Charity Registration No. 1148460
Company Registration No. 08124695 (England and Wales)
MARYGATE HOUSE HOLY ISLAND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
MARYGATE HOUSE HOLY ISLAND
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs Susan E Massey - Chair & Treasurer | |
|---|---|---|
| Mr Andrew E Duff | ||
| Revd Sarah Hills | ||
| Mr J Merrison | ||
| Revd Gillian Maude | (Appointed 23 April 2021) | |
| Charity number | 1148460 | |
| Company number | 08124695 | |
| Registered office | Marygate House | |
| Holy Island | ||
| Berwick upon Tweed | ||
| TD15 2SD | ||
| Independent examiner | Stuart Allister CA | |
| Greaves West & Ayre | ||
| 17 Walkergate | ||
| Berwick-upon-Tweed | ||
| Northumberland | ||
| TD15 1DJ | ||
| Bankers | The Co-operative Bank | |
| PO Box 250 | ||
| Delf House | ||
| South Way | ||
| Skelmersdale | ||
| WN8 6WT | ||
| Solicitors | T C Smith Solicitors LLP | |
| 9 Church Street | ||
| Berwick upon Tweed | ||
| Northumberland | ||
| TD15 1EF |
MARYGATE HOUSE HOLY ISLAND
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 18 |
MARYGATE HOUSE HOLY ISLAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charitable Company's Articles of Association , the Companies Act 2006 and “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 2015)” .
Objectives and activities
Marygate House Holy Island aims to enable groups of people or individuals to come to Holy Island and carry out a religious, educational or cultural programme. It is also part of its remit to assist those members of staff who usually remain within the Charitable Company for up to one year and to discern where their future career path lies and to help enable them to try and achieve that goal.
Visitors are provided with full board and whatever assistance with their programme that may be required. It is not the purpose of the Charitable C ompany to provide accommodation for seaside holidays and great care is taken to explain this to potential visitors.
Marygate House Holy Island owns one large building, Marygate House, and its adjoining cottage known as Elemore Cottage.
The Charitable C ompany makes no charge for the use of facilities or for staying at any of the properties, making it available for all, regardless of their financial situation. The Charitable C ompany relies solely on voluntary donations from guests and others to cover costs and running expenses.
It is normal for Marygate House to be used by individuals and groups up to its capacity of 18 people.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charitable Company should undertake.
Achievements and performance
The experiences of 2020 with regards to covid assisted us to strike a balance to do just enough to survive in the face of the ongoing covid restrictions and closures. We were aiming to be resilient in 2021. Careful and near constant cashflow analysis assisted the Trust to be in the best situation it could be, although it was desirable to be in a better one. We realise this might have been much worse. Receipt of furlough monies, government grants, bequests, legacies, and a loan enabled us to weather the storm.
We remained closed for part of 2021 but opened between May and November with social distancing arrangements due to national restrictions. This meant we had to cancel all the group bookings we had taken for 2021, this had a negative impact on our revenue. This period of opening for individuals only helped us to realize how much revenue we receive running under such a mode. We continued to observe a perceptible peaceful and prayerful ambiance in the house.
The Trustees set up a team to research and apply for additional revenue and capital funding for much needed renovations. This team successfully secured £5000 to fund the initial stages of securing substantial funding required for the renovation project.
Although financially lacklustre this year proved very positive in the outreach made to retreatants and the welcome they received.
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MARYGATE HOUSE HOLY ISLAND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
Financial review
It is the policy of the Charitable Company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charitable Company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The C haritable C ompany is non-profit making. There is no fixed charge for accommodation of guests. Income is derived from donations and covenants, with a small amount from the sale of pamphlets. The T rustees acknowledge the generosity of those who stay, resulting in healthy bank balances. The attached financial statements show the current state of the finances which the T rustees consider to be satisfactory. The T rustees have reviewed the reserves of the C haritable C ompany, in the light of the nature of the income and expenditure streams and consider them enough to meet current and future requirements.
The Trustees has assessed the major risks to which the Charitable Company is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Risk Review
The Charitable Company has conducted a review of risks and procedures implementing changes in a timely fashion. At present we can perceive two primary threats both pandemic related. During the pandemic with it’s associated social distancing and lock downs there is a drain on our resources exceeding our income. Should this position be long lasting we may need to consider laying off paid staff, closing until better times. Also, societal habits may change in the new normal and this may affect Marygate prospects in a positive or negative way. So, the Trustees have adopted a proactive attitude.
