REGISTERED CHARITY NUMBER: 1156072
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021
for St Agnes Miners and Mechanics Institute (2013)
Atkins Ferrie Chartered Accountants Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR
St Agnes Miners and Mechanics Institute (2013)
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cash Flow Statement | 8 |
| Notes to the Cash Flow Statement | 9 |
| Notes to the Financial Statements | 10 to 17 |
| Detailed Statement of Financial Activities | 18 to 19 |
St Agnes Miners and Mechanics Institute (2013)
Report of the Trustees
for the Year Ended 31 March 2021
The trustees 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 Objectives and aims
The object of the Charity is the provision of and maintenance of a village hall for the use of inhabitants of the Parish of St Agnes and the neighbourhood.
Significant activities
The Charity, a CIO, is responsible for the management and operation of a building gifted to the local community as a 'village hall' which is to be used for the benefit of all local residents. Trustees are appointed to the CIO in line with its constitution. The Trustees are responsible for ensuring that the MMI is used in the manner laid down in the original deeds by the benefactor John Passmore Edwards. Activities include the provision of the village hall for any charitable purpose and for the benefit of the inhabitants of St Agnes, Cornwall as the Trustees of the Charity see fit.
Public benefit
We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the Trustees consider how planning activities will contribute to those aims and objectives.
The Charity is a not-for-profit organisation set up to provide facilities that meet the needs of the local population. It continues to seek ways to develop the usage of the MMI facilities. The day-to-day management of the MMI is effectively managed by the Community Development Manager. The Trust relies heavily on income generated from room lettings in the premises. The CDM has established procedures that ensure the rooms are being used effectively and matched to the hirer's needs. The success of this strategy over the past few years is seen in the large number of regular and repeat bookings, particularly with local groups and clubs. The use of the facilities by the public has included:
1) Local government groups holding discussion seminars and also public information meetings.
2) Toddler groups for mums and dads and their offspring.
3) Local art groups, writing groups and music groups regularly holding workshops.
4) A monthly community market has been established to enable local home based people to display and sell their goods. This has increased in size and usually occupies three spaces on each occasion it runs.
5) A community cafe providing a venue for many of the elderly within the parish as well as visitors to the Parish.
6) A twice monthly 'Memory Café' for those affected by Dementia.
7) Private events such as birthday, anniversary and retirement parties as well as wakes.
8) The monthly Community Cinema, a very popular and successful event that supports the upkeep of the building. This year the Trust has commenced a Monthly Matinee Film programme which includes light refreshment. This has proved successful social venture.
9) Local activity groups, eg Photography Club and Cornish Traction Engine Group regularly use rooms.
10) The Trust has linked up with Carn to Cove, a Cornish Charity specialising in putting small scale performance art into local communities. During this year the joint events have proved very successful in bringing live performances to the residents of St Agnes.
11) The now well established 'Well-Being' Studios continues to thrive, attracting a wide range of the population. Two room that have been adapted to facilitate activities such as Yoga, Pilates and other movement events. A wide range of courses are offered ranging from Yoga for Mums and toddlers to Ballet for adults. All the courses are well supported.
This year due to the Covid Pandemic and Government edicts to control the infection spread the MMI building has been largely dormant. There are strong indicators from previous users that once the Covid situation has been determined and it is safe to do so, they will be returning.
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St Agnes Miners and Mechanics Institute (2013)
Report of the Trustees
for the Year Ended 31 March 2021
ACHIEVEMENT AND PERFORMANCE Review of developments
This year has been extremely challenging and frustrating for the Trust. Having commenced the year with a Government imposed lockdown due to the Covid-19 pandemic, the MMI building lay empty and unused until July 2020. The conditions of the lockdown meant that for most of this time the premises could not be accessed by the general public, and Trustees entering were doing so with great caution. The tangible impact was that there was no income coming into the Trust to support the upkeep of the building. Added to this was the knowledge from National and International health bodies were laying down guidelines that public building must adhere to post-pandemic.
As part of the government edict, the Trust put all the staff on furlough, and accessed the Government's funding stream to maintain the employee base at pre-Pandemic numbers. Conditions of accepting the supportive funding meant that staff could not undertake any work for the Trust during this period. It also meant that planning and preparation for the re-opening of the building after the lockdown rested with the Trustees all of whom rose to the commitment.
