated residents that represent the 6 sub estates that make up the designated area in which it operates.
The other members include two local councillors who are nominated from Knowsley Metropolitan Borough Council, a representative from the major Registered Housing Association LIVV Housing Group and a representative from the area's Neighbourhood Network. The resident representatives are put forward via the corresponding area resident's association. The other members are selected from their respective organisations.
The organisation was managed through a small executive team of 4, based in the companies registered offices at the GATE Community Centre.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04333000 (Not specified/Other)
Registered Charity number
1147469
Registered office
The Gate 600 Princess Drive Huyton Knowsley L14 9NQ
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North Huyton Communities Future
Report of the Trustees for the Year Ended 31 March 2021
Trustees
M P Kelly P G Lankertis A C Mason K W McGlashan D G Storey B M Thompson F McCann M O'Mara MBE
Auditors
Haines Watts Statutory Auditor 3rd Floor Pacific Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ
IMPACT OF COVID 19
Due to the impact of Covid 19 then the Trustees were forced to close their 2 Community Centres for various times over the year but continued to support outreach work in the community via its Small Change Grant scheme and its sponsorship of key Community Anchor organisations, such as HIYA and L14. Centre income was not greatly effected as the organisation does not charge for usage by local community groups and this was more than made up for my access to the governments Local Business Support Grant. The areas Revive Housing programme also continued largely unaffected by the restrictions, as construction was allowed as permittable activity for most of the year.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of North Huyton Communities Future for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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North Huyton Communities Future
Report of the Trustees
for the Year Ended 31 March 2021
AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..........................................................................
K W McGlashan - Trustee
Page 4
Report of the Independent Auditors to the Members of North Huyton Communities Future
Opinion
We have audited the financial statements of North Huyton Communities Future (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Trustees' view on the impact of COVID-19 is disclosed on page 3 of the Report of the Trustees.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of North Huyton Communities Future
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:
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Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
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Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations;
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Challenging assumptions and judgements made by management in its significant accounting estimates, in particular: - Depreciation of fixed assets, valuation of property, accruals and defined benefit pension scheme obligations.
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of North Huyton Communities Future
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mrs Kate Taylor (Senior Statutory Auditor) for and on behalf of Haines Watts Statutory Auditor 3rd Floor Pacific Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ
Date: .............................................
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North Huyton Communities Future
Statement of Financial Activities for the Year Ended 31 March 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 43,230 Charitable activities 5 Local Business Support Scheme 45,479 Investment income 4 64,926 Total 153,635 EXPENDITURE ON Charitable activities 6 General charitable purpose 502,165 Net gains on investments 311,017 NET INCOME/(EXPENDITURE) (37,513) Other recognised gains/(losses) Actuarial gains/(losses) on defined benefit schemes (129,000) Net movement in funds (166,513) RECONCILIATION OF FUNDS Total funds brought forward 1,991,648 TOTAL FUNDS CARRIED FORWARD 1,825,135 |
Restricted fund £ - - - - - - - - - - - |
31.3.21 Total funds £ 43,230 45,479 64,926 153,635 502,165 311,017 (37,513) (129,000) (166,513) 1,991,648 1,825,135 |
31.3.20 Total funds £ 1,134,810 - 56,867 1,191,677 698,470 - 493,207 222,000 715,207 1,276,441 1,991,648 |
|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
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North Huyton Communities Future
Balance Sheet
31 March 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 - Investment property 11 1,919,350 1,919,350 CURRENT ASSETS Debtors 12 31,885 Cash at bank and in hand 177,589 209,474 CREDITORS Amounts falling due within one year 13 (19,689) NET CURRENT ASSETS 189,785 TOTAL ASSETS LESS CURRENT LIABILITIES 2,109,135 DEFINED BENEFIT PENSION SCHEME OBLIGATIONS 15 (284,000) NET ASSETS 1,825,135 FUNDS 14 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - - - |
31.3.21 Total funds £ - 1,919,350 1,919,350 31,885 177,589 209,474 (19,689) 189,785 2,109,135 (284,000) 1,825,135 1,825,135 1,825,135 |
31.3.20 Total funds £ - 1,685,833 1,685,833 21,711 550,966 572,677 (21,862) 550,815 2,236,648 (245,000) 1,991,648 1,991,648 1,991,648 |
|---|---|---|---|
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 ............................................. and were signed on its behalf by:
............................................. K W McGlashan - Trustee
The notes form part of these financial statements
Page 9
North Huyton Communities Future
Notes to the Financial Statements for the Year Ended 31 March 2021
1. COMPANY INFORMATION
North Huyton Communities Future ("the company" is a private company limited by guarantee incorporated in England and Wales. The company's registered number and registered office can be found on the Report of the Trustees.