Plans for the future
The Trust plans to review its entire operation, both practical and financial. Then make whatever changes are necessary to enable the purpose of the Trust to be continued. Keeping in mind the words of Douglas Graham a founding Trustee “we must look to the needs of the present and the future rather than the past”. Post Covid our marketplace will change, our users and donors will find themselves in different circumstances, with different needs, perspectives, and resources. Marygate needs to adapt to take this into account.
We plan to continue to welcome our current client base, but in addition we are extending our principal focus becoming a Centre for Peace and Reconciliation. The House, or how it runs, is not changing demonstrably rather it will promote itself in this light. If there is anything the world or people need, it is peace. We will continue to welcome people to enjoy the natural peace of the island, advertising that Marygate and the Island are fantastic places to find and grow inner peace and spirituality. Further, it is a great place to retreat from the world which bruises you. A place to come when you need to be reconciled or receive healing. We will run and resource events to promote reconciliation, resourcing others to help address division. We will make our facilities available for dialogue facilitation and mediation, encouraging, enabling, and empowering reconciliation. To help with this initiative we are in dialogue with the Community of the Cross of Nails, with a view to joining that society.
To enable this and to encourage more general retreatants we need to make improvements to the fabric of the building. Especially regarding reducing overheads and becoming more environmental. We continue the effort to secure grants to cover these capital costs, which will enable us to be the foremost retreat house in the Northeast of England and a place of excellence with regards Peace and Reconciliation. We will appoint a Project Manager to take this forward. It may be necessary to close the house for a time to enable the physical work. This closure could be the marker for a reformation of the House moving forward.
The Trust remains committed to offering guests the best experience of retreat possible while continuing to maintain the practice of receiving donations. The Trust is also committed to offering facilities for retreat in continuity with the past, while also exploring new opportunities.
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MARYGATE HOUSE HOLY ISLAND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
Staffing
At the start of 2021 in addition to the two wardens, we continued to employ a part-time general assistant who resides on the island. However, in June 2021 the general assistant resigned, not wishing to resume work after the covid furlough. She was not replaced at that time. At present we are not pursuing voluntary helpers, however when the pandemic has past, we will be proactive in this regard as volunteers have brought so much to our organization and it is very much part of our remit. Further given the cost of staff is such a large proportion of our operating cost and the financial position of the Charity we may need to review how the organisation is staffed moving forward.
Public Benefit
Throughout this report the Trustees have sought to highlight those activities undertaken by the Charitable Company in furtherance of its charitable objectives for the public benefit. The Charitable Company continually considers its activities and policies with particular regard to the public benefit guidance published by the Charity Commission in the Charities Act 2011.
Structure, governance and management
Marygate House Holy Island was incorporated on 29 June 2012.
The Charitable Company is a company limited by guarantee , having no share capital and solely charitable objectives.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
Mrs Susan E Massey - Chair & Treasurer Mr Andrew E Duff Revd Sarah Hills Mr J Merrison Revd Gillian Maude (Appointed 23 April 2021)
The Articles of Association provides for a minimum of six Trustees. Where there is a requirement for new Trustees, these would be identified and appointed by ordinary resolution. The Chair of Trustees is responsible for the induction of any new Trustee which involves awareness of a Trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Charitable Company. A new Trustee would receive copies of the previous year's annual report and accounts.
None of the Trustees has any beneficial interest in the Charitable C ompany. All of the Trustees are members of the Charitable C ompany and guarantee to contribute £1 in the event of a winding up.
The Charitable C ompany works closely with St. Mary's Church, Holy Island with regard to the sale of publications.
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MARYGATE HOUSE HOLY ISLAND
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021
Statement of Trustees' responsibilities
The Trustees, who are also the directors of Marygate House Holy Island for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare accounts 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 year.
In preparing these accounts, 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 Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the accounts 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.
Exemptions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The Trustees' r eport was approved by the Board of Trustees.
..............................
Mrs Susan E Massey - Chair & Treasurer
Dated: .........................