With the usual income sources stopped, including income from tenancies of the shops owned by the Trust, the Government's support grants based on the Business rate of the Premises were very welcome. The Trust received a total of £17,573 through this Government source, £10,000 of which came at the end of the previous financial year. The money was used to meet the on-going utility costs for the building and provided funds to enable the Trust to make alterations to the MMI that would enable it to be Covid safe when it re-opened.
Apart from purchasing Covid related aids such as fogger, hand gel dispensers and H&S signs, the Trustees also decided to relocate the café within the building to a larger room which would allow Covid distancing rules to be practised. The café was renamed 'Nourish', and new part-time managers were employed at the end of September ready for re-opening in October. The re-opening only lasted a couple of weeks before another short lockdown was imposed. The café managed to open briefly in December, but was forced to close in January through to the end of the financial year in March 2021 for another lockdown. Frustrating for all concerned, but when open the local public response was very favourable to the new venture. It looks promising for the next year.
The Trust did manage to get a small income during July to the end of September 2020 by setting up a takeaway facility at the MMI. This was a limited operation due to the structure of the building and the items that could be sold, primarily takeaway coffee and other hot drinks.
As noted in last year's annual report, the Trustees had considered four options regarding the shops which were now without any tenants. The options were:
A) Re-let short term and continue,
B) Renovate the buildings then re-let at a higher rent,
C) Redevelop the site with another developer or
D) Sell the properties on as "as is" basis, and 'walk away' from the property.
After extensive discussions amongst Trustees and taking professional independent advice from property developers, Estate Agents and builders, the Trustees determined that the only feasible way forward for the Trust at this time was option D. With that in mind local Estate Agents were approached and asked for valuations for the site. The consensus was to put it on the market for around £150,000. The Trustees rejected this guidance and put the property on the market with a local Estate Agent for around £200,000. The property was sold on an 'as is' basis for £235,000. The sale was completed at the start of December 2020
Linked to the requirements for making the premises Covid safe and reducing person to person contact the Trustees decided to use the lockdown time to make some major alterations to the MMI building. Two key projects were identified, the first to have an electronic entry system that would enable users, issued with a fob key, to enter the building under controlled conditions, and to leave it locked. This would dispense with the need to employ someone in a janitorial role for locking and unlocking the building. The second project related to the heating system. The MMI was heated by a circulatory air system, which as Covid was deemed to be an air borne infection, was not considered safe. The Trust decided to replace this system with an infrared heating system, which according to professional advice was both safe and cheaper to operate. Funding from outside agencies was sought to support both projects. The Parish Council contributed £6,000 towards the heating costs, which Cornwall Community Fund contributed £10,000 toward the electronic access system.
The Trust has continued its normal programme of maintenance work and repairs at the MMI during the year. Most significant of these has been to make use of the building being empty to redecorate throughout. This had not been done since the building's renovation work back in 2008.
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St Agnes Miners and Mechanics Institute (2013)
Report of the Trustees
for the Year Ended 31 March 2021
With Covid lockdowns accounting for over three-quarters of this financial year, with very little access being offered to the public and with few courses managing to run, this has been an abnormal year for the MMI and the Trust. It has shown that when faced with adversity, creativity comes to the fore. Not only is the building well prepared to welcome visitors and other users when the pandemic has passed, but some of the course leaders have used their own creative skills to overcome the hurdles. Most noticeable amongst these have been the moving of courses to on-line. Some of the trainers have utilised the building as a studio to provide a backdrop for their courses which have proved popular, and indicates another potential use of the building.
FINANCIAL REVIEW
Financial position
The attached financial statements show the current state of the finances. The surplus for the year is £101,700 (2020: £2,778 deficit), which is an improvement on the previous year due to the sale of the commercial premises.
Unrestricted reserves show a surplus of £212,913 (2020: £28,787 deficit), with restricted funds showing a surplus of £330,381 (2020: £470,381 surplus). Free reserves total £190,985 (2020: £28,406 deficit).