2. 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, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Critical accounting judgements and key sources of estimation uncertainty
Defined benefit pension scheme obligations
The present value of the Local Government Pension Scheme defined benefit scheme depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net costs (income ) for pensions include the discount rate. Any changes in this assumptions disclosed in note 15, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pension liability at 31 March 2021. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
Revaluation of investment properties
The charity carries its investment properties at fair value, with changes in fair value being recognised in the Statement of Financial Activities. The charity uses external professional advisors to determine the fair value. The charity's investment properties were revalued by the trustees at the balance sheet date in reference to the external valuation.
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.
Income from Government grants comprises grants received under the Local Business Support Scheme. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. ACCOUNTING POLICIES - continued
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. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Tangible fixed assets
Fixed assets acquired for the purpose of management and administration are calculated at cost, and depreciation is provided at the following rates, rates calculated to write off the cost of such assets over their expected useful lives.
Fixtures, fittings and office equipment 20% straight line basis
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
Going concern
The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and account.
Pension costs and other post-retirement benefits
The company operates a defined benefit pension scheme.
Legal status of the charity
The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
Financial Instruments
Basic financial assets, which include other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including other creditors and pension creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debit instrument is measured at the present value of the future payments discounted at a market rate of interest.
continued...
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North Huyton Communities Future
| Notes to the Financial Statements-continued for the Year Ended 31 March 2021 3. DONATIONS AND LEGACIES Revive income Other income Land receipts 4. INVESTMENT INCOME Rents received 5. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Local Business Support Scheme 6. CHARITABLE ACTIVITIES COSTS General charitable purpose |
31.3.21 £ 41,727 1,503 - 43,230 31.3.21 £ 64,926 31.3.21 £ 45,479 |
31.3.20 £ 41,636 5,274 1,087,900 1,134,810 31.3.20 £ 56,867 31.3.20 £ - Direct Costs £ 502,165 |
|
|---|---|---|---|
Charitable activities includes audit services of £8,115 and all other non-audit services of £2,710 payable to the charity auditor.
7. TRUSTEES' REMUNERATION AND BENEFITS
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
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 8. | STAFF COSTS | ||||
|---|---|---|---|---|---|
| 31.3.21 | 31.3.20 | ||||
| £ | £ | ||||
| Wages and salaries | 156,804 | 134,025 | |||
| Other pension costs | 27,782 | 30,201 | |||
| 184,586 | 164,226 | ||||
| The average monthly number of employees during the year was as follows: | |||||
| Average monthly number of employees | 31.3.21 4 |
31.3.20 4 |
|||
| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: | |||||
| £80,001 - £90,000 | 31.3.21 1 |
31.3.20 1 |
|||
| The charity's key management personnel were paid between £80,001 and £90,000 for their services. | |||||
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||||
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
Restricted fund £ |
Total funds £ |
||
| Donations and legacies | 1,134,810 | - | 1,134,810 | ||
| Investment income | 56,867 | - | 56,867 | ||
| Total | 1,191,677 | - | 1,191,677 | ||
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| General charitable purpose | 698,470 | - | 698,470 | ||
| NET INCOME | 493,207 | - | 493,207 | ||
| Other recognised gains/(losses) | |||||
| Actuarial gains on defined benefit schemes | 222,000 | - | 222,000 | ||
| Net movement in funds | 715,207 | - | 715,207 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 1,276,441 | - | 1,276,441 |
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ TOTAL FUNDS CARRIED FORWARD 1,991,648 - 10. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 11. INVESTMENT PROPERTY FAIR VALUE At 1 April 2020 Disposals Revaluation At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 Fair value at 31 March 2021 is represented by: Valuation in 2018 Valuation in 2021 Cost |
Total funds £ 1,991,648 Fixtures and fittings £ 32,040 32,040 - - £ 1,685,833 (90,649) 324,166 1,919,350 1,919,350 1,685,833 £ (1,208,952) 324,166 2,804,136 1,919,350 |
|---|---|
If investment property has not been revalued it would have been included at the historical cost of
£2,804,136. Investment property was valued on an open market basis in October 2020 by Bryan Gaskill Properties Limited.
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Other creditors Pension creditor Accrued expenses 14. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 1,991,648 TOTAL FUNDS 1,991,648 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 153,635 (502,165) TOTAL FUNDS 153,635 (502,165) Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 1,276,441 TOTAL FUNDS 1,276,441 |
31.3.21 £ 31,885 31.3.21 £ 6,242 1,550 2,897 9,000 19,689 Net movement in funds £ (166,513) (166,513) Gains and losses £ 182,017 182,017 Net movement in funds £ 715,207 715,207 |
31.3.20 £ 21,711 31.3.20 £ 6,064 1,550 2,717 11,531 21,862 At 31.3.21 £ 1,825,135 1,825,135 Movement in funds £ (166,513) (166,513) At 31.3.20 £ 1,991,648 1,991,648 |
|---|---|---|
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 1,191,677 1,191,677 |
Resources expended £ (698,470) (698,470) |
Gains and losses £ 222,000 222,000 |
Movement in funds £ 715,207 715,207 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 1,276,441 1,276,441 |
Net movement in funds £ 548,694 548,694 |
At 31.3.21 £ 1,825,135 1,825,135 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Gains and losses £ |
Movement in funds £ |
|---|---|---|---|
| General fund | 1,345,312 (1,200,635) |
404,017 | 548,694 |
| TOTAL FUNDS | 1,345,312 (1,200,635) |
404,017 | 548,694 |
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
15. EMPLOYEE BENEFIT OBLIGATIONS
The company participates in the Merseyside Pension Fund which is a multi-employer scheme and is part of the Local Government Pension Scheme in England and Wales. This is a defined benefit pension scheme for qualifying employes and the benefits are set in line with Local Government Pension Scheme Regulations. Benefits vary depending on the employee's joining date and length of participation in the Fund.