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MARYGATE HOUSE HOLY ISLAND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MARYGATE HOUSE HOLY ISLAND
I report to the Trustees on my examination of the financial statements of Marygate House Holy Island (the Charitable Company) for the year ended 31 December 2021.
Responsibilities and basis of report
As the Trustees of the Charitable Company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charitable 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 Charitable Company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements 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
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4 the financial statements 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.
Stuart Allister CA
Greaves West & Ayre Chartered Accountants & Statutory Auditors 17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ
Dated: .........................
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MARYGATE HOUSE HOLY ISLAND
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Unrestricted funds funds general d esignated 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 40,910 5,000 Incom e from charitable activities 4 10 - Investments 5 10 1 Other income 6 34,822 - Total income 75,752 5,001 Expenditure on: Raising funds 7 - - Charitable activities 8 75,927 6,407 Total resources expended 75,927 6,407 Net movement in funds (175) (1,406) Fund balances at 1 January 2021 44,172 87,939 Fund balances at 31 December 2021 43,997 86,533 |
Total Unrestricted Unrestricted funds funds general d esignated 2021 2020 2020 £ £ £ 45,910 25,138 - 10 429 - 11 85 7 34,822 28,968 - 80,753 54,620 7 - 282 - 82,334 72,765 6,484 82,334 73,047 6,484 (1,581) (18,427) (6,477) 132,111 62,599 94,416 130,530 44,172 87,939 |
Total 2020 £ 25,138 429 92 28,968 54,627 282 79,249 79,531 (24,904) 157,015 132,111 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MARYGATE HOUSE HOLY ISLAND
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Tangible assets 12 Current assets Stocks 14 Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Income funds Unrestricted funds - designated 20 Unrestricted funds - general |
2021 £ 681 5,234 76,715 82,630 (8,469) |
£ 78,220 74,161 152,381 (21,851) 130,530 86,533 43,997 130,530 |
2020 £ 681 1,891 52,379 54,951 (7,467) |
£ 84,627 47,484 132,111 - 132,111 87,939 44,172 132,111 |
|---|---|---|---|---|
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MARYGATE HOUSE HOLY ISLAND
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The Charitable C ompany is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.
The directors acknowledge their responsibilities for ensuring that the C harit able Company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the Charitable C ompany as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charitable C ompany.
The members have not required the Charitable C ompany to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
Mrs Susan E Massey - Chair & Treasurer Trustee
Company Registration No. 08124695
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Marygate House Holy Island is a private company limited by guarantee incorporated in England and Wales. The registered office is Marygate House, Holy Island, Berwick upon Tweed, TD15 2SD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charitable Company's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charitable Company is a Public Benefit Entity as defined by FRS 102.
The Charitable Company 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.
The financial statements are prepared in sterling , which is the functional currency of the Charitable Company . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .
1.4 Incoming resources
Income is recognised when the Charitable Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charitable Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants receivable are recognised in the Statement of Financial Activities in full in the year which they become receivable, that is when the conditions for receipt have been met.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.5 Resources expended
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 are allocated on the portion of the asset’s use.