Reserves policy
The charity does not currently have a policy of holding reserves as any surplus made is used towards the on-going maintenance of the building.
FUTURE PLANS
The Trust is responsible for ensuring a very old building is fit for the purpose it is intended. This requires continual expenditure on maintaining the building. Good use has been made of the fact that the building has been empty for a large portion of the year to get on with significant alterations to make the premises both Covid safe and more enjoyable to visit.
Even though the Trust has a relatively healthy bank balance as a result of the sale of the shop, the Trustees recognise the importance to continue to develop income streams to secure the long term future of the MMI. To help with the need for additional funds, the Trust has continued to encourage users to make donations to the Trust that can be supported through the Gift Aid Scheme it has established. Additionally the Trust has set up a "Friends of the St Agnes MMI" scheme to encourage local people to make regular donations to the Trust. This because of the Covid hiatus has been paused during this year so it is too early to determine how successful the "Friends" scheme will be in raising funds.
At the present time the building is able to meet the demands from the local population, but the Trust has agreed that if any significant development is required this will only be undertaken if capital funding is available and where possible Trustees will seek the opportunity to apply for external funding to match the Trust's input.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a CIO, controlled by its governing document, a deed of trust, and constitutes an incorporated charity.
Recruitment and appointment of new trustees
At its incorporation in 2014 the charity (CIO) had three trustees. Since then it has gradually increased the number of trustees towards its full complement of 10. One new Trustee was appointed during the financial year. As of March 2021 the number of trustees is seven.
As part of its constitution the Board of Trustees are charged, when considering the appointment of a Trustee, to consider persons with "skills, knowledge and experience needed for the effective administration of the CIO". A newly appointed Trustee engages in an induction programme that ensures a) they are aware of the aims and objectives of the Trust and b) are aware of their role and responsibilities as a Trustee governed by the Charity Commission. They are given a copy of Commission's Welcome Pack. During their first few months they are mentored by a more experienced Trustee.
Organisational structure
In 2014, following approval from the Charity Commissioner to create a CIO to replace the existing Trust, St Agnes Miners & Mechanics Institute (2013), was incorporated and began the preparation for taking on the responsibilities and assets of the old Trust. From 1st April 2016, the new Trust assumed full responsibility for the operation and management of the assets of the old Trust, in particular the building known as the Miners & Mechanics Institute (MMI).
In February 2017, the Trust appointed a Community Development Manager who has the responsibility for the day-to-day operation and management of the premises. The post is currently a part-time position.
Risk management
The trustees have a risk management strategy which comprises of an annual review to discuss those risks identified and plan procedures to minimise any potential impact on the charity should those risks materialise.
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St Agnes Miners and Mechanics Institute (2013)
Report of the Trustees
for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1156072
Principal address
18 Vicarage Road St Agnes TR5 0TL
Trustees
Mr J Noonan Mr S Tonkin (resigned 2.7.2021) Mrs J Norman (resigned 7.5.2021) Mr I Norman (resigned 1.7.2021) Mrs E Sandham Mr A Ackroyd Ms A Jones (appointed 12.5.2020)
Independent Examiner
Atkins Ferrie Chartered Accountants Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR
Solicitors Nalders Solicitors 38-39 Lemon Street Truro TR1 2NA
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees 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).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity 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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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 20th January 2022 and signed on its behalf by:
................................................................................ Mr J Noonan - Trustee
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Independent Examiner's Report to the Trustees of St Agnes Miners and Mechanics Institute (2013)
Independent examiner's report to the trustees of St Agnes Miners and Mechanics Institute (2013)
I report to the charity trustees on my examination of the accounts of St Agnes Miners and Mechanics Institute (2013) (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Thomas Michael Tripp FCCA, ACA Atkins Ferrie Chartered Accountants Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR
21 January 2022 Date: .............................................
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St Agnes Miners and Mechanics Institute (2013)
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Other income Total EXPENDITURE ON Raising funds Charitable activities Running cost of premises Other Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Statement of Financial Activities for the Year Ended 31 March 2021 Unrestricted Restricted fund fund Notes £ £ 2 2,869 - 3 15,639 - 4 1,450 - 5 65,824 - 85,782 - 6 47,733 - 7 25,802 - 1,886 - 75,421 - - 91,339 10,361 91,339 18 231,339 (231,339) 241,700 (140,000) (28,787) 470,381 212,913 330,381 |
2021 Total funds £ 2,869 15,639 1,450 65,824 85,782 47,733 25,802 1,886 75,421 91,339 101,700 - 101,700 441,594 543,294 |
2020 Total funds £ 9,539 87,903 6,500 - 103,942 77,411 26,181 3,128 106,720 - (2,778) - (2,778) 444,372 441,594 |
|---|---|---|---|
The notes form part of these financial statements
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St Agnes Miners and Mechanics Institute (2013)
Balance Sheet
31 March 2021
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 12 21,928 330,000 Investment property 13 - - 21,928 330,000 CURRENT ASSETS Stocks 14 1,000 - Debtors 15 1,609 - Cash at bank 189,603 381 192,212 381 CREDITORS Amounts falling due within one year 16 (1,227) - NET CURRENT ASSETS 190,985 381 TOTAL ASSETS LESS CURRENT LIABILITIES 212,913 330,381 NET ASSETS 212,913 330,381 FUNDS 18 Unrestricted funds Restricted funds TOTAL FUNDS |
2021 Total funds £ 351,928 - 351,928 1,000 1,609 189,984 192,593 (1,227) 191,366 543,294 543,294 212,913 330,381 543,294 |
2020 Total funds £ 330,000 140,000 470,000 1,000 1,627 3,214 5,841 (34,247) (28,406) 441,594 441,594 (28,787) 470,381 441,594 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20th January 2022 and were signed on its behalf by:
............................................. Mr J Noonan - Trustee
The notes form part of these financial statements
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St Agnes Miners and Mechanics Institute (2013)
Cash Flow Statement
| for the Year Ended 31 March 2021 2021 Notes £ Cash flows from operating activities Cash generated from operations 1 15,541 Interest paid (151) Net cash provided by operating activities 15,390 Cash flows from investing activities Purchase of tangible fixed assets (29,237) Sale of fixed asset investments 91,339 Sale of investment property 140,000 Net cash provided by investing activities 202,102 Cash flows from financing activities Loan repayments in year (30,722) Net cash used in financing activities (30,722) Change in cash and cash equivalents in the reporting period 186,770 Cash and cash equivalents at the beginning of the reporting period 3,214 Cash and cash equivalents at the end of the reporting period 189,984 |
2020 £ 623 (428) 195 - - - - (2,792) (2,792) (2,597) 5,811 3,214 |
|---|---|
The notes form part of these financial statements
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Cash Flow Statement for the Year Ended 31 March 2021
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES | |
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| £ | £ | ||||
| Net income/(expenditure) for the reporting period (as per the Statement of | |||||
| Financial Activities) | 101,700 | (2,778) | |||
| Adjustments for: | |||||
| Depreciation charges | 7,309 | 6,235 | |||
| Losses on investments | (91,339) | - | |||
| Interest paid | 151 | 428 | |||
| Decrease in debtors | 18 | 124 | |||
| Decrease in creditors | (2,298) | (3,386) | |||
| Net cash provided by operations | 15,541 | 623 | |||
| 2. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS | ||||
| At 1.4.20 | Cash flow | At 31.3.21 | |||
| £ | £ | £ | |||
| Net cash | |||||
| Cash at bank | 3,214 | 186,770 | 189,984 | ||
| Debt | |||||
| Debts falling due within 1 year | (30,722) | 30,722 | - | ||
| Total | (27,508) | 217,492 | 189,984 |
The notes form part of these financial statements
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound sterling.
Income
Income is derived mainly from 'Other trading activities' which consists of cafe income, bar income and room hire.
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.
Government grants
Government grants are recognised as income when there is evidence of entitlement, receipt is probable and the amount can be measured reliably. Grants received are included as unrestricted funds within 'Other income'.
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.
Allocation and apportionment of costs
Support costs have been allocated between governance costs, management costs and finance costs. Governance costs are those items of expenditure incurred in the course of the charity's statutory obligations and include the cost of independent examination and costs linked to the strategic management of the charity.