The pension cost and provision for the year ended 31st March 2021 are based on the advice of a professionally qualified actuary. The most recent actuarial valuation is dated 31st March 2019 which has been updated to reflect the conditions at the balance sheet date.
| 2021 2020 The major assumptions used by the actuary were: % % CPI Inflation/care benefits revaluation 2.7 2.2 Increase in salaries 4.2 3.7 Increase in pensions in payment 2.8 2.3 |
2021 2020 The major assumptions used by the actuary were: % % CPI Inflation/care benefits revaluation 2.7 2.2 Increase in salaries 4.2 3.7 Increase in pensions in payment 2.8 2.3 |
|---|---|
| Discount rate | 2.1 2.5 |
| Morality assumptions: 2021 2020 |
|
| Years Years Retiring today Males 21.0 20.9 Females 24.1 24.0 Retiring in 20 years Males 22.6 22.5 Females 26.0 25.9 |
|
| 2021 2020 |
|
| Analysis of amount charged to operating profit: £000s £000s Current service cost 25 27 Net interest cost 3 10 Past service cost - 9 Total cost recognised in operating profit 28 46 |
|
| 2021 2020 |
|
| Analysis of amount charged to other recognised gains/(losses) £000s £000s Actual return on plan assets (244) (17) Less: calculated interest element 43 43 Return on scheme assets excluding interest income (201) 26 Actuarial changes related to obligations 330 (248 ) Total (gains)/losses 129 (222) |
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
15. EMPLOYEE BENEFIT OBLIGATIONS - continued
The amounts included in the balance sheet arising from the company's obligations in respect on defined benefit plans are as follows:
| Present value of defined benefit obligations Fair value of plan assets |
2021 £000s 2,368 2,084 |
2020 £000s 1,972 1,727 |
|---|---|---|
Deficit in scheme |
284 | 245 |
| Movements in the present value of defined benefit obligations | 2021 | |
| Liabilities at 1 April 2020 Current service cost Benefits paid Contributions by scheme members Actuarial gains and losses Interest cost |
£000s 1,972 25 (14) 9 330 46 |
|
| Liabilities at 31 March 2021 | 2,368 | |
| Movements in the fair value of plan assets | 2020 | |
| Fair value of assets at 1 April 2020 Interest income Return on plan assets Contributions by the employer Contributions by scheme members Benefits paid |
£000s 1,727 43 201 118 9 (14) |
|
| Fair value of assets at 31 March 2021 | 2,084 | |
| The fair value of plan assets are as follows: Equities Government bonds Other bonds Property Cash/liquidity Other Fair value of plan assets at the end of the period |
2021 £000s 832 58 556 142 115 331 2,084 |
2020 £000s 712 307 190 130 69 319 1,727 |
continued...
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North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
16. OTHER FINANCIAL COMMITMENTS
The defined benefit pension scheme is secured by way of fixed charge on the bank accounts of the charity dated 9 July 2014.
A charge over the land at Seel Road, Huyton is held by Knowsley Metropolitan Borough Council dated 13 December 2012.
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 19
North Huyton Communities Future
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Revive income Other income Land receipts Investment income Rents received Charitable activities Grants Total incoming resources EXPENDITURE Charitable activities Wages Pensions Insurance Telephone Postage and stationery Community participation Thematics Community Anchor Grants Community Building Grants Motor & Travel Other miscellaneous expenses Finance administration costs Audit and accountancy Interest payable Total resources expended Net (expenditure)/income before gains and losses Realised recognised gains and losses Realised Gains/losses on investment properties Net (expenditure)/income |
31.3.21 £ 41,727 1,503 - 43,230 64,926 45,479 153,635 156,804 27,782 14,573 936 501 75,573 78,288 80,000 49,782 - 3,280 821 10,825 3,000 502,165 502,165 (348,530) (13,149) (361,679) |
31.3.20 £ 41,636 5,274 1,087,900 1,134,810 56,867 - 1,191,677 134,025 30,201 12,159 1,041 268 60,361 296,094 84,844 47,295 266 2,549 1,172 9,195 19,000 698,470 698,470 493,207 - 493,207 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 20