Resources expended are allocated to direct charitable expenditure, costs of generating funds and governance costs under the appropriate headings.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Nil Property improvements 10% Straight Line Fixtures, fittings & equipment 25% Straight Line
Although Accounting Standards require the annual depreciation of fixed assets, there is no provision in the financial statements for depreciation of Freehold land and buildings. The buildings are maintained to a high standard to prevent deterioration. The estimated residual value of the buildings are, at current prices, not less than their book value. The Trustees therefore believe that the policy of not providing depreciation is necessary for the accounts to give a true and fair view. The freehold property is held on furtherance of the Charitable Company's objectives and not as an investment.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Impairment of fixed assets
At each reporting end date, the Charitable Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The Charitable Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charitable Company 's balance sheet when the Charitable Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charitable Company ’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charitable Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
2 Critical accounting estimates and judgements
In the application of the Charitable Company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Unrestricted funds funds general d esignated £ £ Donations from guests 4,941 5,000 Legacies receivable 6,371 - General donations 27,268 - Covenanted donations and gift aid 2,330 - 40,910 5,000 For the year ended 31 December 2020 25,138 - |
Total 2021 £ 9,941 6,371 27,268 2,330 45,910 |
Total 2020 £ 12,825 - 11,049 1,264 25,138 25,138 |
|---|---|---|
4 Incom e from charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Sale of publications | 10 | 429 |
5 Investments
| Unrestricted Unrestricted funds funds general d esignated £ £ Interest receivable 10 1 For the year ended 31 December 2020 85 7 |
Total 2021 £ 11 |
Total 2020 £ 92 92 |
|---|---|---|
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6 Other income
| Unrestricted | Total |
||
|---|---|---|---|
| funds | |||
| general | |||
| 2021 | 2020 |
||
| £ | £ |
||
| HMRC Job retention scheme | 17,153 | 17,634 |
|
| C OVID-19 Business support grants | 17,669 | 11,334 |
|
| 34,822 | 28,968 |
||
| 7 | Raising funds | Unrestricted | |
| funds | |||
| general | |||
| 2021 | 2020 | ||
| £ | £ | ||
| Publications | - | 135 | |
| Share of surplus on pamphlet sales to St. Mary's church | - | 147 | |
| Raising funds | - | 282 |
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
8 Charitable activities
| Charitable activities Staff costs Depreciation £ £ £ Staff costs - 36,374 - Depreciation and impairment - - 6,407 Sundries 52 - - Independent examination costs 4,148 - - General running expenses 10,200 - - Heating and lighting 3,852 - - Council tax and water charges 5,471 - - Repairs, renewals and equipment 5,315 - - Travelling expenses - - - Insurance 2,967 - - Rent 5,400 - - Refuse collection 204 - - Advertising 590 - - Postage and stationery 37 - - Telephone 742 - - Computer costs 455 - - Bank charges 120 39,553 36,374 6,407 Analysis by fund Unrestricted funds - general 39,553 36,374 - Unrestricted funds - designated - - 6,407 39,553 36,374 6,407 For the year ended 31 December 2020 Unrestricted funds - general 36,190 36,575 - Unrestricted funds - designated - - 6,484 36,158 36,575 6,484 |
Total 2021 £ 36,374 6,407 52 4,148 10,200 3,852 5,471 5,315 - 2,967 5,400 204 590 37 742 455 120 82,334 75,927 6,407 82,334 |
Total 2020 £ 36,575 6,484 57 3,702 7,252 7,566 5,098 1,613 95 2,997 5,400 470 809 85 769 245 32 79,249 72,765 6,484 79,249 |
|---|---|---|
9 Trustees
None of the Trustees (or any persons connected with them) received any remuneration during the year .
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
10 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Other pension costs |
2021 Number 3 2021 £ 33,967 2,407 36,374 |
2020 Number 3 2020 £ 35,328 1,247 36,575 |
|---|---|---|
The total wages expense for the year was £ 3 6,374 (2020: £ 3 6,575) and no employees received emoluments greater than £60,000 (2020: Nil).
11 Taxation
The Charitable Company is exempt from Corporation Tax and is not registered for value added tax.
12 Tangible fixed assets
| Cost At 1 January 2021 At 31 December 2021 Depreciation and impairment At 1 January 2021 Depreciation charged in the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
Land and buildings Property improvements Fixtures, fittings & equipment £ £ £ 63,672 61,763 16,484 63,672 61,763 16,484 - 41,400 15,892 - 6,168 239 - 47,568 16,131 63,672 14,195 353 63,672 20,363 592 |
Total £ 141,919 141,919 57,292 6,407 63,699 78,220 84,627 |
|---|---|---|
Marygate House and Elemore Cottage have been valued at £1,254,621 as of July 2021 for Insurance reinstatement purposes.
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| 13 Financial instruments Carrying amount of financial assets Debtors Carrying amount of financial liabilities Creditors and accruals 14 Stocks Pamphlets 15 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 16 Loans and overdrafts Bank loans Payable within one year Payable after one year 17 Creditors: amounts falling due within one year Notes Bank loans 16 Trade creditors Other creditors Accruals and deferred income |
2021 £ 4,621 30,320 2021 £ 681 2021 £ 4,621 613 5,234 2021 £ 25,000 3,149 21,851 2021 £ 3,149 906 568 3,846 8,469 |
2020 £ 1,284 7,467 2020 £ 681 2020 £ 1,284 607 1,891 2020 £ - - - 2020 £ - 524 196 6,747 7,467 |
|---|---|---|
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
18 Creditors: amounts falling due after more than one year
| Creditors: amounts falling due after | more than one year | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Bank loans | 16 | 21,851 | - |
19 Retirement benefit schemes
Defined contribution schemes
The Charitable Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charitable Company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £2,407 (2020: £1,247).