Supports costs are mainly allocated to 'Expenditure on raising funds'. The governance costs have wholly been allocated to 'Other resources expended' given they do not relate to the day-to-day activities of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Financial instruments
The CIO only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Going concern
There are no material uncertainties regarding the going concern of the CIO.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Donations | 2,869 | 9,539 |
Income from donations and legacies consists of monies received from general donations and fundraising activities.
3. OTHER TRADING ACTIVITIES
4.
| Bar income Room hire Cafe income Sundry income INVESTMENT INCOME Rents received |
2021 £ - 9,096 5,386 1,157 15,639 2021 £ 1,450 |
2020 £ 15,002 23,939 44,163 4,799 87,903 2020 £ 6,500 |
|---|---|---|
5. OTHER INCOME
Other income includes £29,988 received from the Coronavirus Job Retention Scheme.
Further Coronavirus grants of £19,836 were received from Cornwall Council.
£10,000 was received from the Cornwall Community Fund as a contribution towards an electronic access system.
The remaining £6,000 relates to grant income received from St Agnes Parish Council, which was used towards the installation of a new heating system.
continued...
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
6. RAISING FUNDS
| Raising donations and legacies 2021 £ Support costs 1,275 Other trading activities 2021 £ Purchases 3,132 Staff costs 42,428 Bar entertainment costs 180 Bar maintenance - Bar sundries - Cafe - maintenance 228 Cafe - miscellaneous 490 46,458 Aggregate amounts 47,733 7. CHARITABLE ACTIVITIES COSTS Running cost of premises 8. SUPPORT COSTS Governance Management Finance costs £ £ £ Raising donations and legacies 1,124 151 - Other resources expended - - 1,886 1,124 151 4,286 |
|
|---|---|
Included in governance costs is £960 (2020: £900) relating to fees payable for the independent examination of the financial statements.
continued...
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
8. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| Raising | ||||
| donations | Other | |||
| and | resources | Total | Total | |
| legacies | expended | activities | activities | |
| £ | £ | £ | £ | |
| Telephone | 464 | - | 464 | 1,117 |
| Postage and stationery | 5 | - | 5 | 98 |
| Advertising | 655 | - | 655 | 1,800 |
| Interest payable and similar charges | 151 | - | 151 | 428 |
| Accountancy and legal fees | - | 1,886 | 1,886 | 3,128 |
| 1,275 | 1,886 | 3,161 | 6,571 |
9. 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.
10. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Management Cafe |
2021 £ 41,954 474 42,428 2021 2 3 5 |
2020 £ 51,900 608 |
|---|---|---|
| 52,508 | ||
| 2020 2 4 |
||
| 6 |
No employees received emoluments in excess of £60,000.
Contributions recognised as an expense relating to defined contribution pension plans total £474 (2020: £608). There is an amount owing back to the charity of £187 as at 31 March 2021 (2020: £177 creditor). These costs are unrestricted and are allocated to 'Raising funds' as all staff activities relate to the general running and management of the MMI.
continued...
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 9,539 Other trading activities 87,903 Investment income 6,500 Total 103,942 EXPENDITURE ON Raising funds 77,411 Charitable activities Running cost of premises 24,812 Other 3,128 Total 105,351 NET INCOME/(EXPENDITURE) (1,409) RECONCILIATION OF FUNDS Total funds brought forward (27,378) TOTAL FUNDS CARRIED FORWARD (28,787) 12. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 April 2020 330,000 Additions - At 31 March 2021 330,000 DEPRECIATION At 1 April 2020 - Charge for year - At 31 March 2021 - NET BOOK VALUE At 31 March 2021 330,000 At 31 March 2020 330,000 |
Restricted fund £ - - - - - 1,369 - 1,369 (1,369) 471,750 470,381 Fixtures and fittings £ 47,877 29,237 77,114 47,877 7,309 55,186 21,928 - |
Total funds £ 9,539 87,903 6,500 103,942 77,411 26,181 3,128 106,720 (2,778) 444,372 441,594 Totals £ 377,877 29,237 407,114 47,877 7,309 55,186 351,928 330,000 |
|---|---|---|
The property has been independently valued at £330,000 in 2014 by an independent valuer who holds recognised professional qualifications and has the relevant experience required. The trustees do not consider the current market value to be materially different.
continued...
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St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
13. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2020 Disposals At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
£ 140,000 (140,000) - - 140,000 |
|---|---|
Investment property, consisting of the freehold of two commercial premises, were sold during the year for £235,000.
| 14. STOCKS Stocks 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 17. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans |
2021 £ 1,000 2021 £ - 1,609 1,609 2021 £ - - 1,227 1,227 2021 £ - |
||
|---|---|---|---|
continued...
Page 15
St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued
for the Year Ended 31 March 2021
18. MOVEMENT IN FUNDS
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | ||||
| At | 1.4.20 | in funds | funds | At 31.3.21 | |
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | (28,787) | 10,361 | 231,339 | 212,913 | |
| Restricted funds | |||||
| Restricted fund | 470,381 | 91,339 | (231,339) | 330,381 | |
| TOTAL FUNDS | 441,594 | 101,700 | - | 543,294 | |
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 85,782 | (75,421) | - | 10,361 | |
| Restricted funds | |||||
| Restricted fund | - | - | 91,339 | 91,339 | |
| TOTAL FUNDS | 85,782 | (75,421) | 91,339 | 101,700 | |
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | |||||
| At 1.4.19 | in funds | At 31.3.20 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | (27,378) | (1,409) | (28,787) | ||
| Restricted funds | |||||
| Restricted fund | 471,750 | (1,369) | 470,381 | ||
| TOTAL FUNDS | 444,372 | (2,778) | 441,594 | ||
| Comparative net movement in funds, included in the above | are as follows: | ||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 103,942 | (105,351) | (1,409) | ||
| Restricted funds | |||||
| Restricted fund | - | (1,369) | (1,369) | ||
| TOTAL FUNDS | 103,942 | (106,720) | (2,778) |
continued...
Page 16
St Agnes Miners and Mechanics Institute (2013)
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
18. MOVEMENT IN FUNDS - continued
Restricted funds totalling £330,000 consist of the freehold property transferred to the CIO which is to be used in line with the charitable objectives.
The movement in the year relates to proceeds from the sale of investment property, with the funds being transferred from restricted to unrestricted funds once the sale had completed.
19. RELATED PARTY DISCLOSURES
During the year, an amount of £16,243 was repaid to J Noonan, a trustee. There is no balance outstanding at the year end (2020: £16,243).
During the year, an amount of £12,172 was repaid to A Robinson, a former trustee. There is no balance outstanding at the year end (2020: £12,172).
During the year, an amount of £2,307 was repaid to P Malins, a former trustee. There is no balance outstanding at the year end (2020: £2,307).
Page 17
St Agnes Miners and Mechanics Institute (2013)
Detailed Statement of Financial Activities
for the Year Ended 31 March 2021
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Bar income Room hire Cafe income Sundry income Investment income Rents received Other income Government grants Total incoming resources EXPENDITURE Other trading activities Purchases Wages Pensions Bar entertainment costs Bar maintenance Bar sundries Cafe - maintenance Cafe - miscellaneous Charitable activities Rates and water Insurance Light and heat Sundries Repairs and renewals Bad debts Depreciation of tangible fixed assets Support costs Management Telephone Postage and stationery Advertising |
2021 £ 2,869 - 9,096 5,386 1,157 15,639 1,450 65,824 85,782 3,132 41,954 474 180 - - 228 490 46,458 (569) 3,143 2,702 3,284 9,933 - 7,309 25,802 464 5 655 1,124 |
2020 £ 9,539 15,002 23,939 44,163 4,799 87,903 6,500 - 103,942 18,896 51,900 608 180 279 691 142 1,272 73,968 1,380 2,823 7,549 3,022 5,147 25 6,235 26,181 1,117 98 1,800 3,015 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 18
St Agnes Miners and Mechanics Institute (2013)
| Detailed Statement of Financial Activities for the Year Ended 31 March 2021 Management Finance Interest payable Governance costs Accountancy and legal fees Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
2021 £ 151 1,886 75,421 10,361 91,339 101,700 |
2020 £ 428 3,128 106,720 (2,778) - (2,778) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 19