20 Unrestricted funds - designated
These are designated funds which are material to the Charitable Company's activities made up as follows:
The Designated Building Maintenance Fund was created to account for ongoing property improvements and maintenance.
The Designated Fixed Asset Fund has been created to account for changes in the fixed assets of the trust and associated depreciation charges.
The Elizabeth Barrie Fund was set up in 2017 from a donation made by Dr K Butterworth in memory of the late Elizabeth Barrie, who volunteered at St Mary's House. The remaining balance being set aside for an as yet undecided project that will benefit all guests.
21 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Designated | Total | |
| Funds | Funds | ||
| £ | £ | £ | |
| Fund balances at 31 December 2021 are represented by: | |||
| Tangible assets | - | 78,220 | 78,220 |
| Current assets/(liabilities) | 65,848 | 8,313 | 74,161 |
| Long term liabilities | (21,851) | - | (21,851) |
| 43,997 | 86,533 | 130,530 |
The Designated Funds consists of two funds, these being, a Designated Building Maintenance Fund which represents the funds of the Charitable Company, which are available for use at the discretion of the Trustees for the ongoing property improvements and maintenance, plus the Designated Fixed Asset Fund, which is used to account for changes in the fixed assets of the Charitable Company and depreciation charges.
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MARYGATE HOUSE HOLY ISLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
22 Operating lease commitments
At the reporting end date the Charitable Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years |
2021 £ 3,150 - 3,150 |
2020 £ 5,903 3,150 9,053 |
|---|---|---|
23 Related party transactions
The Charitable Company works closely with St. Mary's Church, Holy Island with regard to the sale of publications. At the year end £Nil (2020: £147) was due to be paid to the Church for sales.
24 Indemnity Insurance
Funds of the Charitable C ompany have been used to provide Indemnity Insurance to protect the Charitable C ompany and its T rustees against the consequences of any neglect or defaults.
During the year, £ 2,967 (20 20: £ 2,504) was charged to the profit and loss account in respect of indemnity insurance.
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MARYGATE HOUSE HOLY ISLAND
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021
| Donations and legacies Donations from guests UF Legacies General donations Covenanted donations and gift aid Donations (Designated Funds) Investment income Bank interest (Unrestricted Funds) Bank interest (Designated Funds) Incoming resources from charitable activities Sale of publications Other incoming resources HMRC Job retention scheme COVID-19 Business support grants Total incoming resources Resources expended Costs of generating funds Publications Share of surplus on pamphlet sales to St. Marys Church Balance Carried Forward |
£ 4,941 6,371 27,268 2,330 5,000 10 1 17,153 17,669 - - |
2021 £ 45,910 11 10 34,822 80,753 - 80,753 |
£ 12,825 - 11,049 1,264 - 85 7 17,634 11,334 135 147 |
2020 £ 25,138 92 429 28,968 54,627 (282) 54,345 |
|---|---|---|---|---|
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MARYGATE HOUSE HOLY ISLAND
DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
| Balance Brought Forward Charitable activities Sundries General running expenses Heating and lighting Council tax and water charges Repairs, renewals and equipment (Unrestricted Funds) Travelling expenses Insurance Rent Refuse collection Advertising Postage and stationery Telephone Computer costs Wages and national insurance Pension Other resources expended Other charges Independent examination costs Bank charges Depreciation (Designated Funds) Deficit for the Year |
2021 £ £ 80,753 52 10,200 3,852 5,471 5,315 - 2,967 5,400 204 590 37 742 455 33,967 2,407 (71,659) 4,148 120 6,407 (10,675) (1,581) |
2020 £ £ 54,345 57 7,252 7,566 5,098 1,613 95 2,997 5,400 470 809 85 769 245 35,328 1,247 (69,031) 3,702 32 6,484 (10,218) (24,904) |
|---|---|---|
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